The IA 706 form, issued by the Iowa Department of Revenue, serves as the Iowa Inheritance Tax Return, a crucial document in the administration of an estate following the death of an Iowa resident. This document requires detailed information about the decedent, including their name, age at death, last address, and Social Security Number (SSN), as well as specifics about the executor managing the estate. It facilitates the accurate calculation and payment of inheritance tax owed to the state, based on the total value of the estate, including real estate, personal property, and other assets, minus allowable deductions for expenses such as funeral costs and debts. Authorization granted through this form under Iowa Code section 450.68 allows a designated representative to access confidential tax information and interact with the Iowa Department of Revenue on behalf of the estate. Additionally, the form delves into provisions for computing the net estate, calculating tax on individual shares, and determining the total inheritance tax due, with sections addressing prior payments, penalties, and potential refunds. It acknowledges various elective positions that the estate might take regarding special valuations, federal tax considerations, and the marital status and familial relationships of the decedent, ensuring a thorough and comprehensive approach to estate taxation under Iowa law.
| Question | Answer |
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| Form Name | Form Ia 706 |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | IRC, Distributive, Iowa, preparer |
Iowa Department of Revenue
https:tax.iowa.gov
IA 706 Iowa Inheritance Tax Return
Decedent’s first name and middle initial |
Decedent’s last name |
Age at death |
Date of death |
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Decedent’s last address (domicile at time of death) |
Estate FEIN |
Decedent’s Social Security Number (SSN) |
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Name of Executor |
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Executor’s Social Security Number |
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Executor’s mailing address (street, city, state, ZIP) |
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Iowa county where will was probated or estate administered |
Probate number |
POA telephone number |
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POWER OF ATTORNEY AUTHORIZATION
Authorization is granted to the person listed below to receive confidential tax information under Iowa Code section 450.68, including an inheritance tax clearance, to act as the estate’s representative before the Iowa Department of Revenue and to make written or oral
presentation on behalf of the estate.
NameMailing Address
COMPUTATION OF SHARES AND TAX ON NET ESTATE |
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Round to nearest whole dollar |
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1. |
Total Value of Real Estate from Schedules A, E and G |
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2. |
. ......Total Value of All Other Property Reported on Schedules B, C, D, E, F, G, H, and I |
2. |
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3. |
Total Gross Estate. Add lines 1 and 2. |
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3. |
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4. |
..............................................................Total Allowable Deductions from line 39, page 2 |
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5. |
Net Estate. Subtract line 4 from line 3. |
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5. |
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6. |
Computation of Shares and Tax. |
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Name and Address of Beneficiary |
Age |
SSN |
Relationship |
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Share |
Inheritance Tax |
7. Total of shares. Include any additional computation sheets |
7. |
8.Total Inheritance Tax. .....................................................................................................
9.Tax Previously Paid. .......................................................................................................
10.Tax due. If line 8 is greater than line 9, enter the difference. ..........................................
11.Penalty. See instructions.................................................................................................
12.Interest............................................................................................................................
13.Refund. If line 9 is greater than line 8, enter the difference.............................................
14.Total due. Add lines 10, 11, and 12................................................................................
Make check(s) payable to Treasurer, State of Iowa.
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When you pay by check, you authorize the Department of Revenue to convert your check to a
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer other than the executor is based on all information of which preparer has any knowledge. I/We grant power of attorney to the person designated above for the purpose indicated.
Signature |
Capacity or Title |
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Date |
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Signature of Preparer |
PTIN |
Phone number |
Date |
Mail to: Fiduciary/Inheritance Section, Iowa Department of Revenue
PO Box 10467, Des Moines, IA
IA 706, page 2
15. |
Marital status of decedent at death: |
Married |
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Widow(er) |
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Single |
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The relationship of decedent’s children to surviving spouse must be included if decedent died intestate. |
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16. |
Were any children born to or adopted by decedent after execution of Last Will? |
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Yes |
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In all cases of adoption, include copy of decree. |
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17.Decedent’s occupation before death:
Divorced
No
18. |
Decedent died: |
Intestate |
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Testate (submit copy of will) |
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19. |
Election of spouse: Submit copy of election |
Under will |
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Estate has trust. (submit copy of trust)
Distributive Share
20. |
Was a disclaimer filed? If yes, submit copy of disclaimer |
Yes |
21. |
Do you elect the special use valuation? |
Yes |
22. |
Was a federal estate tax return filed? If yes, submit copy |
Yes |
No
No
No
23.Do you elect to claim qualified terminal interest property (QTIP) under Iowa Code 450.3(7) and IRC section 2056(b)(7)(B)?
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If yes, include copy of Schedule M of federal estate tax return |
Yes |
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24. |
Do you elect to pay the federal estate tax in installments as described in IRC section 6166? |
............. Yes |
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25. |
Do you elect the alternate valuations under Iowa Code section 450.37 (IRC section 2032)? |
Yes |
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SUMMARY OF GROSS ESTATE |
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Alternate |
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Include applicable schedules only. Federal schedules may be used in place of Iowa schedules. |
Value |
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26. |
Real Estate, from Schedule A |
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27. |
Stocks and Bonds, from Schedule B |
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28. |
Mortgages, Notes, and Cash, from Schedule C |
28. |
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29. |
Insurance on Decedent’s Life, from Schedule D. Include federal form(s) 712 |
29. |
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30. |
Jointly Owned Property, from Schedule E |
30. |
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31. |
Other Miscellaneous Property, from Schedule F |
31. |
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32. |
Transfers During Decedent’s Life, from Schedule G |
32. |
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33. |
Powers of Appointment, from Schedule H |
33. |
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34. |
Annuities and Section 529 plans, from Schedule I |
34. |
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35. |
Total Gross Estate Add items 26 through 34. Must equal line 3, page 1 |
35. |
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No
No
No
Value at Date
of Death
Summary of Deductions Include Schedules – Include Schedules J and K. |
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Amount |
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36. |
Funeral and Administrative expenses, from Schedule J |
36. |
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37. |
Debts of Decedent, from Schedule K, part I |
37. |
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38. |
Mortgages and Liens, from Schedule K, part II |
38. |
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39. |
........................................Total Deductions. Add lines 36 through 38. Enter here and on page 1, line 4. |
39. |
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Summary of Real and Personal Property Located Outside of Iowa not Included in Lines
REAL PERSONAL
$
$
Total