Discussion:QUALIFIED RETIREMENT AND ESTATE TAX FORM 706
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
(Difference between revisions)
| Revision as of 20:17, 22 October 2009 R2 (Talk | contribs) (Sec. 20.2031-7.) ← Previous diff |
Revision as of 20:41, 22 October 2009 Dennis (Talk | contribs) (Odd. The phrasi) Next diff → |
||
| Line 17: | Line 17: | ||
| {{ForumReplyPost|UserID=R2|Date=22 October 2009|Text=Sec. 20.2031-7.}} | {{ForumReplyPost|UserID=R2|Date=22 October 2009|Text=Sec. 20.2031-7.}} | ||
| + | |||
| + | {{ForumReplyPost|UserID=Dennis|Date=22 October 2009|Text=Odd. The phrasing of the question and what we know of the fact pattern strongly suggest that there is no tax due here and alternative valuation not an option.}} | ||
Revision as of 20:41, 22 October 2009
Discussion Forum Index --> Advanced Tax Questions --> QUALIFIED RETIREMENT AND ESTATE TAX FORM 706
Discussion Forum Index --> Tax Questions --> QUALIFIED RETIREMENT AND ESTATE TAX FORM 706
| 21 October 2009 | |
| Hi this is Listo, and I am preparing a Estate Tax for a person that passed away on May 2008. En that month the assets are around 5M. Six months later 4M. The decedent Had a Qualified retirement plan that automatically passed to his surviving wife. The present value of this retirement needs be included in the Estate?
If that is the case, what tables I need use to calculate the present value? because in the tables of section 7520, table K etc. there are notes telling (Not applicable to calculate qualified annuities). I called to the IRS, in 15 work days they will tell me if I will include or not the retirement and what tables to use to calculate the present value. My client (the survivor) doesn't want to wait and prefer to send right now the Estate Tax. Some one can help me? | |
| 22 October 2009 | |
| Most retirement plans are not in annuity form and the firm that held the investment should be able to provide the exact account value for both your dates. Yes that value is part of the estate. If the surviving wife then took the account in the form of an annuity that would be a separate transaction. | |
| 22 October 2009 | |
| I believe that Tiger Tables (www.tigertables.com) has software that will perform this calculation. Also, I have a spreadsheet that will take you through this calculation. If you want it, send me an email (dfogel@surewest.net). | |
| 22 October 2009 | |
| Odd. The phrasing of the question and what we know of the fact pattern strongly suggest that there is no tax due here and alternative valuation not an option. | |
