Form O-71 - Transfer Inheritance And Estate Tax - State Of New Jersey Division Of Taxation Page 2
Download a blank fillable Form O-71 - Transfer Inheritance And Estate Tax - State Of New Jersey Division Of Taxation in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form O-71 - Transfer Inheritance And Estate Tax - State Of New Jersey Division Of Taxation with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2INSTRUCTIONS FOR FORM O-71
The New Jersey Estate Tax was revised on July 1, 2002. The revised statute was made retroactive and applies to
the estates of decedents dying on or after January 1, 2002. N.J.A.C. 18:26-11.30 and 11.31 provide that all
corporations, associations, societies and other organizations which sell life insurance or annuities in New Jersey
must:
1. Give notice to the Director of all sums payable by them on or after April 7, 2003 as the result of the death of
a resident decedent by filing Form 0-71 as soon as practicable after the death of a decedent but in any event
not later than 10 days after any full or partial payment has been made. Completed Forms 0-71 may be mailed
to the Division on a monthly basis. A completed Form 0-71which is made part of a monthly mailing will be
deemed to have been mailed in a timely manner provided that the monthly mailing is within one month of
date on which the form would otherwise be required to be mailed.
2. Advise each beneficiary listed on a Form 0-71 that information regarding death claim payments is being
supplied to the state pursuant to requirements of the New Jersey Division of Taxation and that it is the
position of the Division of Taxation that a beneficiary or beneficiaries may, in the absence of state or federal
statutes to the contrary, be personally liable for any and all inheritance and/or estate taxes until paid.
3. The written consent of the Director is not required to release sums payable.
Form 0-71 must be submitted in all cases where:
1. Payment is made as a result of the death of a resident decedent under the terms of a life insurance policy,
endowment policy or an annuity contract owned by the decedent or;
2. Payment is made as a result of the death of a resident decedent under the terms of a supplementary optional
settlement or similar contract issued to effectuate the distribution of benefits originally payable to the
decedent under the terms of a life insurance policy, endowment policy or an annuity contract except when
the sums payable represent a continuation of payments under a policy or contract which provided for such
payment at a prior decedent's specific direction or;
3. A partnership, firm or corporation is entitled to receive payment in its own right in those situations where the
decedent held an interest in the partnership, firm or corporation at death.
Both the Inheritance Tax and the Estate Tax are due and payable on a decedent's date of death. Amounts reported
on Form 0-71 must reflect date of death values. Accumulated dividends, post-mortem-dividends, terminal dividends
and premium refunds are required to be reported on Form 0-71.
Neither Form 0-71 nor a tax waiver is required for any payment or payments made outright to a decedent's surviving
spouse/civil union partner dying on or after 2/19/07. If any payment or payments has or will be made to a beneficiary
or beneficiaries other than the decedent's surviving spouse/civil union partner, Form 0-71 must be submitted as set
forth in the above instructions.
Neither Form 0-71 nor a tax waiver is required for any payments made under pension or retirement plans (including
group annuity contracts) legally owned by an employer or qualified trust. See N.J.A.C. 18:26-11.13(a)4.
For decedents with a date of death after December 31, 2001, Forms 0-71 required to be mailed on or before
November 1, 2003 will be deemed to have been mailed in a timely manner provided that they are mailed no later
than July 1, 2004. If payment was made to a beneficiary or beneficiaries prior to November 1, 2003, the beneficiary
or beneficiaries need not be notified.
Additional information pertaining to the use of Form 0-71 may be obtained by contacting the Inheritance and Estate
Tax Section of the Individual Tax Audit Branch by mail at the Division of Taxation, Inheritance and Estate Tax, PO.Box
249, Trenton, New Jersey 08695-0249 or by phone at 609-292-5033.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form O-14 - Individual Tax Audit Branch Inheritance And Estate Tax - State Of New Jersey Department Of The Treasury
Financial
Form O-14-f - Inheritance And Estate Tax Non-resident Decedent - State Of New Jersey Department Of The Treasury
Financial
Related Categories
Parent category: Financial