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Form 706 Minnesota: What You Should Know

Tax Return Filing Deadlines: The estate is required by the Internal Revenue Code to file an amended Federal Estate Tax Return and an amended Minnesota Estate Tax Return within four months of the date of death of the decedent. The IRS will not accept an IRS return filed after the due date for the return of tax.  If an estate is not ready to file a Form 706 (estate tax return) or Minnesota Estate Tax Return by June 30, 2023, they may still file on paper.  Deadlines for filing an amended Federal Estate Tax Return: The estate of an individual dies and the executors, registered transfer agent or similar entities are notified by the IRS that they are required to fill out a separate Federal Estate Tax Return that is due. They are then allowed to file the estate tax return as late as November 20, 2023. Note that if their heirs are required to file at a later date because the final assessment has not yet been mailed or the estate taxes were paid, then if the executors, registered transfer agent or similar entities are permitted to file a late extension of time for filing, they only have three months to file the amended Federal Estate Tax Return and Minnesota Estate Tax Return. The federal law that covers estate taxes applies to Minnesota. For Minnesota, the state estate tax law applies as well. What can people expect to pay There is a 3.8% Minnesota estate tax on estate values in excess of 10,000,000 (the threshold for filing a Federal Estate Tax Return). Also, a Minnesota estate tax return must be filed by November 20, 2023. Some of the items that you may be subject to Minnesota estate tax on include: Real Property (includes both real estate and non-real property) : You must calculate your fair market value of real and non-real estate for federal estate tax purposes. When figuring the amount of federal estate tax and Minnesota estate tax, include all the following: A separate tax is also imposed on real property, including non-real property, valued at less than 250,000. Other Items and Expenses: The Minnesota estate tax is assessed on items and expenses paid for by the estate. These include: Property (including real estate) that is worth more than 10,000,000 (the Minnesota maximum estate tax calculation for those filing Federal Estate Tax Returns) Real property tax.

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