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Form 706 MS: What You Should Know

Read more Federal Refund of Tax Due on an Estate Oct 11, 2023 — If you made elective deferrals or made a qualified distribution on your IRA, you may have to file an amended or supplemental return to claim a refund. If an elective deferral or a qualified distribution (including a distribution from a Roth IRA) is made after the deadline, and you receive either a tax-free distribution of the entire distribution (including the original withdrawal) or a cash distribution from the Roth IRA (including the original withdrawal), you can apply the entire tax basis of the Roth IRA for purposes of the 10% penalty tax. If an elective deferral is paid after the deadline and the distribution from the Roth IRA is less than the amount includible in gross income, you can apply the entire tax basis of the Roth IRA for purposes of the 10% penalty tax. What if I Don't File an Estate or Gift Tax Return by the Deadline? If you failed to file an estate tax return by the deadline, you won't owe any tax. You may still want to file an amended or supplemental return, but the IRS doesn't issue refund checks after the deadline. If you are subject to an “expedited payment”, you will be notified by mail if any payment is due. An “expedited payment” is a payment that is not taxable and isn't subject to the 10% penalty tax on distributions to a third-party beneficiary. You should have received a letter from the IRS, or the IRS could send you a notice (Form 1040X) that you will have to file a federal estate tax return by the deadline. Don't expect an IRS deadline extension if you are filing a new return. If the estate's total value has already been reported, the IRS will give you no additional time to file your return. You should get written notice if you have been granted an extension. The deadline has passed for the Form 1040X, U.S. Individual Income Tax Return (Form 1040). The extension is available for filing a joint return if the estate of the decedent has at least one nonresident spouse — a form 1040G may be available if you have both a spouse and a nonresident spouse. How Do Estate Tax Filing Requirements Affect Financial Planning? If you are required to file an estate tax return, you may still want to file other forms, such as a final budget or an amortization schedule of expenses.

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