Instructions For Form Rev-1500 - Pennsylvania Inheritance Tax Return Resident Decedent Page 15
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27Include on Schedule G the transfer of assets defined by Section
other than the decedent’s surviving spouse. Do not list property
which the decedent held as a tenant in common, or nominee, or
9107(c) which were made by the decedent during life, by trust or
in a partnership, but the value of the decedent’s interest, if any,
otherwise, to the extent that they were made without valuable
should be reported on the appropriate asset schedule. When in
and adequate consideration in money or money’s worth at the
doubt, disclose and explain by short notation or otherwise any
time of the transfer, and also assets held in a trust as defined in
asset held wholly or partly in the name of the decedent. Disclose
Section 9113(a) for the benefit of the current decedent which
were not subject to tax in the donors’ estate. Transfers, which are
the full value of all assets on this schedule and show the dece-
dent’s taxable interest at death. Determine the decedent’s taxable
subject to tax, should be valued as of the date of the transferor’s
interest by dividing the full value of the property by the number
death, and not the date of the transfer. You must include all such
of joint tenants.
transfers including the name and relationship of the transferee
(see items 1 through 6 following) in the gross estate on this
List on Schedule F a complete description of the assets indicat-
schedule.
ing the date the asset was placed into joint ownership, the exact
1. TRANSFERS MADE WITHIN ONE (1) YEAR OF
balance or market value at date of death, and the value of the tax-
able interest. Each description must show the exact registration
DECEDENT’S DEATH
of the asset and the appropriate letter, A. B. C. etc., to indicate
Such transfers by a decedent are subject to tax to the extent that
the name, address, and relationship of each of the surviving joint
they exceed $3,000 at the time of the transfer. If a combined total
tenants to the decedent. If the jointly held asset is a rollover from
of all transfers per transferee during any calendar year exceeds
a previously jointly held account, that information should be
$3,000, exclusion may be claimed. For example, if the decedent
reported, including date originally issued and the date the
transferred $10,000 within one year of his death, $7,000 would
rollover occurred.
be subject to Inheritance Tax.
If the surviving joint owner of any asset has received a sepa-
2. IRA’S, ANNUITIES AND PENSION PLANS
rate assessment notice from the Department and paid the tax
Where a decedent, during his lifetime, possessed rights in an
due on a specific joint asset, the value of that asset should not
employment benefit plan beyond those described below, the
be included in the total for this schedule.
payments received from the plan will be subject to tax. Rights
under a plan which would subject the plan’s payment to
An estate representative may now request that the Department
Inheritance Tax would include, but are not limited to, the right to
issue a separate tax notice for tax due on jointly owned assets
withdraw benefits, including the right to withdraw only upon
directly to the surviving owner by filling in the oval below Line
payment of a penalty (providing the penalty is smaller than 10%
6 of the REV-1500. All information requested on Schedule F
of the withdrawal), the right to borrow monies from the retire-
m u s t be completed, i n c l u d i n g t h e s u r v i v i ng j o i n t o w n e r’s address, in
ment plan, the right to assign the benefits of the plan to another,
order for the Department to issue a notice. This option should
the right to pledge the plan and/or its benefits, the right to antic-
only be used when the estate representative does not wish to pay
ipate the benefits of the retirement plan (other than in regular
the tax on the jointly-owned assets from estate funds and if the
monthly installments), or the right, by contract or otherwise, to
decedent’s will does not have a stipulation stating that all taxes
materially alter the provisions of the plan. Payments received
from employment benefit plans such as pension plans, stock
from whatever conveyance shall be paid out of the probate
bonus plans, profit sharing plans and all other retirement plans,
estate.
including but not limited to, H.R. 10 (Keogh) plans, individual
retirement accounts (IRAs), individual retirement annuities, and
Do not report a reservation of a life interest on this schedule. See
individual retirement bonds will be exempt from tax if any of
instructions for Schedule G.
these conditions exist:
a. The payments are exempt from the federal estate tax under the
SCHEDULE G
provisions of the Internal Revenue Code of 1986, as amended,
INTER-VIVOS TRANSFERS &
any supplement to the code, or any other similar provision in
MISC. NON-PROBATE PROPERTY
effect for federal estate tax purposes; or
b. The payment would be exempt for federal estate tax purposes
if it had not been made in a lump sum or other nonexempt form
of payment, and the payment is made in a lump sum or other
nonexempt form of payment; or
c. The decedent, during his lifetime, did not have the right to
possess (including proprietary rights at termination of employ-
ment), enjoy, assign or anticipate the payments made. A dece-
dent whose only rights under the plan were to designate a bene-
ficiary and to receive a regular monthly payment under the plan,
is not considered as having the right to possess, enjoy, assign, or
anticipate. Therefore, the possession of either the right to desig-
nate a beneficiary or the right to receive regular monthly pay-
ment under the plan, either alone or together, will not subject the
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