For decedents dying prior to 2014, see the Returns previously posted on our website covering the specific year of death at issue
subject to taxation.
For persons dying in 2014, the Federal exemption for Federal estate tax purposes is $5,340,000. However, the exemption
equivalent for Illinois estate tax purposes is $4,000,000. Therefore, ten
tative taxable estates with adjusted taxable gifts between
$4,000,000 and $5,340,000 will owe an Illinois estate tax without any corresponding Federal estate tax liability. In such situations,
the estate representative is to prepare and file the Illinois Estate Tax Return, Form 700, together with a Federal Form 706, Federal
Estate Tax Return, or any other form containing the same information, even though the Federal return is not required to be filed with
the Internal Revenue Service. The Federal Form 706 must include all schedules, appraisals, wills, trusts, attachments, etc. as the
Federal Form 706 would have for a 2013 decedent with a tentative taxable estate plus adjusted taxable gifts over $4,000,000. The
Illinois estate tax will be determined by using the inter-related calculations from the 2014 Calculator available at
www.illinoisattorneygeneral.gov. The computations are based upon using the amounts of the Illinois Tentative Taxable Estate
(Line 3, Schedule A or B, Form 700) and the Illinois Tentative Taxable Estate plus Adjusted Taxable Gifts (Line 5, Schedule A or B,
Form 700).
W
hen the tentative taxable estate plus adjusted taxable gifts exceeds $5,340,000 the Illinois Estate Tax Return, Form 700, is to be
prepared and
filed in the same manner for 2014 as for 2013, and must therefore include a copy of the Federal Form 706 with
all attachments.
For both resident and non-resident decedents, the tax base will be calculated assuming all assets are located within Illinois. (Line
6, Schedule A or B, Form 700). The percentage of Illinois assets to total assets is then computed with the percentage applied to
the tax base for apportionment purposes to determine the amount of Illinois estate tax due.
Illinois QTIP election (Qualified
Terminable Interest Property)
:
For persons dying January 1, 2009 and after, the estate may make a QTIP election for Illinois purposes which is in addidtion to
any Federal QTIP election. The Illinois QTIP must be elected on the Illinois Return. The Illinois QTIP election will follow Federal
statutes and rules for treatment of such elected property as passing to the surviving spouse and inclusion for Illinois purposes on
any Illinois Estate Tax Return of the surviving spouse. The maximum Illinois QTIP election allowable for decedents dying in
2014 is $1,340,000.
THIS RETURN MUST BE FILED WITH THE ATTORNEY GENERAL WITHIN NINE (9) MONTHS OF THE DATE OF DEATH.
For Cook, DuPage, Lake and McHenry Counties, file the original of the return with the Office of the Attorney General, Revenue
Litigation Bureau, 100 West Randolph Street, 13th Floor, Chicago, Illinois 60601. For all other counties, file the original of the
return with the Office of the Attorney General, Revenue Litigation Bureau, 500 South Second Street, Springfield, Illinois 62706.
Effective July 1, 2012, an additional copy of the return, without attachments, must also be filed with the State Treasurer.
PAYMENT OF ALL TAXES, INTEREST AND PENALTIES MUST BE MADE PAYABLE TO THE ILLINOIS STATE
TREASURER WITH THE "ILLINOIS STATE TREASURER ESTATE TAX PAYM
ENT FORM" AT THE ADDRESSES
DESIGNATED THEREIN.
ALL PAYMENTS MUST BE MAILED TO OR DEPOSITED WITH THE STATE TREASURER IN ORDER TO BE CREDITED WITH
TIMELY PAYMENT. Please send a copy of the State Treasurer’s receipt to: Office of the Attorney General, Revenue Litigation
Bureau, 100 West Randolph Street, 13th Floor, Chicago, Illinois 60601, or the Office of the Attorney General, Revenue Litigation
Bureau, 500 South Second Street, Springfield, Illinois 62706, as appropriate.
STATE OF ILLINOIS ESTATE & GENERATION SKIPPING TRANSFER TAX RETURN - PAGE 5
FILING AND PAYMENT INSTRUCTIONS
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Printed by authority of the State of Illinois. (Revised: 07/14)
