IRS 712 2000 free printable template

Form (Rev. May 2000) Department of the Treasury Internal Revenue Service 712 Life Insurance Statement OMB No. 1545-0022 Part I 1 5 6 8 Decedent--Insured (To be filed by the executor with Form 706,

How to fill out IRS 712

How to fill out IRS 712

1. Download Form 712 from the IRS website or obtain a physical copy.
2. At the top of the form, enter the decedent's information including their name, address, and Social Security number.
3. Provide the executor's or administrator's information, including name and address.
4. Indicate the date of death and the estate's valuation date.
5. List all insurance policies by entering the policy number and the name of the insurance company.
6. For each policy, include the face amount and the cash value on the date of death.
7. Provide the total value of the policies and any applicable deductions or exemptions.
8. Sign and date the form, certifying that the information provided is accurate.

Who needs IRS 712?

1. Executors or administrators of an estate that includes life insurance proceeds.
2. Beneficiaries of life insurance policies required to report proceeds for tax purposes.
3. Tax professionals assisting clients with estate tax returns.

People Also Ask about

Who prepares IRS Form 712?

Form 712 is filed by executors with Form 706, 706-NA, or 709 for insurance policy or premium amounts.

How do I get a Form 712?

If you have a life insurance policy claim and need to obtain a copy of the IRS Federal Form 712, you can download a copy on the IRS website.

Do insurance companies provide Form 712?

After the death of the insured, estates that need to file an estate tax return will need to ask the insurance company to provide a Form 712 for each policy insuring the decedent.

What is the purpose of Form 712?

The IRS Federal Form 712 reports the value of a life insurance policy's proceeds after the insured dies for estate tax purposes. Because it's typically the executor who manages the financial affairs of the deceased, it's the executor's responsibility to file the form - along with an estate tax return if needed.

Do you get a tax form for life insurance payments?

Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them. However, any interest you receive is taxable and you should report it as interest received.

Who must file Form 712?

More In Forms and Instructions Form 712 is filed by executors with Form 706, 706-NA, or 709 for insurance policy or premium amounts.

What is a 712 letter?

Form 712 (“Life Insurance Statement”) is a supplemental form the IRS requests whenever a life insurance policy must be valued for gift tax purposes on the Form 709 (Gift Tax return) or for estate tax purposes on the Form 706 (Estate Tax return).

Do you need a Form 712 for an annuity?

While life insurance is usually income tax free, it is not always estate tax free. That is why the Form 712 is necessary. Failure to file a Form 712 when one is necessary greatly increases the likelihood of an IRS audit on the Federal Estate Tax Return and the assessment of additional taxes, interest, and penalties.

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What is IRS 712?

IRS Form 712 is the statement of value of life insurance, which is required when the Internal Revenue Service needs to determine the value of an estate that includes life insurance.

Who is required to file IRS 712?

The executor or personal representative of an estate must file IRS Form 712 if the deceased had life insurance policies that are included in the estate for tax purposes.

How to fill out IRS 712?

To fill out IRS Form 712, report the policy's face amount, the cash surrender value, the premiums paid, and any outstanding loans against the policy, among other necessary details.

What is the purpose of IRS 712?

The purpose of IRS Form 712 is to provide the IRS with the necessary information about life insurance policies that may be included in a decedent's estate, helping to assess taxes owed.

What information must be reported on IRS 712?

The information required on IRS Form 712 includes the policyholder's name, the insured's name, the insurer’s name and address, policy number, policy type, face amount, cash value, and any outstanding loans.