Fillable FORM 700: STATE OF ILLINOIS ESTATE & GENERATION (Illinois Attorney General)

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FORM 700: STATE OF ILLINOIS ESTATE & GENERATION (Illinois Attorney General)

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STATE OF ILLINOIS
ESTATE & GENERATION SKIPPING TRANSFER TAX RETURN
FOR DECEDENTS DYING ON OR AFTER JANUARY 1, 2018
FORM 700
Estate of: Date of Death
Decedent’s Address (No. & Street)
City State Zip Code
Decedent’s Social Security Number Name of Illinois County with Jurisdiction over Estate
Name of Personal Representative or Person Filing Return: Telephone
Address (No. & Street)
City State Zip Code
Name of Preparer: Telephone
Address (No. & Street)
City State Zip Code
Estate of:
Indicate which of the following SEVEN are applicable:
1. Neither a Federal Estate Tax Return nor Illinois Estate Tax Return is required to be filed, but a
Certificate of Discharge is requested.
a) Assets with taxable situs in Illinois . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
b) Assets with taxable situs in another state or states . . . . . . . . . . . . . . . . . . $
c) TOTAL Gross Value of Decedent’s Assets . . . . . . . . . . . . . . . . . . . . . . . . . $
Attach itemized schedule of assets wherever located. Gross value means the total of the assets
undiminished by mortgages, liens or other encumbrances upon such assets for which decedent
was personally liable.
2. A Federal Estate Tax Return is attached, but no Illinois Estate Tax is due.
A Certificate of Discharge is requested.
STATE OF ILLINOIS ESTATE & GENERATION SKIPPING TRANSFER TAX RETURN - PAGE 1
Original Return ¨ Supplemental Return (Additional tax due.) ¨ Amended Return (No additional tax due.) ¨
Due date of this Return:
7. If an extension of time to file is being requested or if due date determined by extension of time to file
Federal Estate Tax Return, check box and attach explanation for extension request or a copy of the
Federal extension request. If based upon a Federal extension request, file a copy of approved extension
request when available. This extension request should be filed within 9 months of date of death.
3. A Federal Estate Tax Return or any other form containing the same information is attached (whether or
not a Federal Estate Tax is due), and an Illinois Estate Tax is due. A Certificate of Discharge is requested.
(Complete Recapitulation and Schedule A or B, whichever is applicable.)
4. An Illinois QTIP election is made for this estate.
Amount of Illinois QTIP election . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
(Attach an itemized list of the Illinois QTIP property. If this includes trust
property, state the percentage of the trust made subject to the election.)
Social Security Number of surviving spouse ____________________________
5. If a Section 6166 Election to Pay Tax in Installments is being requested,
check box, attach an executed Form IL-4350a, and supply proof of
acceptance by the Internal Revenue Service (when available).
Amount of deferred Illinois Estate Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
6. This is an Amended or Supplemental Return.
(Complete Recapitulation and Schedule A or B, whichever is applicable, and
attach copy of amended Federal Estate Tax Return or other applicable documents.)
Decedent was:
a) a resident of Illinois. Year residency established . . . . . . . . . . . . . a)
b) a non-resident of Illinois. Year residency established . . . . . . . . . . b)
c) an alien. State of residence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c)
The undersigned declare, under penalties of perjury, that they have examined this return, including any and all
accompanying schedules or attachments, and that they believe the same to be true and correct as to every
material matter and further verify that any attached Federal Estate Tax Return and any other applicable Federal
tax documents are true and corrected copies of the originals filed with the Internal Revenue Service.
The undersigned further certify that the attached Will (if decedent died testate) is a true and correct copy
of the Will of the decedent.
Signature of decedent’s personal representative Title Date
Signature of preparer Title Date
NOTE:
All attachments must be filed with the Attorney General’s copy of the return.
STATE OF ILLINOIS ESTATE & GENERATION SKIPPING TRANSFER TAX RETURN - PAGE 2
STATE OF ILLINOIS ESTATE & GENERATION SKIPPING TRANSFER TAX RETURN - PAGE 3
1. Tentative Taxable Estate from Federal Return (Line 3a, Form 706),
or other form containing the same information . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. $
2. Illinois QTIP election.
(Additional amount in excess of Federal QTIP included in Line 2, Form 706,
from this estate or from the previous QTIP election in the Spouse’s estate.)
. . . . 2. $
3. Illinois Tentative Taxable Estate
(Line 1 minus Line 2 if the QTIP is elected in this estate; or line 1 plus line 2
if the QTIP was previously elected in the Spouse’s estate.)
. . . . . . . . . . . . . . . . . 3 $
4. Adjusted taxable gifts
(Line 4, Form 706, or any other form containing the same information.)
. . . . . . . 4. $
Continued on Page 4.
SCHEDULE B – Non-Resident or Alien Decedent’s Estate (Instructions on page 5.)
1. Tentative Taxable Estate from Federal Return (Line 3a, Form 706),
or other form containing the same information . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. $
2. Illinois QTIP election.
(Additional amount in excess of Federal QTIP included in Line 2, Form 706,
from this estate or from the previous QTIP election in the Spouse’s estate.)
. . . . 2. $
3. Illinois Tentative Taxable Estate
(Line 1 minus Line 2 if the QTIP is elected in this estate; or line 1 plus line 2
if the QTIP was previously elected in the Spouse’s estate.)
. . . . . . . . . . . . . . . . . 3. $
4. Adjusted taxable gifts
(Line 4, Form706, or any other form containing the same information.)
. . . . . . . . 4. $
5. Illinois Tentative Taxable Estate plus adjusted taxable gifts
(Add Line 3 and Line 4.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. $
6. Full amount computed for Illinois Estate Tax from website calculator
before apportionment
(Lines 3 & 5 from this Form 700 and applied to website calculator for
interrelated calculation.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. $
7. Gross value for Federal Estate Tax purposes of decedent's estate having
taxable situs in Illinois . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. $
8. Gross value of decedent's estate for Federal Estate Tax purposes
wherever located . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. $
9. Percent of estate having taxable situs in Illinois
(Line 7 divided by Line 8.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. %
10. Amount of tax attributable to Illinois
(Line 6 multiplied by Line 9. Also enter on Line 1 in Recapitulation.)
. . . . . . . . . . 10. $
SCHEDULE A – Resident Decedent’s Estate (Instructions on page 5.)
With respect to the estate of a deceased resident of this State, all property included in the gross estate of the decedent
for Federal Estate Tax purposes shall have a taxable situs in this State for purposes of this Section, excepting real
estate and tangible personal property physically situated in another state (including any such property held in trust).
1. Amount of tax payable to Illinois
(Schedule A Line 10 or Schedule B Line 10.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. $
2. Late filing penalty
(5% of tax for each month or portion thereof - maximum penalty 25%.)
. . . . . . . 2. $
3. Late payment penalty
(1/2 of 1% of tax for each month
or portion thereof - maximum penalty 25%.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. $
4. Interest at 10% per annum from 9 months
after death until date of payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. $
5. Total Tax, penalties and interest payable
(Total of Lines 1, 2, 3 and 4.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. $
6. Prior Payment
(Attach explanation.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. $
7. Balance due
(Line 5 minus Line 6.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. $
STATE OF ILLINOIS ESTATE & GENERATION SKIPPING TRANSFER TAX RETURN - PAGE 4
In the case of a decedent who was a resident of this State at the time of death, all of the transferred property has a tax
situs in this State, including any such property held in trust, except real or tangible personal property physically situated
in another state.
In the case of a decedent who was not a resident of this State at the time of death, the transferred property having a
tax situs in this State, including any such property held in trust, is only the real estate and tangible personal property
physically situated in this State.
5. Illinois Tentative Taxable Estate plus adjusted taxable gifts
(Add Line 3 and Line 4.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. $
6. Full amount computed for Illinois Estate Tax from website calculator before
apportionment
(Lines 3 & 5 from this Form 700 and applied to website calculator for
interrelated calculation.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. $
7. Gross value for Federal Estate Tax purposes of decedent's estate having
taxable situs in Illinois . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. $
8. Gross value of decedent's estate for Federal Estate Tax purposes wherever
located . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. $
9. Percent of estate having taxable situs in Illinois
(Line 7 divided by Line 8.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. %
10. Amount of tax attributable to Illinois
(Line 6 multiplied by Line 9. Also enter on Line 1 in Recapitulation.)
. . . . . . . . . . 10. $
SCHEDULE B – Non-Resident or Alien Decedent’s Estate (Continued from page 3.)
RECAPITULATION
For decedents dying prior to 2018, see the Returns previously posted on this website covering the specific year of death.
For persons dying in 2018, the Federal exemption for Federal estate tax purposes is $11,180,000. The exclusion amount for Illinois
estate tax purposes is $4,000,000. The exclusion amount operates as a taxable threshold and not as a credit against tax due. If an
estate’s gross value exceeds $4 million after inclusion of adjusted taxable gifts, an Illinois Form 700 must be filed, whether or not a
federal return is required by the Internal Revenue Service. The estate representative should prepare and submit the Illinois Form 700
with a Federal Form 706, including all schedules, appraisals, wills, trusts, attachments, etc. If an estate is not federally taxable and
does not wish to submit a Form 706, the information may be presented in an alternate format as long as all necessary information is
included. (See Ill. Admin Code tit. 86, §2000.110.) The Illinois estate tax will be determined using an interrelated calculation for 2018
decedents. The calculator at the Illinois Attorney General’s website (www.illinoisattorneygeneral.gov) may be used for this computa-
tion. To determine tax due, insert the amounts from Lines 3 and 5 of Schedule A or B, Form 700. Please note that the Calculator will
not perform the computation unless amounts are entered into both fields.
When the tentative taxable estate plus adjusted taxable gifts exceeds $11,180,000 the Illinois Estate Tax Return, Form 700, must
include a copy of the Federal Form 706 with all schedules and attachments.
For both resident and nonresident decedents, a preliminary tax prior to apportionment should be calculated assuming all assets are
located within Illinois. (Line 6, Schedule A or B, Form 700). The apportioned tax can then be determined by multiplying that figure by
the ratio of Illinois assets to total assets.
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 addition to any
Federal QTIP election. The Illinois QTIP must be elected on a timely filed Illinois return by checking the election box (pg. 2, box 4),
inserting the dollar amount of the QTIP election, and providing the social security number of the surviving spouse. An itemized list of
property included in the Illinois QTIP should be submitted with the return. The Illinois QTIP election will follow Federal statutes and
rules for treatment of such elected property passing to the surviving spouse and inclusion for Illinois purposes on any Illinois Estate
Tax Return of the surviving spouse, except as to the application of the Illinois Religious Freedom Protection and Civil Union Act to
parties of a civil union for Illinois estate tax purposes.
THIS RETURN MUST BE FILED WITH THE ILLINOIS 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 62701.
PAYMENT OF ALL TAXES, INTEREST AND PENALTIES MUST BE MADE PAYABLE TO THE ILLINOIS STATE TREASURER WITH
THE “ILLINOIS STATE TREASURER ESTATE TAX PAYMENT FORM” AT THE ADDRESS DESIGNATED THEREIN.
ALL PAYMENTS MUST BE MAILED TO OR DEPOSITED WITH THE STATE TREASURER IN ORDER TO BE CREDITED WITH
TIMELY PAYMENT.
STATE OF ILLINOIS ESTATE & GENERATION SKIPPING TRANSFER TAX RETURN - PAGE 5
FILING AND PAYMENT INSTRUCTIONS
Printed by authority of the State of Illinois. (Revised 07/18)
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FORM 700: STATE OF ILLINOIS ESTATE & GENERATION (Illinois Attorney General)

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Completed 13 August 2020

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