Illinois 700 Form – Fill Out and Use This PDF

FORM 700

STATE OF ILLINOIS

ESTATE & GENERATION-SKIPPING TRANSFER TAX RETURN FOR DECEDENTS DYING ON OR AFTER JANUARY 1, 2021

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.

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.

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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.

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).

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:

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.

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.

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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).

SCHEDULE B – Non-Resident or Alien Decedent’s Estate (Instructions on page 5.)

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

Continued on Page 4.

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SCHEDULE B – Non-Resident or Alien Decedent’s Estate (Continued.)

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.

RECAPITULATION

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FILING AND PAYMENT INSTRUCTIONS

For decedents dying prior to 2021, see the Returns previously posted on the Attorney General’s website covering the specific year of death.

For persons dying in 2021, the Federal exemption for Federal estate tax purposes is $11,700,000. 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 2021 decedents. The calculator at the Illinois Attorney General’s website (www.illinoisattorneygeneral.gov) may be used for this computation. 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 $11,700,000 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.

Printed by authority of the State of Illinois. (Revised: 11/21)

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