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RESOURCE Trust & Estate Administration Form 706 Engagement Checklist Firm Name: Client File Name: Address: City/State: Contact: Phone/Fax: Email: Court/County: Information Required to Prepare and

How to fill out 2013 form 706 checklist

How to fill out 2013 form 706 checklist:

1. Gather all necessary information: Before starting to fill out the 2013 form 706 checklist, gather all the required information such as the decedent's personal details, information about their assets and liabilities, and any relevant documents like the will or trust agreements.
2. Determine the estate tax filing threshold: It is important to determine whether the estate is subject to filing the form 706. In 2013, estates with a gross value exceeding $5,250,000 were required to file the form. If the estate's value falls below this threshold, filing the form might not be necessary.
3. Complete the basic information: Start by filling in the basic information about the decedent and the estate, such as their full legal name, social security number, date of birth, and date of death. Also, provide details about the executor or personal representative who will be responsible for filing the form.
4. List all the assets: Provide a detailed inventory of all the assets owned by the decedent at the time of their death. This includes real estate, bank accounts, investments, personal property, and any other valuable assets. Each asset should be described accurately, and its date of death value should be reported.
5. Report liabilities and deductions: Include all the debts, mortgages, and other liabilities of the estate. Additionally, report any allowable deductions, such as funeral expenses, outstanding medical bills, and debts owed by the estate. These deductions can help reduce the taxable value of the estate.
6. Calculate the estate tax: Use the provided worksheets or consult with a tax professional to calculate the estate tax owed. This involves determining the net taxable estate by subtracting allowable deductions from the gross estate. Then, apply the applicable tax rate to the net taxable estate to calculate the estate tax.
7. File the form and pay any taxes owed: Once the form is completed accurately, sign and date it, and submit it to the appropriate tax authority along with any required supporting documents. If there is any estate tax owed, be sure to make the payment by the due date to avoid any penalties or interest.

Who needs 2013 form 706 checklist?

1. Executors or personal representatives of estates: The 2013 form 706 checklist is primarily needed by the executors or personal representatives of estates to properly report and calculate the estate tax owed for an individual who passed away in 2013. This form helps them fulfill their legal obligations and ensures accurate reporting of the estate's assets and liabilities.
2. Estates exceeding the filing threshold: The 2013 form 706 checklist is specifically required for estates that had a gross value exceeding $5,250,000 in 2013. Estates falling below this threshold might not be required to file the form, although it may still be beneficial to consult with a tax professional to make an informed decision.
3. Individuals seeking estate tax planning: Even if not legally required, individuals with sizable estates close to or potentially exceeding the filing threshold might find the 2013 form 706 checklist useful for estate tax planning purposes. By completing the form, they can estimate the potential estate tax liability and explore strategies to minimize their tax burden.

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What is form 706 checklist?

Form 706 checklist is a document that helps ensure all necessary information is included when filing Form 706, which is the United States Estate (and Generation-Skipping Transfer) Tax Return.

Who is required to file form 706 checklist?

Individuals who are required to file Form 706, such as executors of estates where the decedent's gross estate exceeds a certain value.

How to fill out form 706 checklist?

Form 706 checklist should be filled out by reviewing the instructions provided by the IRS and ensuring that all relevant information is gathered and organized before completing Form 706.

What is the purpose of form 706 checklist?

The purpose of form 706 checklist is to help ensure accuracy and completeness when filing Form 706, which is used to calculate estate and generation-skipping transfer taxes.

What information must be reported on form 706 checklist?

Form 706 checklist must include information about the decedent, the estate assets, any deductions, and the calculations for estate and generation-skipping transfer taxes.