Form 706-NA Illinois 2019-2025

Form 706-NA Illinois: What You Should Know

Form 706: For United States Estate With Certain Qualified Small Business April 15, 2025 — Do estate tax returns need to be filed every year?   Does the fact that an estate is subject to estate tax mean that it needs to be filed once a year? Do the IRS tax all the assets in a U.S. estate before the date of death? Do the IRS also tax a U.S. estate at the end of the year? It would seem that the answer is “yes” to both questions. The only real difference between the estate tax and the income tax is that estates are liable for both on the same day, on the same dates. In other words, under current law, if the annual rate for the estate tax is 2.5 percent, the estate must file a tax return or a Form 706 for the current year and every year for the next ten years. What does this mean for the estate? There are three basic benefits of getting an estate return filed, even if the return is not due by the due date for filing: If the return is required, then the estate is liable for the tax for the current year and the future years. There must be a tax return because a tax on the estate is due at the time of death. The tax is imposed without regard to the fact that the heirs may have to pay the tax later (as if a tax due were an outstanding balance on a credit card). If the heirs are required to file, but do not, then they may file a second estate tax return on a different date. This second return also requires filing, but it will not be due until ten years after the death. The new return will be due six months after the death, at which time the heirs can be assessed the estate tax. What is the current tax rate for estates of decedents that died in the year and the future? This answer varies for each state when the estate has been subject to both the estate tax and Section 6166. The rates below are used to determine whether a state requires the filing of an estate tax return or a Form 706. The amount is the maximum taxable estate and the income is gross income reported on the individual's tax return for the state.

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