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Form 706 Illinois: What You Should Know

About Form 706, United States Estate (and Generation — IRS Aug 25, 2024 — The executor of a decedent's estate uses Form 706 to figure the estate tax imposed by Chapter 11 of the Individual Income Tax Act of 1964, as amended. Why do you need to file a federal estate tax return? The federal estate tax (FTA) is the tax imposed on the estate of a decedent and the surviving spouse and children of the deceased. As a general rule, a person's gross estate must be at least 5,000,000 (in 2016), and adjusted gross income must be at least 5,050,000 to avoid the tax. Gross estate has no tax-exempt status. The estate is a separate entity from the decedent and has no tax exemption. When a filer dies with gross estate or exempt funds, the executor must file a federal estate tax return to determine the estate tax liability. Form 706 is a federal Form 1041-X for estate tax purposes. There are no exceptions. The executor must file Form 706 to compute the federal estate tax liability for a decedent and the surviving decedent. Generally, the executor must file an estate tax return (Form 706) within 15 days after receiving the decedent's estate tax return from the IRS. The executor must file Form 706 to compute the estate tax liability for the estate of each decedent. In a decedent's estate, the decedent's gross estate includes the decedent's taxable gifts. The gross estate also includes the decedent's income excluded from gross estate in the computation of the decedent's estate tax liability, and all taxable estates. The decedent's estate tax return from the IRS is considered a Form 1041-X. What is a taxable gift? A taxable gift is an amount transferred to your estate in excess of 5,450,000 (for 2013) if you are the decedent's spouse, and you did not receive a gift of trust income in a previous taxable year that year (for example, the decedent took a charitable deduction, or the taxable estate took a charitable tax deduction). A taxable gift that is distributed out of an estate, or between a trust and the decedent's estate, is exempt from the estate tax.

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