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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 form 712

How to fill out form 712:

1. Start by carefully reading the instructions provided with form 712. These instructions will guide you on how to accurately complete the form.
2. Gather all the necessary information and documents required to fill out form 712. This may include personal details, financial records, and any other relevant information.
3. Begin filling out the form by entering your personal details such as your name, address, social security number, and contact information in the designated fields.
4. Follow the instructions on the form to provide the requested financial information. This may include details about your income, assets, liabilities, and any other financial information required.
5. Double-check all the information you have entered to ensure accuracy. Mistakes or inaccuracies could lead to delays or rejection of your form.
6. Once you have completed all the necessary sections of form 712, review it one final time to ensure you haven't missed any information or made any errors.
7. Sign and date the form in the appropriate space provided to certify its accuracy and completeness.
8. Make a copy of the filled-out form for your records before submitting it to the relevant organization or authority.

Who needs form 712:

1. Individuals or households applying for certain government benefits or assistance programs may be required to fill out form 712. It helps assess and determine eligibility for such programs.
2. Taxpayers who are claiming deductions or credits related to education expenses, adoption expenses, or child and dependent care expenses may need to complete form 712 as part of their tax filing process.
3. Some financial institutions may request form 712 from individuals seeking to obtain loans, mortgages, or other financial services as part of their application and assessment process.

People Also Ask about form 712

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.

For pdfFiller’s FAQs

What is form 712?

Form 712 is a form used by the Internal Revenue Service (IRS) in the United States to report information regarding life insurance policy or annuity contracts. It is known as the "Life Insurance Statement" and is used primarily to determine the value of a person's estate for federal estate tax purposes. The form requires information such as the policy number, name of the insured, insurance company details, policy face value, cash surrender value, and any loans or outstanding premiums associated with the policy.

Who is required to file form 712?

Form 712, also known as the Life Insurance Statement, is required to be filed by the beneficiary of a life insurance policy or the policyholder's estate if certain conditions are met. These conditions include the total face value of all the policyholder's life insurance policies exceeding $1,000,000 or the policyholder either transferring ownership of the policy within three years of their death or possessing any incidence of ownership in the policy at the time of their death. The purpose of Form 712 is to provide information about the life insurance policies and their values for estate tax calculations.

How to fill out form 712?

Form 712, also known as the Federal Gift and Generation-Skipping Transfer Tax Return, is filled out by individuals who made certain gifts during their lifetime or those who received gifts or bequests from a decedent. Here is a step-by-step guide to help you fill out Form 712: 1. Obtain a copy of Form 712: You can access the form from the official website of the Internal Revenue Service (IRS) or by contacting the IRS directly. 2. Provide personal information: Start by entering your full name, social security number (or employer identification number), and complete address in the appropriate fields at the top of the form. 3. Indicate the type of return: Check the box that applies to the type of return you are filing. There are three options: Delinquent Return, Interim Return, and Final Return. Choose the appropriate option based on your situation. 4. Fill out Part 1: Part 1 of the form requires you to provide information about the donor or decedent. Include their name, social security number (or employer identification number), and the relationship to you. If you are filing as a donor, provide the date of the gifts made. If you are a recipient, provide the date of the decedent's death. 5. Complete Part 2: Part 2 should be filled out only if you are a recipient reporting gifts or bequests from more than one donor. Provide the necessary information about each additional donor or decedent. 6. Fill out Part 3: Part 3 is used if the form is being submitted late. Indicate the reason for the late filing in the appropriate box. 7. Complete Part 4: Part 4 requires information regarding the property that is being appraised. List each item separately, including a detailed description, appraised value, and adjustments if necessary. 8. Fill out Part 5: Part 5 should only be completed if gift splitting is involved. Gift splitting is an option for married couples to combine their gift tax exemption. Provide the necessary information about the spouse, including their name, social security number, and total split gift amount. 9. Complete Part 6: Part 6 is used to calculate the applicable credit amount. Provide the details requested in this section based on the specific guidelines mentioned for calculating the credit. 10. Sign and date the form: Review the completed form for accuracy, sign and date it, and provide your daytime phone number. 11. Attach additional documentation: Ensure you attach any supporting documents required by the IRS, such as property appraisal reports or documentation for other deductions or credits. 12. Retain a copy: Make a copy of the completed form and supporting documents for your records. Remember, it is essential to consult with a tax professional or seek guidance from the IRS if you have any questions or concerns while filling out Form 712.

What is the purpose of form 712?

Form 712, also known as the Life Insurance Statement, is used to report information required by the Internal Revenue Service (IRS) regarding life insurance policies. The purpose of Form 712 is to provide a statement of the fair market value (FMV) of a policyholder's life insurance policies for estate tax purposes. This form is commonly used by beneficiaries to report the value of the decedent's life insurance policies on their federal estate tax return (Form 706) when the total value of the estate exceeds the established exemption limit. Additionally, it may be required for other tax-related purposes, such as gift and generation-skipping transfer tax.

What information must be reported on form 712?

Form 712, also known as the Life Insurance Statement, is used to report information related to life insurance policies owned by a deceased person at the time of their death. The form should include the following details: 1. Policy Information: The policy number, name of the insurance company, and the type of coverage (whole life, term life, etc.) of each life insurance policy owned by the deceased. 2. Beneficiary Information: The name, relationship to the deceased, and address of each beneficiary named in the life insurance policy. 3. Policy Ownership: Indicate whether the deceased was the owner of the policy, the insured person, or both. 4. Death Benefit: The total amount payable by the life insurance policies upon the death of the insured person. 5. Cash Surrender Value: The cash value or surrender value of any life insurance policies owned by the deceased at the time of their death. 6. Loans or Liens: Any outstanding loans or liens against the life insurance policies. 7. Additional Assets: If the policies have any additional assets, such as dividends or interest, they should be reported. It is important to note that the specific information required on Form 712 may vary depending on the situation and the tax jurisdiction. Consulting with a qualified tax professional or referring to the IRS instructions for Form 712 can provide more detailed guidance.

When is the deadline to file form 712 in 2023?

The Form 712, or Life Insurance Statement, is commonly used to report the value of life insurance policies on a decedent's estate for federal estate tax purposes. The filing deadline for Form 712 is typically nine months after the date of the insured's death. However, it is crucial to consult with a tax professional or refer to the official IRS guidelines for any updates or extensions to the deadline in 2023.

What is the penalty for the late filing of form 712?

The penalty for late filing of Form 712, also known as the Life Insurance Statement, can vary depending on the circumstances and the jurisdiction. Generally, the specific penalty amount is determined by the relevant taxing authority and can be based on a percentage of the tax due or a flat fee. In the United States, for example, the Internal Revenue Service (IRS) imposes penalties for the late filing of Form 712 in accordance with its guidelines. Currently, the penalty for late filing is imposed under IRC Section 6651 and is equal to 5% of the unpaid tax liability per month, up to a maximum of 25% of the unpaid tax liability. It's important to note that these penalty amounts can change over time, so it is always advisable to refer to the relevant tax authority's guidelines or consult with a tax professional for the most up-to-date information.

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