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Partnership Estimated Tax Payment M71 IMPORTANT: Type in the required information while this form is on the screen and print a copy. A personalized scan line will be printed on the voucher using the

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What is minnesota form m71?

Minnesota form M71, also known as the Minnesota Estate Tax Return, is a tax form that must be filed by the executor or personal representative of a deceased individual's estate to calculate and report any estate tax owed to the state of Minnesota.

Who is required to file minnesota form m71?

The executor or personal representative of a deceased individual's estate is required to file Minnesota Form M71 if the total value of the estate exceeds the exemption threshold set by the state. As of 2021, this threshold is $3 million.

How to fill out minnesota form m71?

Minnesota Form M71 can be filled out by following the instructions provided by the Minnesota Department of Revenue. The form requires information about the deceased individual, the estate's assets and liabilities, as well as any applicable deductions or exemptions. It is recommended to consult a tax professional or refer to the official instructions for accurate completion.

What is the purpose of minnesota form m71?

The purpose of Minnesota Form M71 is to determine the estate tax liability of a deceased individual's estate and to report any tax owed to the state of Minnesota. The form ensures that the state receives appropriate tax revenue from estates that exceed the exemption threshold.

What information must be reported on minnesota form m71?

Minnesota Form M71 requires information such as the deceased individual's personal details, the value of their assets and liabilities, information about any beneficiaries or heirs, as well as any applicable deductions or exemptions. The form also requires a calculation of the estate tax owed based on the estate's taxable value.

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