Fill - Free fillable FORM 700: STATE OF ILLINOIS TRANSFER TAX ESTATE (Illinois Attorney General) PDF form

STATE OF ILLINOIS

ESTATE & GENERATION SKIPPING

TRANSFER TAX

TURN FOR DECEDENTS DYING ON OR AFTER JANUARY 1, 2015

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 SIX is 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

Due date of this Return:

6. 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.)

Social Security Number of surviving spouse ____________________________

5. 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. If a Certificate of Discharge

is requested, a copy of the Form 700 must be filed with the State Treasurer.

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, or other equivalent form . . . . . . . 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. $

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, Form

706, 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. $

The estate elects to pay $ _____________________ of Line 1 in installments under 35 ILCS 405/6

(supply proof of acceptance by Internal Revenue Service when available of Sec. 6166 election and file IL-4350a).

STATE OF ILLINOIS ESTATE & GENERATION SKIPPING TRANSFER TAX RETURN - PAGE 4

With respect to the estate of a decedent not a resident of this State but a resident of another state or territory of the

United States, the property having a taxable situs in this

tate for purposes of this Section is only real estate and

tangible personal property physically situated in this State (including any such property held in trust.)

With respect to the estate of a decedent who is not a resident of a state or territory of the United States, the property

having taxable situs in this State for purposes of this Section is real estate and tangible personal property situated

or having a business situs in this State (including any such property held in trust) and intangible personal property

having a business situs in or evidenced by instruments 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.)

RECAPITULATION

For decedents dying prior to 2015, see the Returns previously posted on our website covering the specific year of death at issue

subject to taxation.

For persons dying in 2015, the Federal exemption for Federal estate tax purposes is $5,430,000. However, the exemption equivalent

for Illinois estate tax purposes is $4,000,000. Therefore, tentative taxable estates with adjusted taxable gifts between $4,000,000

and $5,430,000 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 2015 decedent with a tentative taxable estate plus adjusted taxable gifts over $5,430,000. The Illinois estate tax

will be determined using the interrelated calculations from the 2015 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 with Adjusted Taxable Gifts (Line 5, Schedule A or B, Form 700).

When the tentative taxable estate plus adjusted taxable gifts exceeds $5,430,000 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 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 QTIP Election (Qualified Terminable Interest Property):

For persons dying January 1, 2009 and after, the estate may make a QTIP election for Illinois purposes which is in addition to any

Federal QTIP election. The Illinois QTIP must be elected on a timely filed Illinois return by checking the election box, inserting the

dollar amount of the QTIP election, and providing the social security number of the surviving spouse. An itemized list of property

included in the Illinois QTIP should be submitted with the return. The Illinois QTIP 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. The maximum Illinois QTIP election allowable for decedents dying in 2015 is $1,430,000

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 S

tate Treasurer.

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 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

Printed by authority of the State of Illinois. (Revised: 08/15)

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FORM 700: STATE OF ILLINOIS TRANSFER TAX ESTATE (Illinois Attorney General)

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