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Form 706 AR: What You Should Know

This form may also be used to prepare federal estate tax returns if the person died before 2009. This form does not need to be completed by all the decedent's dependents (see the text above). In this tutorial we examine what to look for to complete each section of the Form 706. Filing Form 706 — NACRE The form is based on the NACRE standards, the UVA guidelines, and a modified IRS Form 1120S. The simplified reporting system (SSRS) and the IRS Form 945S are not accepted as equivalent and are in the IRS publication The Guide to Federal Estate Tax Forms for Individuals and Fiduciaries. Form 706 — Filing Information The NACRE guidelines allow some information to be listed on the Form 706, as summarized below. All decedents have a taxpayer Identification Number (TIN) in brackets, just as is the case with the UVA tax. However, the 706 does not need to list all of this information (e.g., TIN, SSN, etc.)  The 1099-C is required. The Form 706 will not report a 1099 from any previous return (as the 1099-C requires an annual tax return) for the estate tax period to which the 706 relates. The Form 706 may use forms that are not required to be filed (for example, Forms W-2 and 1099-MISC). Note that Form 706 may not use Forms 1099-MISC. An SSN may be listed as the taxpayer's information. The amount to be reported on the 706 may be included on the 1099-T, 1099-INT, 1099-EFILE or 1099-OID. However, there is no way to get an SSN out of the 706 unless you contact the IRS. Any amount that is not included on Schedule A will need to be listed on Schedule SE, which is a separate form. The number assigned to the 706 should correspond to the last 4 digits of the SSN.  If you are not required to file a Schedule SE and/or you don't itemize a deduction, and if you live outside the U.S., you may deduct some or all of your U.S. estate taxes on your U.S. federal income tax return. The amount to be reported on the 706 should be reported on your 8-K.

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