Form 706-NA for Raleigh North Carolina 2019-2025

Form 706-NA for Raleigh North Carolina: What You Should Know

Instructions for Form 706-NA (Rev. September 2021) — IRS This form can be used to make a U.S. estate tax payment. Example; A person living in North Carolina dies with 1 million in assets a. Enter the 1 million in taxable gifts in Box 2 “Remitted Gifts” b. Enter the 1 million in the “Gift Tax” area c. Enter “United States” as the category and enter “North Carolina” as the income category a. If the recipient of the gift is not a North Carolina resident (i.e. does not reside in the United States), then enter zero b. If the recipient of the gift is a North Carolina resident (i.e. does reside in the United States), then enter 500,000 1. Enter the total amount of tax due in Box 1 with a total tax liability of 1,500,000 2. Enter the total amount of transfer tax due in Box 2 3. If you received a federal estate tax return claiming the federal minimum gift tax exemption for North Carolina residents, then enter in Box 2, “Minus” the exemption amount. Use “-” so that the amount in Box 2 does not exceed the federal exemption amount of 5,000. 4. If you did not receive a federal estate tax return claiming the federal minimum gift tax exemption for North Carolina residents, then enter in Box 2, “Max” the exemption amount. Use “-” so that the amount in Box 2 does not exceed the federal exemption amount of 5,000. 5. Enter in Box 3 the amount in Box 4, and if a nonresident of North Carolina, indicate that the total gift tax liability in Box 3 for the federal estate tax return is less than the total gift tax liability in Box 3 for North Carolina. If the federal estate tax return was filed on the date of death of the recipient, and the state of North Carolina did not withhold any taxes, then include all federal gift taxes due on Line 21 of Line 14 of the federal estate tax return. North Carolina Gift Tax Returns | ACTOR North Carolina Gift Tax Returns | ACTOR Entering the federal tax exemption in box 2 is not necessary for nonresidents.

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