Form Rev-548 Ex - Advance Payment Worksheet Page 2
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2INHERITANCE TAX JOINT BANK ACCOUNT
ADVANCE PAYMENT WORKSHEET
DIRECTIONS for REV-548
The Advance Payment Worksheet enables the taxpayer to report a specific jointly owned or other non-probate asset to the Department
without the filling of an actual inheritance tax return form (REV-1500), and it also allows the taxpayer to qualify for 5% discount if
payment is made within (3) three months following the decedent’s date of death.
WHO MAY USE THE ADVANCE PAYMENT WORKSHEET?
1. Surviving owners of jointly held assets.
2. Beneficiaries of “in trust for” (ITF) accounts.
3. Beneficiaries of other assets not subject to the administration of the decedent’s estate by the personal representative.
PLEASE FILL IN BLOCKS COMPLETELY SO THAT AN ACCURATE NOTICE OF ASSESSMENT CAN BE ISSUED.
DECEDENT INFORMATION
•
decedent’s legal name
•
social security number
•
decedent’s date of death
FINANCIAL INSTITUTION INFORMATION
•
name & address of bank or branch office
•
provide bank phone number if available
ACCOUNT INFORMATION
(LIST ONLY ONE ACCOUNT PER WORKSHEET)
•
Indicate type of account by checking appropriate box, if other, list specific type (only one account per worksheet).
•
Account balance at date of death (include interest in total).
•
Account number
•
Account title as appears on signature card (identify power of attorney, representative payee, attorney in fact, or PUGMA
accounts, IRA’s etc. where they may apply).
•
Original date the account was established in joint ownership. Provide signature cards, trust agreements, and other pertinent
documents (if available).
SURVIVING JOINT OWNER INFORMATION
(USE SEPARATE BLOCK FOR EACH SURVIVOR)
•
use legal names
•
social security numbers if known
•
current address
•
relationship to decedent to insure correct tax rates
DEBTS & DEDUCTIONS
If there are no probate assets and the surviving owner has actually paid expenses incurred because of the decedent’s death, they can
be listed and deducted from the portion of the account balance subject to tax. Include expenses directly related to the decedent’s death
such as funeral costs, refreshments following the funeral, flowers, cemetery plots and markers, engraving, etc. Provide appropriate
documents to substantiate claims.
After review by the Department, a formal notice of assessment will be returned to each individual owner indicating the final status of the
particular asset that has been reported.
Make checks payable to the REGISTER of WILLS, Agent, in the county of the decedent’s LEGAL residence.
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