Form Ia 706 Iowa – Fill Out and Use This PDF

The IA 706 Iowa Inheritance Tax Return form is a crucial document for managing the tax obligations on an estate following the death of a resident in Iowa. This form, accessible through tax.iowa.gov, gathers comprehensive details about the decedent, including their name, last address, social security number, and information regarding the executor of the estate. For individuals navigating the complexities of estate management and inheritance tax filing in Iowa, completing the IA 706 form accurately is essential. Click the button below to get started on filling out your form.

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Form Ia 706 Iowa PDF Details

The IA 706 Iowa form, concerning the Iowa Inheritance Tax Return, is an essential document for executors managing the estate of a decedent. Detailing crucial information about the decedent, including their name, last address, Social Security Number, and the date of death, this form plays a pivotal role in the inheritance tax processing by the Iowa Department of Revenue. The form also requires details about the estate's executor, including their name, Social Security Number, and contact information, ensuring that there is a clear point of contact for any tax matters. Moreover, the form covers the computation of shares and tax on the net estate, demanding comprehensive breakdowns of real estate and other property values, alongside allowable deductions, to determine the net estate and the inheritance tax due. With sections dedicated to beneficiary information, tax payments previously made, penalties, interest, and potential refunds, the IA 706 form is designed to facilitate a transparent and structured approach to estate management and tax computation. It also addresses various conditions, such as marital status at death, the existence of a will or trust, and whether any disclaimers or special valuations were filed, making it a comprehensive tool for estate representatives navigating the complexities of inheritance tax obligations in Iowa.

Question	Answer
Form Name	Form Ia 706 Iowa
Form Length	2 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	30 sec
Other names	iowa inheritance tax form 706, iowa inheritance tax instructions, iowa inheritance tax form, iowa form 706

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IA 706 Iowa Inheritance Tax Return

tax.iowa.gov

Decedent’s first name and middle initial: ___________________________ Decedent’s last name: ____________________________

Decedent’s last address (domicile at time of death): __________________________________________________________________

City:____________________ State:______ ZIP: ____________ Decedent’s Social Security Number (SSN): ___________________

Estate Federal Employer Identification Number: ___________________ Age at Death: ______Date of death (MM/DD/YY): ________

Name of Executor: ____________________________________________ Executor’s SSN: _________________________________

Executor’s mailing address: _____________________________________ City:_____________ State: ________ ZIP: __________

Iowa county where will was probated or estate administered: _______________________ Probate number: _____________________

POWER OF ATTORNEY AUTHORIZATION (POA)

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.

Name: ______________________________________________________					Phone number: __________________________________
Mailing Address: ______________________________________________					City:__________________ State: _______ ZIP:________
COMPUTATION OF SHARES AND TAX ON NET ESTATE
1.	Total Value of Real Estate from Schedules A, E, and G						1.___________________
2.	Total Value of All Other Property reported on Schedules B, C, D, E, F, G, H, and I						2.___________________
3.	Total Gross Estate. Add lines 1 and 2.	Must equal line 35, page 2					3.___________________
4.	Total Allowable Deductions from line 39, page 2						4.___________________
5.	Net Estate. Subtract line 4 from line 3						5.___________________
6.	Computation of Shares and Tax.
	Name and Address of Beneficiary		Age	SSN	Relationship	Share	Inheritance Tax

7.	Total shares must equal net estate. Include any additional computation sheets			7.	___________________
8.	Total Inheritance Tax			8.	___________________
9.	Tax Previously Paid			9.	___________________
10.	Tax due. If line 8 is greater than line 9, enter the difference			10.	___________________
11.	Penalty. See instructions			11.	___________________
12.	Interest			12.	___________________
13.	Refund. If line 9 is greater than line 8, enter the difference			13.	___________________
14.	Total due. Add lines 10, 11, and 12			14.	___________________
15.	Marital status of decedent at death: Married ☐	Widow(er) ☐	Single ☐	Divorced ☐
	The relationship of decedent’s children to surviving spouse must be included if decedent died intestate.
16.	Were any children born to or adopted by the decedent after execution of the last will?				Yes ☐	No ☐
	In all cases of adoption, include a copy of the decree.

60-008a (07/23/2020)

IA 706, page 2

17.	Decedent’s occupation before death
18.	Decedent died: Intestate (include heirship chart)	☐	Estate has trust (include trust agreement)			☐
	Testate (include copy of will)	☐
19.	Election of spouse. Submit copy of election: Under will ☐		Distributive share ☐
20.	Was a disclaimer filed? If yes, submit copy of disclaimer					Yes ☐		No ☐
21.	Do you elect the special use valuation?					Yes ☐		No ☐
22.	Was a federal estate tax return filed? If yes, submit copy					Yes ☐		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)? If yes, include copy of Schedule M of federal estate tax return					Yes ☐		No ☐
24.	Do you elect to pay the federal estate tax in installments as described in IRC section 6166?					Yes ☐		No ☐
25.	Do you elect the alternate valuations under Iowa Code section 450.37 (IRC section 2032)?					Yes ☐		No ☐
Summary of Gross Estate					Alternate		Value at Date
Include applicable schedules only. Federal schedules may be used in place of Iowa schedules.					Value			of Death
26.	Real Estate, from Schedule A			26.
27.	.................................................................................Stocks and Bonds, from Schedule B.			27.
28.	. ................................................................Mortgages, Notes, and Cash, from Schedule C			28.
29.	....................Insurance on Decedent’s Life, from Schedule D. Include federal form(s) 712			29.
30.	. .........................................................................Jointly Owned Property, from Schedule E			30.
31.	. ...............................................................Other Miscellaneous Property, from Schedule F			31.
32.	. .........................................................Transfers During Decedent’s Life, from Schedule G			32.
33.	..........................................................................Powers of Appointment, from Schedule H			33.
34.	.........................................Annuities, Section 529 plans, and ABLE plans from Schedule I			34.
35.	. ................Total Gross Estate. Add lines 26 through 34. Enter here and on page 1, line 3			35.
Summary of Deductions – Include Schedules J and K.
36.	Funeral and Administrative expenses, from Schedule J				36.___________________
37.	Debts of Decedent, from Schedule K, part I				37.___________________
38.	Iowa Mortgages and Liens, from Schedule K, part II				38.___________________
39.	Total Deductions. Add lines 36 through 38. Enter here and on page 1, line 4				39.___________________
Summary of Real and Personal Property Located Outside of Iowa not included in Lines 26-34 (Required)
Item Description					Real		Personal

Total. Add all real and personal property items located outside of Iowa listed above

$___________________

Make checks payable to Iowa Department of Revenue. When you pay by check, you authorize the Department of Revenue to convert your check to a one-time electronic banking transaction.

I, the undersigned, declare under penalties of perjury or false certificate, that I have examined this return, and, to the best of my knowledge and belief, it is true, correct, and complete.

Signature: _________________________________ Capacity or Title: ____________________________________ Date:__________

Preparer’s signature: ________________________ PTIN: _______________ Phone number: ________________ Date:__________

Mail to: Fiduciary/Inheritance Section

Iowa Department of Revenue

PO Box 10467

Des Moines IA 50306-0467

60-008b (07/23/2020)

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Step number 1 in completing iowa 706 schedules

2. Soon after filling out this part, go to the subsequent stage and fill out all required particulars in these blanks - This designation allows for the, Name Phone, SSN ITIN PTIN IAN Email, Mailing address City State ZIP, COMPUTATION OF SHARES AND TAX ON, Total Value of Real Estate from, Total Value of All Other Property, Total Gross Estate Add lines and, Total Allowable Deductions from, Net Estate Subtract line from, Computation of Shares and Tax if, Name and Address of Beneficiary, Age, SSN, and Relationship.

SSN ITIN PTIN IAN Email, Total Value of Real Estate from, and Relationship in iowa 706 schedules

As to SSN ITIN PTIN IAN Email and Total Value of Real Estate from, be sure you take another look in this section. Those two could be the most important fields in this form.

3. Your next stage is generally simple - fill in all of the form fields in Marital status of decedent at, Widower, Single, Divorced, The relationship of decedents, Were any children born to or, In all cases of adoption include a, Decedents occupation before death, Decedent died Intestate include, Estate has trust include trust, Testate include copy of will, Election of spouse Submit copy of, Distributive share, Was a disclaimer filed If yes, and Do you elect the special use in order to complete this process.

iowa 706 schedules conclusion process outlined (stage 3)

4. It is time to proceed to this fourth form section! In this case you have all of these Insurance on Decedents Life from, Jointly Owned Property from, Other Miscellaneous Property from, Transfers During Decedents Life, Powers of Appointment from, Annuities Section plans and ABLE, Total Gross Estate Add lines, Summary of Deductions Include, Funeral and Administrative, Debts of Decedent from Schedule K, Iowa Mortgages and Liens from, Total Deductions Add lines, For the Summary of Real and, I the undersigned declare under, and Signature Capacity or Title Date form blanks to fill out.

iowa 706 schedules conclusion process described (portion 4)

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Form Ia 706 Iowa – Fill Out and Use This PDF

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