Fillable MI-706 Michigan Estate Tax Return (Michigan State University)

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MI-706 Michigan Estate Tax Return (Michigan State University)

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Total gross estate (U.S. 706)
Credit for state death taxes (U.S. 706)
Enter amount of Michigan tax already paid, if any
TAX DUE. If line 10 is greater than line 11, subtract line 11 from line 10 and enter here
Include interest and penalty if applicable.
REFUND. If line 10 is less than line 11, subtract line 10 from line 11 and enter here
PAY
REFUND
MI-706
9.
10.
11.
12.
13.
9.
10.
11.
12.
13.
When finished, attach a complete copy of Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return,
including all schedules. Do not send originals, as items will not be returned.
CERTIFICATION
I declare under penalty of perjury that this return is based on all information
of which I have knowledge.
NOTE:
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MAIL TO: Estate Tax Section
Michigan Department of Treasury
Lansing, MI 48922
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. 1. Decedent's Name (first, middle initial, last)
. 3. County of Probate
. 6. Name and Address of Personal Representative
. 2. Decedent's Social Security Number
. 4. Date of Death 5. Probate File Number
7. Personal Representative's Social Security Number
8. Personal Representative's Telephone Number
Signature(s) of Personal Representative(s)
I declare under penalty of perjury that the information in this return and attachments is true
and complete to the best of my knowledge.
I authorize Treasury to discuss my return with my preparer.
Yes No
Date
Preparer's Daytime Telephone Number Date
www.michigan.gov/treasury
This is an: Original return Amended return
Preparer's Signature and Business Address
Michigan Estate Tax Return
Issued under authority of P.A. 54 of 1993. Filing is mandatory.
Complete this page if the decedent was a Michigan resident and all property was located in Michigan. Michigan residents
with out-of-state property or nonresidents with property in Michigan, complete the other side.
Michigan Department of Treasury (Rev. 5-03)
Reset Form
PAY
REFUND
Gross value of real and tangible personal property located in other states.
Percent of out-of-state property. Divide line 11 by line 9.
Percent of tax attributable to other states.
Multiply line 10 by percentage on line 12.
Enter amount of state estate taxes paid to other states.
(Attach proof of payment.)
Credit for estate taxes paid to another state. Enter the smaller of line 13 or line 14.
MICHIGAN ESTATE TAX. Subtract line 15 from line 10.
Gross value of real and tangible personal property located in Michigan.
Percent of Michigan property. Divide line 17 by line 9.
MICHIGAN ESTATE TAX. Multiply line 10 by the percentage on line 18.
Michigan residents with out-of-state property enter the amount from line 16.
Non-residents enter the amount from line 19.
Enter amount of Michigan tax already paid, if any.
TAX DUE. If line 20 is greater than line 21, subtract line 21 from line 20 and enter here.
Include interest and penalty if applicable.
REFUND. If line 20 is less than line 21, subtract line 20 from line 21 and enter here.
PART 2: NON-RESIDENTS WITH MICHIGAN PROPERTY
PART 3: REFUND OR TAX DUE
PART 1: MICHIGAN RESIDENTS WITH OUT-OF-STATE PROPERTY
Total gross estate (U.S. 706)
Credit for state death taxes. (U.S. 706)
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Michigan Estate Tax Return - A
Issued under authority of P.A. 54 of 1993. Filing is mandatory.
Complete this page if the decedent was a Michigan resident with out-of-state property or a nonresident with property in
Michigan. Michigan residents with property only in Michigan, complete the other side. See other side for mailing address.
MI-706A
Michigan Department of Treasury (Rev. 5-03)
. 1. Decedent's Name (first, middle initial, last)
. 3. County of Probate
. 6. Name and Address of Personal Representative
. 2. Decedent's Social Security Number
. 4. Date of Death 5. Probate File Number
7. Personal Representative's Social Security Number
8. Personal Representative's Telephone Number
This is an: Original return Amended return
When finished, attach a complete copy of Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return,
including all schedules. Do not send originals, as items will not be returned.
CERTIFICATION
I declare under penalty of perjury that this return is based on all information
of which I have knowledge.
NOTE:
Signature(s) of Personal Representative(s)
I declare under penalty of perjury that the information in this return and attachments is true
and complete to the best of my knowledge.
I authorize Treasury to discuss my return with my preparer.
Yes No
Date
Preparer's Daytime Telephone Number Date
Preparer's Signature and Business Address
www.michigan.gov/treasury
Estate Tax Section
Michigan Department of Treasury
Lansing, MI 48922
Michigan Department of Treasury
2527 (12-98)
Michigan Estate Tax Estimate Voucher
Issued under authority of P.A. 54 of 1993. Filing is voluntary.
Enter amount of tax due
Enter total penalty and interest
Total payment
Write "Estate Tax," the decedent's name and the decedent's
Social Security number on the front of the check. Mail to:
$
$
$
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4
. 1. Decedent's Name (first, middle initial, last)
. 3. County of Probate
. 6. Name and Address of Personal Representative
. 2. Decedent's Social Security Number
. 4. Date of Death 5. Probate File Number
7. Personal Representative's Social Security Number
8. Personal Representative's Telephone Number
Estate Tax Section
Michigan Department of Treasury
Lansing, MI 48922
Michigan Department of Treasury
2527 (12-98)
Michigan Estate Tax Estimate Voucher
Issued under authority of P.A. 54 of 1993. Filing is voluntary.
Enter amount of tax due
Enter total penalty and interest
Total payment
Write "Estate Tax," the decedent's name and the decedent's
Social Security number on the front of the check. Mail to:
$
$
$
.00
.00
.00
4
. 1. Decedent's Name (first, middle initial, last)
. 3. County of Probate
. 6. Name and Address of Personal Representative
. 2. Decedent's Social Security Number
. 4. Date of Death 5. Probate File Number
7. Personal Representative's Social Security Number
8. Personal Representative's Telephone Number
www.michigan.gov/treasury
www.michigan.gov/treasury
Included in this book are:
General Instructions
Michigan Generation-Skipping Transfer (GST) Tax Worksheet
Form MI-706, Michigan Estate Tax Return
Form MI-706A, Michigan Estate Tax Return-A (for estates with property in another state)
Form 2527, Michigan Estate Tax Estimate Voucher
Under P.A. 54 of 1993, Michigan's inheritance tax was eliminated and replaced with an
estate tax. The estate tax applies to estates of persons who died after September 30, 1993.
An inheritance tax return must be filed for the estates of any person who died
before October 1, 1993. If you have questions about either the estate tax or
inheritance tax, call (517) 636-4330.
Michigan
Estate
Tax
2355 (Rev. 5-03)
Instructions for Forms MI-706 or MI-706A,
Michigan Estate Tax Return
NEED HELP?
For questions relating to Estate Tax, call (517) 636-4330
between 8 a.m. and 5 p.m., Monday through Friday.
FORMS
The Department of Treasury's computerized forms message
system is available 24 hours a day. If you need forms call 1-
800-FORM-2-ME (367-6263), and Treasury will mail the
forms to you. Forms may also be obtained on Treasury's web
site on the Internet at: www.michigan.gov/treasury.
WHAT IS THE ESTATE TAX?
The Michigan estate tax was enacted for estates of persons
who died after September 30, 1993. See " Who Must File?"
for more specific requirements.
Michigan's estate tax is equal to the maximum federal
credit allowable for state death taxes. The Michigan estate tax
return picks up the maximum allowable credit amount from
the U.S. 706.
Estates of persons dying before October 1, 1993 must file
Form 2523, Michigan Inheritance Tax Return or Form 2307,
Michigan Inheritance Tax No-Tax Return.
Distributees and trustees of generation-skipping transfers
(GST) may be required to pay a Michigan GST tax. See
"Michigan Generation -Skipping Transfer (GST) Tax" on
page 6.
WHO MUST FILE?
P.A. 277 of 1998 has changed the Michigan Estate Tax Act
to reflect the recent changes in the Federal Estate Tax
Code. Under the new federal code, the exemption amount for
filing a federal estate tax return will increase for tax years
1998 through 2006. Generally, an estate with a gross value
equal to or less than the exemption amount is not required to
file a United States Estate (and Generation-Skipping Transfer)
Tax Return ( U.S. 706). Contact the Internal Revenue Service
(IRS) for more information.
Date Gross Estate is
of Death Equal To or Less Than:
1997 $600,000
1998 $625,000
1999 $650,000
2000 $675,000
2001 $675,000
2002 & 2003 $1,000,000
2004 $1,500,000
A MI-706 (or MI-706A) must be filed if all of the following
are true:
• the decedent died after September 30, 1993;
• the decedent was a Michigan resident or a nonresident
with real or tangible personal property located in Michigan;
and
• A U.S. 706 is required.
WHEN TO FILE
The MI-706 (or MI-706A) is due at the same time the U.S.
706 is due. The due date is nine months after the date of death.
WHERE TO FILE AND PAY
Send the completed return and attachments or estimate
voucher to:
Estate Tax Section
Michigan Department of Treasury
Lansing, MI 48922
HOW TO PAY
Pay the total Michigan estate tax due with the return when it
is filed. If an estate tax payment is made before the return is
filed, use Form 2527, Michigan Estate Tax Estimate Voucher.
Use the voucher for partial payments or for estimated payments
submitted during an extension. Use the voucher anytime a
payment is submitted without a return to help assure proper
application of the payment.
Make checks payable to "State of Michigan." Write the
decedent’s name, Social Security number, and “MI-706” on
the front of the check.
Note: The 0.5 percent county collection fee is not required
for estate tax.
GENERAL INSTRUCTIONS
You must attach a copy of the completed U.S. 706 to the Michigan return. Without it, we are unable to
process the return, and penalties and interest may accrue.
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EXTENSIONS
There are two federal extensions: an extension of time to file
and an extension of time to pay. Use an estimated payment
voucher to pay the tax due during the extension.
The time to file a Michigan return is automatically extended
if a federal extension of time to file is approved. An extension
of time to file does not extend the time to pay the tax due.
The time to pay the Michigan tax is automatically extended
if a federal extension of time to pay is approved. Interest is
due during the extension.
Copies of all approved federal extensions must be attached
to the Michigan return when it is filed.
PENALTY
If the return or payment is late, Treasury will add penalty of
5 percent of the tax due every month until the return is filed
and the tax is paid. Maximum late penalty is 50 percent of the
balance of tax due. Minimum penalty is $10. Penalty is due
on any tax paid after nine months from the date of death.
INTEREST
No interest is due if the tax is paid by the due date. Interest
accrues during an extension. The annual interest rate is 1
percent above the current prime rate and is adjusted on July
1 and January 1. Call (517) 636-4330 for the current rate or
check Treasury's web site at: www.michigan.gov/treasury.
WHAT IS A
PERSONAL REPRESENTATIVE?
A personal representative (PR) of an estate may be any one
of the following:
• the court appointed PR, executor, trustee, or administrator
(including an independent PR).
• If the court does not appoint a PR, then every person who
is in the actual or constructive possession of any property
included in the gross estate of the decedent is considered
a PR.
• Any other person required to file a return or pay the estate
tax under this act.
If the PR makes a distribution of any of the property
subject to a transfer tax without paying the tax due or
obtaining the necessary estate tax lien release for the real
property, the PR will become personally liable for the tax,
penalties and interest due. A PR may acquire and dispose of
estate assets for the payment of the estate tax in the same
manner as for the payment of debts of the decedent.
WHICH RETURN DO I FILE?
Michigan has two estate tax returns. Complete the return
which applies to the estate.
1. Form MI-706, Michigan Estate Tax Return.
This return is for estates of persons who were Michigan
residents and whose real or tangible personal property is
located only in Michigan.
2. Form MI-706A, Michigan Estate Tax Return - A.
This return is for estates of persons who were Michigan
residents and who had real or tangible personal property
located in another state. It is also for estates of nonresidents
with real or tangible personal property located in Michigan.
PRs completing form MI-706A should do the following.
• Be sure federal schedules show the city and state of all real
or tangible personal property.
• When claiming credit for taxes paid to another state, be
sure to attach proof of payment. We will disallow claims
made without proof of payment.
AMENDED RETURNS
When the IRS adjusts the amount of federal tax due, an
amended return must be filed with the Michigan Department
of Treasury.
1. If additional tax is due, the amended return must be filed
within 60 days of the final IRS determination and payment
must be enclosed. Include in your payment interest due
from the due date of the tax, and penalty beginning on the
61st day. Attach a copy of the IRS closing letter.
2. If the estate is entitled to a refund the amended return must
be filed within one year of the final IRS determination.
When filing an amended return, use the
MI-706 (or MI-706A) and check the box in the upper right
corner indicating amended return. Use only corrected figures
on the form. Include any tax paid with the original return on
MI-706, line 11 (or MI-706A, line 21). Reduce the amount
you enter on this line by any estate tax refund received.
ROUNDING
Enter amounts in whole dollars. Round down amounts less
than 50 cents. Round up amounts of 50 through 99 cents.
LIENS AND WAIVER OF LIENS
The Michigan estate tax is a lien on the gross value of the
estate until the tax is paid in full. If personal property is
sold, the lien attaches to the consideration (i.e. money)
received from the property.
If real estate is being transferred before the due date of
the tax or before the Receipt/Discharge of Liability has
been issued, Treasury will waive the lien for all or part of
the real property under the following conditions.
1. If any part of the real estate must be sold to pay claims
against the estate or administration expenses.
2. If Treasury believes no tax liability exists.
3
CERTIFICATE OF NO MICHIGAN
ESTATE TAX LIABILITY
If a U.S. 706 is not required, the PR of the estate can request
a release from personal liability by filing Form 2356, Request
for Certificate of No Michigan Estate Tax Liability. The
certificate will serve the same purpose as a determination
when presented to the probate court. The certificate is also
recordable with the Register of Deeds.
The PR is personally liable if it is determined that there
was Michigan estate tax due after the certificate has been
issued.
RECEIPT AND DISCHARGE OF
PERSONAL LIABILITY
The Michigan Department of Treasury will not discharge the
PR from personal liability until the PR submits a copy of the
IRS closing letter. Treasury has one year to determine if any
additional tax is due and to notify the PR of the amount. Once
any additional tax is paid, Treasury will issue the receipt and
discharge of personal liability. This notice releases the PR
from any personal liability for any additional tax found to be
due.
P.A. 277 of 1998 provides for the recording of the
Treasury's Receipt/Discharge of Liability with the
Register of Deeds.
3. If a lien has been recorded with the county where the
property is located, the full amount of the lien must be
paid before a waiver can be issued.
4. If the real property is sold before the due date of the return
and 8 percent of the net cash proceeds is submitted to
Treasury (along with a completed Form 2357, Request
for Waiver of the Michigan Estate Tax Lien and Form
2527, Michigan Estate Tax Estimate Voucher as a partial
payment.
5. If the real property is sold after the due date of the return
and a payment is submitted to Treasury (along with a
completed Request for Waiver of the Michigan Estate
Tax Lien and a Michigan Estate Tax Estimate Voucher)
for the lesser of:
• 16 percent of the net cash proceeds, or
• The amount of the tax due on the return
6. If an estimated payment has been made which Treasury
finds sufficient to cover the tax that will be due.
7. If an estimated payment is made which the probate court
finds sufficient to cover the tax which will be due.
8. If the seller or mortgagor is a surviving joint tenant or
tenant by the entireties.
If you need a waiver of lien, complete and file a Request for
Waiver of the Michigan Estate Tax Lien. Under P.A. 277 of
1998, the Waiver of Lien is recordable with the Register
of Deeds of the county in which the property is located.
4
LINE-BY-LINE INSTRUCTIONS
for Form MI-706 - Michigan Residents
Line 3. Enter the Michigan county of probate. If there is none,
enter the county of domicile.
Line 4. Enter the date of death. The decedent must have died
after September 30, 1993 for the Michigan Estate Tax Return
to be filed on his or her behalf. If the decedent died before
then, you must file Form 2523, Michigan Inheritance Tax
Return.
Line 5. If a Michigan probate estate has been opened, enter
the probate file number. The file number is on most probate
court forms. If the estate is not in probate, leave this item
blank.
Line 6. Enter the name and address of the personal
representative (PR). See page 3 of these instructions for the
definition of a PR.
Line 7. Enter the PR's Social Security number. If the PR is a
corporation, enter its Federal Employer Identification Number
(FEIN).
Line 9. Enter the gross estate as determined on the U.S. 706.
Line 10. Enter the maximum allowable state death tax credit
as computed on the U.S. 706. The Michigan tax equals this
amount, even if the estate elects not to claim the credit on the
federal return.
Note: For estates of decedents dying in 2002, the credit
allowed for state death taxes will be limited to 75% of the
amount that would otherwise have been allowed. For estates
of decedents dying in 2003 and 2004, the credit will be
limited to 50% and 25% respectively.
Line 11. Enter all payments made on behalf of the estate
before the MI-706 is filed.
Line 12. Enter the amount of unpaid tax still due by subtracting
line 11 from line 10. See page 3 of these instructions to
calculate any penalty or interest that may be due for tax
payments made after the due date of the tax. Interest is due on
any unpaid tax during the period of extension to pay.
5
LINE-BY-LINE INSTRUCTIONS
for Form MI-706A - Nonresidents or Michigan
Residents with property in another state
Line 3. Enter the Michigan county of probate. If there is none,
enter the county of domicile. If the decedent was a nonresident
of Michigan, enter the county where the property was located.
Line 4. Enter the date of death. The decedent must have died
after September 30, 1993 for the Michigan Estate Tax Return
to be filed on his or her behalf. If the decedent died before
then, you must file Form 2523, Michigan Inheritance Tax
Return.
Line 5. If a Michigan probate estate has been opened, enter
the probate file number. The file number is on most probate
court forms. If the estate is not in probate, leave this item
blank.
Line 6. Enter the name and address of the personal
representative (PR). See page 3 of these instructions for the
definition of a PR.
Line 7. Enter the PR's Social Security number. If the PR is a
corporation, enter its Federal Employer Identification Number
(FEIN).
Line 9. Enter the gross estate as determined on the U.S. 706.
Line 10. Enter the maximum allowable state death tax credit
as computed on the U.S. 706. The Michigan tax equals this
amount, even if the estate elects not to claim the credit on the
federal return.
Line 11. Enter the gross value of real and tangible personal
property located in other states. Do not subtract mortgages or
other offsets.
Line 17. Enter the gross value of real and tangible personal
property located in Michigan. Do not subtract mortgages or
other offsets.
Line 21. Enter all payments made on behalf of the estate
before the MI-706A is filed.
Line 22. Enter the amount of unpaid tax still due by subtracting
line 21 from line 20. See page 3 of these instructions to
calculate any penalty or interest that may be due for tax
payments made after the due date of the tax. Interest is due on
any unpaid tax during the period of extension to pay.
Michigan Generation-Skipping
Transfer (GST) Tax
GST Worksheet 1
1. Total gross transfer ....................................................................................................................1.
2. Creditable state GST tax (from U.S. 706GS(D) or
U.S. 706 GS(T) Schedule A. ...................................................................................................... 2.
3. Gross value of real and tangible personal property located in other states
that is subject to GST................................................................................................................ 3.
4. Percent of out-of-state GST property. Divide line 3 by line 1........................................................ 4.
5. Percentage of tax attributable to other states. Multiply line 2 by percentage on line 4.................... 5.
6. Enter amount of state GST taxes paid to other states. (Attach proof of payment.)......................... 6.
7. Credit for GST taxes paid to another state. Enter the smaller of line 5 or line 6............................. 7.
8. MICHIGAN GST TAX. Subtract line 7 from line 2........................................................................ 8.
GST Worksheet 2
1. Total gross transfer ................................................................................................................... 1.
2. Creditable state GST tax (from U.S. 706GS(D) or
U.S. 706 GS(T) Schedule A....................................................................................................... 2.
3. Gross value of real and tangible personal property located in Michigan
that is subject to GST................................................................................................................ 3.
4. Percent of Michigan GST property. Divide line 3 by line 1............................................................ 4.
5. MICHIGAN GST TAX. Multiply line 2 by the percentage on line 4 ................................................ 5.
If a Generation-Skipping Transfer Tax Return for
Distributions (U.S. 706GS(D)) or Generation-Skipping
Transfer Tax Return for Terminations (U.S. 706GS(T))
is required, then Michigan GST tax may be due. Michigan
tax is due if the transfer occurred after September 30,
1993 and a state death tax credit is available on the
federal return.
If the original transferor was a Michigan resident at
the time of the transfer and all real and tangible
personal GST property was located in Michigan, do
the following:
• Send a copy of the U.S. 706GS(D) or U.S. 706GS(T),
and
• Pay the amount shown on the U.S. 706GS(D) or U.S.
706GS(T) Schedule A.
If the original transferor was a Michigan resident
with real or tangible personal GST property located
in another state, complete Worksheet 1, then do the
following:
• Send a copy of the worksheet to Michigan.
• Pay the apportioned share of the state death tax credit
(Worksheet 1, line 8).
• Attach a copy of the U.S. 706GS(D) or
U.S. 706GS(T).
If the original transferor was a nonresident of
Michigan with real or tangible personal GST property
located in Michigan, complete Worksheet 2 then do the
following:
• Send a copy of the worksheet to Michigan.
• Pay the apportioned share of the state death tax credit
(Worksheet 2, line 5).
• Attach a copy of the U.S. 706GS(D) or
U.S. 706GS(T).
If you have any questions about computing the amount
of Michigan GST tax due, call (517) 636-4330.
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MI-706 Michigan Estate Tax Return (Michigan State University)

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