IRS 712 1994 free printable template

Form (Rev. August 1994) Department of the Treasury Internal Revenue Service 712 Life Insurance Statement 2 Decedents last name 3 Decedents social security number (if known) OMB No. 1545-0022 Part

How to fill out IRS 712

How to fill out IRS 712

1. Begin with the IRS Form 712, the Life Insurance Statement, which can be downloaded from the IRS website.
2. Fill in the decedent's name and Social Security number in the designated spaces at the top of the form.
3. Provide the policy number for each insurance policy being reported.
4. Indicate the name of the insurance company that issued the policy.
5. Fill out the face amount of the insurance policy.
6. Report the cash surrender value of the policy at the date of the insured person's death.
7. List the date of death of the insured person.
8. Sign and date the form, ensuring that the information is accurate and complete.

Who needs IRS 712?

1. IRS Form 712 is required for the executor or administrator of an estate that includes life insurance policies, particularly for federal estate tax purposes.
2. Beneficiaries of life insurance policies may also need this form to track the asset's value for tax implications.

People Also Ask about

What is a 712 form used for?

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.

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 Form 712 and Form 709?

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).

Who needs a 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 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.

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What is IRS 712?

IRS Form 712 is a document used to report the value of life insurance policies, endowments, and annuities for estate tax purposes.

Who is required to file IRS 712?

The executor of an estate is required to file IRS Form 712 if the decedent owned a life insurance policy, an endowment, or an annuity at the time of their death.

How to fill out IRS 712?

To fill out IRS Form 712, gather necessary information about the policies, including the insured's details, policy numbers, and face values, and then provide this information accurately in the designated sections of the form.

What is the purpose of IRS 712?

The purpose of IRS Form 712 is to provide the IRS with the necessary valuation of life insurance policies, endowments, and annuities for calculating the estate tax owed by the decedent's estate.

What information must be reported on IRS 712?

Information that must be reported on IRS Form 712 includes the name of the insured, the policy number, the insurance company, the face value of the policy, the cash surrender value, and any outstanding loans against the policy.