Instructions For Form M706 - Estate Tax - Minnesota Department Of Revenue - 2016


2016 Estate Tax Form M706 Instructions
For estates of decedents whose dates of death are in calendar year 2016
What’s New for 2016
returns. If one person cannot be agreed on,
each person must file a Minnesota return for
Tax Exclusion and Filing Requirement
the decedent’s estate. Each person must in-
You can find forms and information,
The estate tax exclusion and filing require-
clude on the return not only the assets he or
ment will be raised incrementally from 2014
including answers to frequently asked
she is receiving, but also all of the decedent’s
to 2018. For decedents dying in 2016, the tax
questions and options for paying electroni-
filing threshold is $1,600,000.
assets being received by other persons and
cally, on our website at:
the names of the other persons.
Tax Rates
The rates range from 10%-16% for 2016
(M.S. 289A.10 and M.S. 291.12)
Send us an email at:
Who Must Pay?
Filing Requirements
The executor is responsible for paying the
If the decedent was a resident of Minnesota
Minnesota estate tax.
Call us at:
at the time of death, the estate is required
However, if the assets were distributed
to file Form M706 if the federal gross estate
without reserving enough to pay the various
plus federal adjusted taxable gifts made
Weekdays, 8 a.m. to 4:30 p.m.
taxes, the executor and beneficiaries are per-
within three years of the decedent’s death
sonally responsible for payment to the extent
exceeds $1,600,000 on the date of death or
if the estate is required to file a federal estate
of the value of assets received respectively.
Or write to:
tax return.
Minnesota Revenue
(M.S. 270C.585 and M.S. 291.12)
If the decedent was a nonresident of Min-
Mail Station 1315
Deadline for Filing
nesota, the estate is required to file Form
St. Paul, MN 55146-1315
M706 if property with situs in Minnesota
The regular due date for filing Form M706 is
is included in the federal gross estate and
nine months after the date of death.
Forms You May Need
the federal gross estate plus federal adjusted
(M.S. 289A.18, subd. 3)
taxable gifts made within three years of the
Estate Tax Return
decedent’s death exceeds $1,600,000 on the
Filing extensions. The automatic extended
M706Q Election to Claim the Qualified
date of death or if the estate is required to file
due date for filing Form M706 is 15 months
Small Business and Farm Prop-
a federal estate tax return.
after the date of death or the amount of time
erty Deduction
granted by the Internal Revenue Service
The federal gross estate is determined by
Need Forms?
(IRS) to file the federal estate tax return,
completing the federal Form 706 (see page
whichever is longer. (M.S. 289A.19, subd. 4)
4). The federal adjusted taxable gifts are
Go to to
defined in section 2001(b) of the Internal
download forms and other information,
Any tax not paid by the regular due date is
Revenue Code.
subject to penalties and interest (see Penal-
ties on page 2).
(M.S. 289A.10, subd. 1)
• Estate Tax Fact Sheet 2, Qualified
Small Business Property and Qualified-
Deadline for Paying
Who Must File?
Farm Property Deduction
The Minnesota estate tax must be paid no
If the decedent’s estate is being probated,
• Revenue Notice regarding the alterna-
later than nine months after the date of death
the Probate Court or Probate Registrar will
tive value, special use valuation and
of the decedent.
appoint someone as personal representative
administrative deductions
— also called executor or administrator — of
(M.S. 289A.20, subd. 3)
the decedent’s estate. That person is then re-
We’ll provide information in another format
sponsible for filing Form M706 for the estate.
If good cause exists, the department may ex-
upon request to persons with disabilities.
tend the time for payment for a period of not
In some cases, the Probate Court or Probate
more than six months. To request a payment
Registrar will appoint more than one person
extension, submit your request in writing to
as executor. In such cases, all persons who
General Information . . . . . . . . . . . . . 1–3
the department prior to the regular due date.
have been appointed as executors are jointly
Filing and Paying Requirements . . 1–2
responsible for filing the return.
(M.S. 289A.30, subd. 2)
Due Dates and Payment Options . . . . 1
Line Instructions . . . . . . . . . . . . . . . . 4–6
If the estate is not being probated, all persons
It may also be possible to pay the tax in
Tax Table . . . . . . . . . . . . . . . . . . . . . . . . . 5
who will receive assets included in the dece-
installments if the estate meets the require-
Checklist . . . . . . . . . . . . . . . . . . . . . . . . . 7
dent’s federal gross estate (line 1 of federal
ments explained in Paying Tax in Install-
Mailing Label . . . . . . . . . . . . . . . . . . . . . 7
Form 706) are responsible for filing the
ments on the next page.
Minnesota return. If more than one person
will receive the assets, all persons receiving
the assets should choose a mutually agree-
able person among them to file the estate tax


00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Page of 7