Form 706me - Worksheet For Determining Estate Filing Requirement For Deaths Occurring In 2005 Page 2
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1
2
3Line 6
For Maine resident estates: Enter the amount paid to other
failure-to-file penalty is 100% of the tax due. For failure to
pay a tax liability, the penalty is 1% of the tax liability for each
states for death taxes and attach copies of those state’s returns
month the payment is delinquent, up to a maximum of 25%.
and documentation of payment.
b. Other penalties. The law also provides penalties for
For Maine nonresident estates: Enter zero (0).
substantial understatement of tax, negligence, fraud and for
Line 8
For Maine resident estates: Multiply Line 5 by the percentage
payment of tax by check that is returned for insufficient funds.
on Line 3, and enter that amount or the amount on Line 7,
whichever is greater.
Line 13
Enter the total due with this return. Make check payable to
Treasurer, State of Maine and send to the address shown on
For Maine nonresident estates: Multiply Line 5 by the
page 2 of the form. Please write the decedent’s name, social
percentage on Line 3 and enter the result.
security number and “Form 706ME” on the check to ensure
Line 9a
Enter the total amount of Maine estimated / extension payments
proper credit.
made for this estate.
Line 14
Enter the total refund due with this return. Allow 4-6 weeks
Line 9b
Enter the amount of Maine estate tax paid with the original return.
to process the refund.
Fill in this line only when filing an amended Maine estate tax
Step 5
Check the appropriate box. Even if you are not required to file
return.
a federal return, you may still owe Maine estate tax. You are
required to complete and attach a pro forma federal Form 706 to
Lines 10 - 12 Interest and penalties may apply if the return is filed, or the
tax is paid, after the due date. Contact the Income/Estate Tax
determine Maine tax liability.
Division, Maine Revenue Services, for specific information
If the estate is subject to federal estate tax, you must include a
necessary to complete these lines. Telephone 207-626-8480.
completed copy of federal Form 706, as filed with the IRS, with this return.
As of January 1, 2005, interest is charged at the rate of 8% per
If the estate is not subject to federal estate tax, but is required to
year, compounded monthly.
file for Maine purposes, include a completed pro forma federal Form 706,
a. Late filing and late payment penalties. If a past due
including appropriate Schedules, with the Maine Form 706ME.
return is filed before the receipt or within 30 days of the receipt
Provide documentation such as death certificate, trust documents and
of a demand notice, the penalty for failure to file is the greater of
appraisals to support the claims on the return. This will allow Maine Revenue
$25 or 10% of the amount of tax due. If the return is filed more
Services to process the return without having to contact the preparer for
than 30 days after the receipt of a demand notice, the
additional information.
Extension: If the estate is unable to file the return by the original due date, Maine allows an automatic extension equal to any
federal extension or 6 months, whichever is the longer period of time. An extension to file is not an extension to pay
the tax. An extension to pay the tax must be requested in writing.
WORKSHEET FOR CALCULATING LINE 5
326,300
1) Enter amount from Form 706ME, Line 4D. .... $ _______________
6) Applicable Credit for 2005 ............................ $ _______________
60,000
2) Less ............................................................... $ _______________
7) Line 5 minus Line 6 ........................................ $ _______________
3) Adjusted taxable estate
8) Maine Gross Estate Tax (Line 4 orLine 7,
(Line 1 minus Line 2) If zero or less,
whichever is less). Also, enter on Maine
enter zero ...................................................... $ _______________
Form 706ME, Line 5. ...................................... $ _______________
4) Using amount on Line 3 and applying Table A
*
NOTE: If the estate contains Maine QTIP or Maine elective property, calcu-
below, determine the amount to enter .......... $ _______________
late the amount for line 5 of the worksheet above by reducing the federal
taxable estate by the amount of the Maine QTIP and increasing the federal
5) Gross Federal Estate Tax* (federal Form 706,
taxable estate by the amount of Maine elective property. See “Important
Part 2, Line 8: calculated as if zero deduction
Changes” on page 3 and instructions for Form 706ME, lines 4B and 4C for a
more detailed description of Maine QTIP and Maine elective property.
on Line 3b) ..................................................... $ _______________
Table A
(1)
(2)
(3)
(4)
Subtract the
Add
If worksheet, Line 3 is
following amount from
Multiply
and enter result
at least:
BUT
less than:
worksheet, Line 3:
Result by:
on worksheet, Line 4:
0
$40,000
0
None
0
$40,000
90,000
$40,000
0.8%
0
90,000
140,000
90,000
1.6%
$400
140,000
240,000
140,000
2.4%
1,200
240,000
440,000
240,000
3.2%
3,600
440,000
640,000
440,000
4.0%
10,000
640,000
840,000
640,000
4.8%
18,000
840,000
1,040,000
840,000
5.6%
27,600
1,040,000
1,540,000
1,040,000
6.4%
38,800
1,540,000
2,040,000
1,540,000
7.2%
70,800
2,040,000
2,540,000
2,040,000
8.0%
106,800
2,540,000
3,040,000
2,540,000
8.8%
146,800
3,040,000
3,540,000
3,040,000
9.6%
190,800
3,540,000
4,040,000
3,540,000
10.4%
238,800
4,040,000
5,040,000
4,040,000
11.2%
290,800
5,040,000
6,040,000
5,040,000
12.0%
402,800
6,040,000
7,040,000
6,040,000
12.8%
522,800
7,040,000
8,040,000
7,040,000
13.6%
650,800
8,040,000
9,040,000
8,040,000
14.4%
786,800
9,040,000
10,040,000
9,040,000
15.2%
930,800
10,040,000
---------------
10,040,000
16.0%
1,082,800
Rev. 08/05
2005 Form 706ME, Page 4
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