Get the free Form 712

This form is used to provide a statement of life insurance information required for estate and gift tax purposes in the United States. It covers details about the insured, policy owner, insurance

How to fill out form 712

How to fill out Form 712

1. Obtain Form 712 from the IRS website or your local tax office.
2. Enter your personal information at the top of the form, including your name and Social Security number.
3. Input the details of the life insurance policy in question, such as the policy number, date of issue, and face value.
4. Provide the name and contact information for the insurance company.
5. If applicable, indicate any assignments or loans against the policy.
6. Review your entries for accuracy before submission.
7. Sign and date the form to certify the information provided.

Who needs Form 712?

1. Form 712 is needed by the beneficiaries of a life insurance policy to report the death benefit for estate tax purposes.
2. It is also required by the person responsible for settling the decedent's estate to properly account for insurance policy values.

People Also Ask about

What is an IRS 712 form used for?

When an insured person or policy owner dies and an estate tax return is filed (or when a life insurance policy is transferred as a gift), Uncle Sam wants to know about it by way of the Internal Revenue Service (IRS) Federal Form 712 Life Insurance Statement.

How do you report life insurance on an estate tax return?

You must list every policy of insurance on the life of the decedent, whether or not it is included in the gross estate. The number of the policy. For every policy of life insurance listed on the schedule, you must request a statement on Form 712, Life Insurance Statement, from the company that issued the policy.

Who is required to file the IRS form 720?

1. Businesses. Any entity, whether a sole proprietorship, partnership, corporation, or a limited liability company, dealing in goods or services subject to federal excise taxes must file Form 720.

Who fills out form 8995?

Form 8995 is the IRS tax form that owners of pass-through entities—sole proprietorships, partnerships, LLCs, or S corporations—use to take the qualified business income (QBI) deduction, also known as the pass-through or Section 199A deduction.

Who fills out IRS Form 712?

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

Why do I need a form 712?

IRS Form 712 is used to calculate estate or gift tax. It documents the value of a life insurance policy when the insured dies or the policy is transferred as a gift.

How do you report life insurance on an estate tax return?

You must list every policy of insurance on the life of the decedent, whether or not it is included in the gross estate. The number of the policy. For every policy of life insurance listed on the schedule, you must request a statement on Form 712, Life Insurance Statement, from the company that issued the policy.

For pdfFiller’s FAQs

What is Form 712?

Form 712 is the U.S. federal estate tax return used to report the value of life insurance policies on the insured at the time of death.

Who is required to file Form 712?

Form 712 must be filed by the personal representative of an estate if the insured individual's death results in a payout from a life insurance policy.

How to fill out Form 712?

To fill out Form 712, you need to provide information about the insured, the life insurance policy details, and the beneficiary information, along with the policy's face value and any outstanding loans.

What is the purpose of Form 712?

The purpose of Form 712 is to ensure accurate reporting of life insurance proceeds for estate tax calculations and compliance with tax obligations.

What information must be reported on Form 712?

Form 712 requires reporting the insured's name and policy number, the face value of the policy, the date of death, and details about any loans against the policy.