What was the inheritance tax in 2013?

What was the inheritance tax in 2013?

So for 2013, up to $5.25 million of an individual’s estate will be exempt from federal estate tax, with a 40% tax rate applied to any excess over the exemption amount. By contrast, states with estate taxes typically exempt $1 million or less per estate from their tax and impose a top rate of 16%.

Do I file 1041 or 706?

Form 1041 is used to report income taxes for both trusts and estates. That is different than the estate tax return which is Form 706. For estate purposes, IRS Form 1041 is used to track the income an estate earns after the estate owner passes away and before any of the beneficiaries receive their designated assets.

Where can I get Maine state tax forms?

Maine state tax forms are available for download by clicking the link below; by calling the forms line at 207-626-8475 (leave your name and mailing address); or by writing to the Maine Revenue Services, P.O. Box 9107, Augusta, ME 04332-9107.

Does Maine have an inheritance tax?

Maine charges its own estate tax but has no inheritance tax. If the deceased doesn’t have a will probated by the court, inheritances can get a bit more complicated.

Can Form 706 be filed electronically?

There is currently no mechanism for filing Forms 706, 706-NA, and 709 electronically; the returns must be paper filed with the appropriate Internal Revenue Service Center. Additionally, there are other documents that are required to be included with Forms 706, 706-NA, and 709.

When Must Form 706 be filed?

nine months
Form 706 must generally be filed along with any tax due within nine months of the decedent’s date of death.

How do I order Maine tax forms?

To request a single copy of a tax form(s), tax booklet(s) or instructions enter your name and address in the form below and check off the tax year using your mouse. To order forms not listed on this page, call 207-624-7894.

Does Maine have an e file form?

E-File is a convenient and accurate way to file your Maine individual income tax return. File using a participating preparer, purchase commercial software or a commercial website.

What is the purpose of the IRS Form 706?

The executor of a decedent’s estate uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code. Form 706 is also used to compute the generation-skipping transfer (GST) tax imposed by Chapter 13 on direct skips.