For decedents dying prior to 2012, see the Returns previously posted on this website covering the specific year of death at issue
subject to taxation.
For persons dying in 2012, the Federal exemption for Federal estate tax purposes is $5,120,000. However, the exemption
equivalent for Illinois estate tax purposes is $3,500,000. Therefore, tentative taxable estates with adjusted taxable gifts between
$3,500,000 and $5,120,000 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 2011 decedent with a tentative taxable estate plus adjusted taxable gifts over $2,000,000. The
Illinois estate tax will be determined by using the inter-related calculations from the 2012 Calculator available at
www.illinoisattorneygeneral.gov. The computations are based upon using the amounts of the Illinois Tentative Taxable Estate
(Line 3, Form 700) and the Illinois Tentative Taxable Estate plus Adjusted Taxable Gifts (Line 5, Form 700).
When the tentative taxable estate plus adjusted taxable gifts exceeds $5,120,000 the Illinois Estate Tax Return, Form 700, is to be
prepared and filed in the same manner for 2012 as for 2011, 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
Terminab
le Interest Property)
:
For persons dying January 1, 2009 and after, the estate may make a QTIP election for Illinois purposes which is larger than the
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 2012
is $1,620,000.
This return must be filed 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 NOW BE MADE PAYABLE TO THE ILLINOIS STATE
TREASURER WITH THE "ILLINOIS STATE TREASURER ESTATE TAX PAYMENT FORM" AT THE ADDRESSES
DESIGNATED THEREIN. (SEE REVISED JULY 1, 2012 INSTRUCTION FACT SHEET)
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: 07/12)
