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Form 706 online LA: What You Should Know

S. Federal Estate Tax Return) Note. If the exclusion amount is available on a Form 706, the full amount was reported in Item 2. 3 Net tax exclusion amounts not allowable Note. If the tax exclusion is not available on a Form 706, the exclusion was reported on Item 1 and a dollar amount was subtracted in Item 3. Form 706– Estate / Gift Tax Returns Note that the time to file your Federal Estate Tax Return is now July 1st (2016, after January 1, 2019) due to passage of the Tax Cuts and Jobs Act. This is the first month that states may file taxes due to this law. It is possible for a state to waive this time to file, but the waiver generally lasts only 1 year from the effective date of the law. Also, for this reason, if you are required to file your Form 706 this filing deadline is very important. If you haven't filed your Form 706, you should do so in time to avoid additional consequences of an “interest exception” (the exemption from the state estate tax). M-706 Maine Estate Tax Return 4 State death tax credit allowable. In all states where the estate or inheritance tax may be paid, the applicable tax credit available is the least of (A) the value of the estate or (B) 1,000 (100 on estates valued under 25.00 in Maine), if the estate or inheritance tax is not paid if the value of the estate or inheritance tax is at least 25,000. (If the estate or inheritance tax is not payable, a portion of the amount of the tax not paid will be added to carryover of estate taxes and to recover an inheritance tax liability not yet paid.) M-711 Massachusetts Estate Tax Return 7 Net tax exclusion amount allowable on all federal estate tax returns: If the value of the estate or inheritance tax deduction does not exceed the amount of the federal estate or inheritance tax paid, the maximum amount of the credit available to the beneficiary is a credit equal to 50% of the net tax exemption amount for the year minus the credits for the state or local estate and inheritance taxes, plus the amount of any other credits allowed by the law for that year.

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