Form It-Nr - Inheritance Tax Return Non-Resident Decedent - New Jersey Division Of Taxation Page 5
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41and pain and suffering are to be included in the decedent’s
any decedent composed of property, when such property was
estate.
received by the decedent before death.
b. Where an action is instituted under the New Jersey Death
9. The proceeds of any pension, annuity, retirement allowance,
Act and terminates through the settlement by a compromise
return of contributions or benefit payable by the Government of
payment without designating the amount to be paid under
the United States pursuant to the Civil Service Retirement Act,
each count, the amount which must be included in the
Retired Serviceman’s Family Protection Plan and the Survivor
inheritance tax return is an amount, to the extent recovered,
Benefit Plan to a beneficiary or beneficiaries other than the
which is equal to specific expenses related to the injury.
estate or the executor or administrator of a decedent are
These expenses are similar to those mentioned in section a.
exempt.
above and include funeral expenses, hospitalization and
10. All payments at death under the Teachers Pension and Annuity
medical expenses, and other expenses incident to the injury.
Fund, the Public Employees’ Retirement System for New
Any amount which is recovered in excess of these expenses
Jersey, and the Police and Firemen’s Retirement System of
is considered to be exempt from the tax.
New Jersey, and such other State, county and municipal
4. The proceeds of any contract of insurance insuring the life of a
systems as may have a tax exemption clause as broad as that of
resident or nonresident decedent paid or payable, by reason of
the three major State systems aforementioned, whether such
the death of such decedent, to one or more named beneficiaries
payments either before or after retirement are made on death to
other than the estate, executor or administrator of such
the employee’s estate or to his specifically designated
decedent are exempt for New Jersey Inheritance Tax purposes.
beneficiary, are exempt from the New Jersey Inheritance Tax.
5. The transfer of property to a beneficiary or beneficiaries of a
The benefit payable under the supplementary annuity plan of
trust created during the lifetime of a resident or nonresident
the State of New Jersey is not considered a benefit of the Public
decedent, to the extent such property results from the proceeds
Employee’s Retirement System and is taxable whether paid to
of any contract of insurance, insuring the life of such decedent
a designated beneficiary or to the estate.
and paid or payable to a trustee or trustees of such by reason of
The death benefits paid by the Social Security Administration
the death of such decedent, is exempt from the New Jersey
or railroad Retirement Board to the spouse of a decedent are
Inheritance Tax irrespective of whether such beneficiary or
also exempt. For purposes of filing a return these amounts need
beneficiaries have a present, future, vested, contingent or
not be reported nor are they to be deducted from the amount
defeasible interest in such trust.
claimed as a deduction for funeral expenses.
6.
The transfer of life insurance proceeds insuring the life of a
In all other cases the death benefit involved should either be
resident or nonresident decedent, paid or payable by reason of
reported as an asset of the estate or deducted from the amount
the death of such decedent to a trustee or trustees of a trust
claimed for funeral expenses.
created by such decedent during his lifetime for the benefit of
11. Other pensions. An exemption is provided for payments from
one or more beneficiaries irrespective of whether such
any pension, annuity, retirement allowance or return of
beneficiaries have a present, future, vested, contingent or
contributions, which is a direct result of the decedent’s
defeasible interest in such trust, is exempt from the New Jersey
employment under a qualified plan as defined by section
Inheritance Tax.
401(a), (b), and (c) or 2039(c) of the Internal Revenue Code,
7. The transfer, relinquishment, surrender or exercise at any time
which is payable to a surviving spouse or domestic partner.
or times by a resident or nonresident of this State, of any right
12. The amount payable by reason of medical expenses incurred as
to nominate or change the beneficiary or beneficiaries of any
a result of personal injury to the decedent should be reflected
contract of insurance insuring the life of such resident or
by reducing the amount claimed for medical expenses as a
nonresident, regardless of when such transfer, relinquishment,
result of the accident.
surrender or exercise of such right occurred, is exempt from the
tax.
The amount payable at the death of an income producer as a
result of injuries sustained in an accident, which are paid to the
8. Any amount recovered (under the Federal Liability for Injuries
estate of the income producer, is reportable for taxation. In all
to Employees Act) for injuries to a decedent by the personal
other instances this amount is exempt.
representative for the benefit of the classes of beneficiaries
designated in that Statute, whether for the pecuniary loss
The amount paid at death to any person under the essential
sustained by such beneficiaries as a result of the wrongful death
services benefits section is exempt from taxation.
of the decedent or for the loss and suffering by the decedent
The claim for funeral expense is to be reduced by the amount
while he lived, or both is not subject to the Inheritance Tax.
paid under the funeral expenses benefits section of the law.
Any amount recovered by the legal representatives of any
decedent by reason of any war risk insurance certificate or
WHERE TO FILE
policy, either term or converted, or any adjusted service
All returns should be sent to: New Jersey Division of Taxation,
certificate issued by the United States, whether received
Inheritance and Estate Tax, PO Box 249, Trenton, New Jersey
directly from the United States or through any intervening
08695-0249.
estate or estates, is exempt from the New Jersey Inheritance
Tax.
This exemption does not entitle any person to a refund of any
tax heretofore paid on the transfer of property of the nature
aforementioned; and does not extend to that part of the estate of
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