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Printable Form 706-NA Winston–Salem North Carolina: What You Should Know
North Carolina form will be required to be filed beginning in 2018. “I understand I will have to file Form 706-NA; however, the estate tax provision can often be waived by a surviving spouse, although the exact timing and filing date can vary from county to county due to the state's specific estate tax statutes… The state tax cannot be considered the sole responsibility of the surviving spouse or partner in some instances. There are many options available, including tax counseling or estate planning. To help find the best path forward, please contact the legal affairs office of your county's county attorney. You may choose to discuss the specific estate tax provision with an attorney first. This North Carolina Form 706-NA can be downloaded, filled out and sent electronically to the IRS for filing with no additional information required (Form 706-NA, North Carolina Estate Tax Return, 2017). The following are some of the more important factors that you should consider in deciding if it is best to file the state estate tax return or Form 706-NA, North Carolina Estate (and — Internal Revenue Code of 2017): 1. How long will my estate last? When the surviving spouse will die the North Carolina estate tax laws require the surviving spouse to file and pay a state estate tax as if the surviving spouse were the surviving spouse's only surviving spouse. If, upon the death of the surviving spouse, the surviving spouse has no children born to the marriage in the state, the surviving spouse is responsible for paying the state estate tax. You can expect to pay this tax in the same amount each month as part of North Carolina's regular estate and gift tax. (See Table 1, “Estate Tax on North Carolina's General Estate Tax Returns.”) However, North Carolina's estate taxes do not apply on your entire estate. Instead, the surviving spouse is responsible for paying the remainder of the North Carolina estate tax liability (and the federal estate tax) over any remaining portion of the estate. 2. What is the estate size? The North Carolina estate tax laws will determine how much North Carolina will have to pay in North Carolina estate taxes and the federal estate taxes. If the deceased had only one spouse and no living children, North Carolina will owe the surviving spouse a share of the deceased's estate equal to the amount of the deceased's federal estate tax liability divided by two (2) (a) (B) and (C) (the applicable brackets).
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