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MI Form 706: What You Should Know

If a U.S. citizen or resident dies before his or her executor and if the executor dies within one year of the death, the executor may file (and the executor cannot file) a Form 706. For decedents who died in 2022, the executor need not file any other forms with the IRS. If the U.S. citizen or resident dies within one year of the executor's death, the executor's executor may file (and the executor cannot file) a Form 706, provided the executor files Form 706 and provides complete proof from any applicable state tax agency showing the death and the U.S. citizen or resident's estate. If no state tax agency is available, the executor need not file any other forms with the IRS. If the executor dies before his or her executor's executor (if a U.S. citizen or resident) and the U.S. citizen or resident's executor dies within one year of the U.S. citizen or resident's death, the executor's executor may file (and the executor cannot file) a Form 706, provided the executor files Form 706 and provides complete proof from any applicable state tax agency showing the death and the dead U.S. citizen or resident's estate. You may file these Form 705 (or Form 706) forms without IRS signature acknowledgment. You may use whatever document you have to indicate that you are the legal representative of the decedent's estate. If you are an agent or attorney for the decedent, file the Form 706 by the end of the month following the month the estate was distributed to you. The following are non-refundable penalties: Penalties If you do not pay the minimum due on your annual state tax return and do not cure the deficiency amount on your tax return by the end of the month following the month in which your taxable estate was distributed to you by the decedent's estate, you will incur a penalty of 3 percent of the tax you did not pay. The penalty continues until the penalty is satisfied. The penalty does not apply to refunds.  The maximum penalty is 12 times the total federal tax liability you face, regardless of how many taxes have been withheld from your refund, or you did not receive a state tax refund.

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