Get the free 2004 Pro Forma Federal Form 706

This document serves as a pro forma federal form 706 for assessing estate tax based on specified gross and taxable estates. It contains calculations such as tentative tax, total gift tax, and credits

How to fill out 2004 pro forma federal

How to fill out 2004 Pro Forma Federal Form 706

1. Obtain the 2004 Pro Forma Federal Form 706 from the IRS website or your tax advisor.
2. Begin by entering the decedent's information in the top section, including their name, date of death, and Social Security number.
3. Fill in the details of your relationship to the decedent in the appropriate section.
4. List all assets of the decedent as of their date of death, including real estate, bank accounts, and investment portfolios.
5. Determine and enter any debts or liabilities that need to be deducted from the gross estate.
6. Include any deductions that are allowed, such as funeral expenses, estate administration expenses, and debts owed by the decedent.
7. Summarize the total value of the taxable estate after all deductions.
8. Complete other relevant sections, such as the surviving spouse's election, and be sure to adhere to any state-specific requirements.
9. Review the completed form for accuracy before signing.
10. Submit the form to the appropriate IRS address by the deadline.

Who needs 2004 Pro Forma Federal Form 706?

1. Individuals who are the executors or administrators of an estate valued over the federal exemption limit at the time of the decedent's death.
2. People handling estates that need to report the value of the deceased's assets for tax purposes in the year 2004.

People Also Ask about

How much does it cost to file a 706?

The Cost of Tax Preparation Tax FormCost per FormAverage Hourly Fees Form 990 (Exempt Organization) $735 $171.48 Form 1120-S (S Corporation) $903 $179.81 Form 1120 (Corporation) $913 $181.57 Form 706 (Estate) $1289 $188.6310 more rows

Does every estate have to file a form 706?

An estate tax return (Form 706) must be filed if the gross estate of the decedent (who is a U.S. citizen or resident), increased by the decedent's adjusted taxable gifts and specific gift tax exemption, is valued at more than the filing threshold for the year of the decedent's death, as shown in the table below.

How to fill out a 706 form?

0:42 2:31 Here. Next start with the basics. Name date of death. And social security number the form requiresMoreHere. Next start with the basics. Name date of death. And social security number the form requires detailed info on assets deductions and transfers.

How much do most tax preparers charge?

Understanding the Average Cost of Tax Preparation by CPA Tax SituationAverage Cost Range (USD) Simple (Single, No Deductions) $100 - $200 Moderate (Homeowners, Deductions) $200 - $400 Complex (Investments, Rentals) $300 - $600 Very Complex (Business Owner, Multi-State) $500+

Who prepares Form 706?

Who should prepare Form 706? Your executor or personal representative is responsible for filing Form 706. Generally, this task is handled by your accountant or family attorney, depending on their capabilities and the specific estate needs.

How much does it cost to file a Form 706?

The Cost of Tax Preparation Tax FormCost per FormAverage Hourly Fees Form 990 (Exempt Organization) $735 $171.48 Form 1120-S (S Corporation) $903 $179.81 Form 1120 (Corporation) $913 $181.57 Form 706 (Estate) $1289 $188.6310 more rows

Does TurboTax include Form 706?

Turbotax does not do form 706. Turbotax Business is required for form 1041. There are other expenses that are only deductible on form 706.

What assets do not qualify for the marital deduction?

There are limits on the marital deduction for tax purposes. Most property interests qualify, but terminable property typically will not. Unless qualifying for an exception like for QTIP trusts or for some charitable remainder trusts, terminable interests transferred will not qualify for the marital deduction.

For pdfFiller’s FAQs

What is 2004 Pro Forma Federal Form 706?

The 2004 Pro Forma Federal Form 706 is a tax form used in the United States to calculate the federal estate tax for decedents who passed away in 2004. It is based on the estate's value at the time of the decedent's death and is part of the estate tax return process.

Who is required to file 2004 Pro Forma Federal Form 706?

The 2004 Pro Forma Federal Form 706 must be filed by the executor of an estate when the value of the decedent's gross estate exceeds the federal estate tax exclusion amount for 2004, which was $1.5 million.

How to fill out 2004 Pro Forma Federal Form 706?

To fill out the 2004 Pro Forma Federal Form 706, the executor must gather information about the decedent's assets, liabilities, and deductions. The form requires detailed reporting of property values, deductions for debts and funeral expenses, and any applicable credits. Executors must accurately complete all sections and submit the form to the IRS by the due date.

What is the purpose of 2004 Pro Forma Federal Form 706?

The purpose of the 2004 Pro Forma Federal Form 706 is to report the value of a deceased individual's estate to the Internal Revenue Service (IRS) and to calculate any estate taxes that may be due. This form assists in determining the tax liability of the estate and facilitates the transfer of assets to beneficiaries.

What information must be reported on 2004 Pro Forma Federal Form 706?

The 2004 Pro Forma Federal Form 706 requires reporting detailed information about the gross estate, including real estate, personal property, bank accounts, securities, and business interests. It also requires information on debts, funeral expenses, and any deductions for taxes or charitable bequests.