Ohio Form Et 2 PDF Details

Are you looking for information about Ohio form ET-2? If so, then you have come to the right place. This blog post will help explain various aspects of the Ohio Form ET-2 and provide useful tips on how to accurately fill out this important document. It will walk through each section of the form step-by-step in plain language that is easy to understand, ensuring anyone can learn what they need to know about filing Form ET-2 correctly. Whether you are an individual preparing your own taxes or a tax professional seeking additional guidance, this post has something for everyone. Read on and let’s get started!

QuestionAnswer
Form NameOhio Form Et 2
Form Length12 pages
Fillable?No
Fillable fields0
Avg. time to fill out3 min
Other nameset return booklet_fi_092306 ohio fillable tax return forms

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ET 2

Rev. 12/01

OHIO ESTATE TAX

RETURN AND

INSTRUCTIONS

For estates with dates of death on or after

January 1, 2002 with a gross value of more than $338,333.

For completing the Ohio estate tax return for estates with dates of death on or after January 1, 2002, please review the following:

Read the General Information section located on pages 6 and 7 for in- structions.

Complete only the applicable schedules of the return, which are available through our web site (tax.ohio.gov) or by contacting the Ohio Department of Taxation. See pages 4 and 5 for listing of schedules.

Check your computation.

Follow the instructions in the General Information section, page 6, for where to file and pay.

Note: Estates with dates of death January 1, 2001–December 31, 2001 are re- quired to file an Ohio estate tax form 2, revised 1/2001.

Estates with dates of death prior to January 1, 2001 are required to file an

Ohio estate tax form 2, revised 7/2003.

For further information, please contact the Estate Tax Division’s

toll-free information and assistance line

at

1 (800) 977-7711

(Ohio Relay Service)

1 (800) 750-0750

Ohio Estate Tax Return for all Resident Filings for Dates of Death on or after January 1, 2002

File in duplicate with the Probate Court

Check one:

Taxable

Nontaxable

ET 2

Rev. 12/01

Estate of: Decedent’s last name

Decedent’s first name and initial

Date of death

 

 

 

 

 

Date of birth

Cause of death

Occupation

 

 

 

Decedent retired Yes

No

 

 

 

Address of decedent at time of death (number and street, city, state and ZIP code)

Decedent’s social security number

 

 

 

 

County in Ohio where probate court located, will probated or estate administered

Case number

 

 

 

 

 

 

Tax Computation

 

 

 

 

 

 

 

 

1.

Total gross estate (if less than $338,333, return is not required) (from page 2)

$

 

 

 

 

 

 

 

 

 

2.

Total deductions (from page 2)

$

(

)

 

 

 

 

 

 

 

3.

Net taxable estate (line 1 minus line 2)

$

 

 

 

 

 

 

 

 

 

4.

Tentative tax based on line 3 (use table on page 2)

$

 

 

 

5.

Less: Estate tax credit

$

( 13,900

)

 

 

 

 

 

 

 

6.

Tax (subtract line 5 from line 4; if line 5 is more than line 4, enter -0-)

$

 

 

 

 

 

 

 

 

 

7.

Less: Previous payments

$

(

)

 

 

 

 

 

 

 

8.

Balance due(ifamountonline7islessthantaxamountonline6,enterdifferenceasbalancedue)

$

 

 

 

 

 

 

 

 

 

9.

Overpayment (ifamountonline7isgreaterthantaxamountonline6,enterdifferenceasarefund)

$

(

)

 

 

 

 

 

 

 

Executor/Administrator Waiver to Receive Correspondence

I/we do not wish to receive further correspondence from the Ohio Department of Taxation regarding this estate, and hereby authorize all such communication to be directed only to the estate’s legal representative named below.

Signature of executor/administrator

Declaration

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 deceased’s personal representative or person in possession of property is based on all information of which preparer has any knowledge.

Name of attorney representing the estate

Address (number and street, city, state and ZIP code)

Telephone

Name of executor/administrator(s)

Address (number and street, city, state and ZIP code)

Telephone

Signature of executor/administrator(s)

Date

Signature of preparer

Date

Date Filed with Probate Court

Distribution of Subdivision’s Share of Tax

(Ohio Revised Code Section 5731.48 and 5731.50)

Percentage

City, Village or Township

 

 

 

 

Date Received by

Ohio Department of Taxation

- 1 -

 

 

 

 

 

 

 

 

 

 

ET 2

 

 

 

 

 

 

 

 

 

 

Rev. 12/01

 

 

 

 

 

 

 

 

 

 

Page 2

Recapitulation of Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule

 

 

 

Alternate Value

 

 

Value at Date of Death

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A. Real property

$

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B. Stocks and bonds

 

 

 

 

 

 

 

 

 

 

 

 

C. Mortgages, notes and cash

 

 

 

 

 

 

 

 

 

 

 

 

D. Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E. See Schedule E, Part I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint and Survivorship Property, Part II

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F. Other miscellaneous property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G. Transfers during lifetime

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

H. Powers of appointment

 

 

 

 

 

 

 

 

 

 

 

 

I. Annuities, pensions, retirement plans

$

 

 

 

$

 

 

 

 

 

 

 

Total gross estate (enter on line 1, page 1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recapitulation of Deductions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule

 

 

 

 

 

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

J. Debts and administration expenses

 

 

 

 

$

 

 

 

 

 

 

 

.......................................................................................................................K. Charitable bequests

 

 

 

 

 

 

 

 

 

 

 

 

............................................................................................................................L. Marital deduction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

T. Qualified family-owned business interest deduction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deductions (enter on line 2, page 1)

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elections by the Executor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pleasecheckthe“yes”or“no”boxforeachquestion(seeexplanationofelectionsonpages8and9).

 

 

 

Yes

No

 

 

 

 

 

 

 

 

 

 

 

 

1. Do you elect alternate valuation? R.C. section 5731.01(A) and (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2. Do you elect qualified farm property valuation? R.C. section 5731.011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3. Do you elect to claim a marital deduction for qualified terminable interest property (QTIP)?

 

 

 

 

 

 

 

 

R.C. section 5731.15(B)(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4. Do you elect to claim a deduction for a qualified family-owned business interest?

 

 

 

 

 

 

 

 

R.C. section 5731.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax Table

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Taxable Estate (from line 3, page 1)

More than $338,333, but not more than $500,000

More than $500,000

Tax Rate

$13,900 + 6% of excess more than $338,333

$23,600 + 7% of excess more than $500,000

- 2 -

ET 2

Rev. 12/01

Page 3

Information

Yes

No

1.Did the decedent die testate? ..............................................................................................................................

If yes, please attach a copy of the will.

2.During the decedent’s lifetime, were there any trusts created (by the decedent or others for the decedent)? ..

If yes, please attach a copy of the trust.

3.Were any disclaimers filed or elections to take against the will made? .............................................................

If yes, please attach copies of the disclaimer or election.

4.Have federal gift tax returns ever been filed? .......................................................................................................

If yes, please attach copies of the returns.

5.Was a federal estate tax return required? ............................................................................................................

If yes, please attach pages 1, 2 and 3 of federal form 706.

6.Did the decedent own any real property? .............................................................................................................

If yes, please attach copies of any appraisals.

7.Marital status of the decedent at time of death:

Married

Name of surviving spouse (if applicable )

Social security number of surviving spouse

Single

Legally separated

Divorced

Widowed

Name of deceased spouse

Social security number of deceased spouse

Date of death of deceased spouse

Case number of deceased spouse’s estate

County of deceased spouse’s estate

8. If widow or widower, was a QTIP deduction elected in the predeceased spouse’s estate? .............................

If yes, please read information below and complete Schedule F.

Yes

No

R.C. section 5731.131 requires the estate to include property in which the decedent had an income interest for life for which a marital deduction was allowed with respect to the transfer of that property under any of the following:

a. R.C. section 5731.15(A)(1) (for dates of death on or before June 30, 1993) b. R.C. section 5731.15(B) R.C. (for dates of death on or after July 1, 1993)

c. Internal Revenue Code (I.R.C.) section 2523(f) (lifetime QTIP gift tax election)

d. Where the decedent’s predeceased spouse was not a resident of the state of Ohio but was permitted a marital deduction under I.R.C. section 2056(b)(7).

- 3 -

Schedules of Assets

Jointly owned property must be listed on Schedule E.

Schedule A – Real Estate

Schedule B – Stocks and Bonds

Schedule C – Mortgages, Notes and Cash

Schedule D – Insurance

Schedule E – Joint and Survivorship Assets (R.C. Section 5731.10)

Part I – Interest Held By the Decedent and Spouse as the Only Joint Tenants

Schedule E – Joint and Survivorship Assets (R.C. Section 5731.10)

Part II – All Other Joint Interests

Schedule F – Miscellaneous Property

Schedule G – Transfers During Decedent’s Life

Schedule H – Powers of Appointment

Schedule I – Annuities, Pensions, Retirement and Other Employer Death Benefit Plans

- 4 -

Schedules of Deductions

Schedule J – Debts and Administration Expenses Schedule K – Charitable Deduction

Schedule L – Marital Deduction Reconciliation

Schedule M – Bequests to Surviving Spouse

Part I – Property Interests that are not subject to a QTIP election

Schedule M – Bequests to Surviving Spouse

Part II – Property Interests that are subject to a QTIP election

Please visit our web site at

tax.ohio.gov

to download these schedules.

- 5 -

General Information

When an estate tax return is required (R.C. section 5731.21)

Estates with a gross value of more than $338,333 are required to file an estate tax form 2 (revised 12/2001). Executors and administrators are responsible for filing the estate tax re- turn.

Returns are not required to be filed for gross estates with a value of $338,333 or less. How- ever, if the estate consists of real estate and has a value of $338,333 or less, an estate tax form 22 should be filed with probate court to expedite the release of the real estate lien.

What estate tax form is required to be completed (R.C. section 5731.21)

If the date of death was prior to January 1, 2001, Ohio estate tax form 2, revised 3/2000, is required to be filed.

If the date of death was between January 1, 2001-December 31, 2001, Ohio estate tax form 2, revised 1/2001, is required to be filed.

If the date of death is on or after January 1, 2002, Ohio estate tax form 2, revised 12/2001, is required to be filed.

When and where to file (R.C. section 5731.21)

Returns are required to be filed within nine months from decedent’s date of death (see Exten- sion of Time to File, below). All filings must be made in duplicate with the probate court where will is probated or estate is administered.

When and where to pay (tax and interest) (R.C. section 5731.23)

Tax and interest are paid at the county auditor’s office, with the check drawn to the order of the county treasurer. Interest begins to accrue at variable rates nine months from decedent’s date of death. The county auditor will calculate any interest owing.

Extension of time

Estates of decedents with a date of death on or after January 1, 2000 are granted an auto-

to file (R.C. section

matic six-month extension, allowing them a total of 15 months to file the estate tax return.

5731.21)

Any additional six-month extensions must be requested in writing directly to the Estate Tax

 

Division on estate tax form 24 before the due date of the return.

 

Interest on any estate tax due will be calculated from nine months from date of death

 

regardless if the estate utilizes the automatic or additional extensions. To stop the

 

accrual of interest, an estimated payment of tax may be made. (See Estimated Pay-

 

ments on page 7.)

 

 

Extension of time

Estates of decedents with a date of death on or after July 24, 1986 may request to extend the

to pay (R.C. section

time for payment of tax for undue hardship. Specific examples of undue hardship are listed in

5731.25)

the Ohio Revised Code and include, but are not limited to, the following: (1) insufficient liquid

 

funds despite efforts to convert assets to cash; (2) a substantial portion of the assets of the

 

gross estate consisting of rights to receive payments in the future; and (3) the inability to

 

accurately determine the size of the gross estate because a substantial portion of the

 

decedent’s assets is subject to litigation.

 

The estate must request this extension on the estate tax form 41 no later than forty-five (45)

 

days prior to the due date of the estate tax return. This form must be filed directly with the

 

Estate Tax Division. Additional extensions must be filed not less than thirty (30) days before

 

the expiration of the previous extension. Each extension is granted for no more than one year

 

per request.Additional extensions may be granted annually up to a maximum of 14 years. For

 

further information, please refer to estate tax Bulletin 3A.

- 6 -

Estimated payments (R.C. section 5731.23)

An estimated payment can be made prior to the filing of the estate tax return, by using an estate tax form 17. This payment will stop the accrual of interest on the amount of tax paid.

Estimated payments are collected in the same manner as stated on page 6 in When and Where to Pay. If the tax ultimately assessed is more than the estimated payment, interest on the excess will accrue nine months from decedent’s date of death. If the tax ultimately as- sessed is less than the estimated payment, the estate may be eligible for a refund.

Penalties

(R.C. section 5731.22)

Failure to timely file the estate tax return (determined with regard to any approved extension) results in a penalty assessment.

The penalty is five (5) percent per month or any fraction of a month, not to exceed twenty-five

(25)percent of the tax as finally determined. Interest does not accrue on penalty assess- ments.

Nonresident estates (R.C. section 5731.19)

The estate of a nonresident decedent must file estate tax forms 2 and 4 if the decedent owned the following types of property: real property situated in Ohio; tangible personal property having an actual situs in Ohio; and intangible personal property employed in carrying on a business within Ohio (unless exempted under R.C. section 5731.34). The filing requirements are the same as for a resident decedent, except the return may be filed directly with the county probate court where the Ohio property is located.

Additional tax

(R.C. sections 5731.18, 5731.19 and 5731.24)

An additional tax is due when the federal state death tax credit exceeds the Ohio tax paid. If an estate (resident or nonresident) falls into the federal estate tax category, estate tax forms 3 or 3N (additional tax returns) may be required to be filed. The return and payment are due sixty (60) days after the date of the final determination of the federal estate tax liability (closing letter or equivalent as issued by the I.R.S.). The additional tax shall be paid, without notice or demand by the tax commissioner, with the return, and shall be filed and paid in the same manner as the estate tax, except that interest begins to accrue sixty (60) days after the date of the final determination of the federal estate tax liability.

Distribution of tax (R.C. sections 5731.48 and 5731.50)

For dates of death on or after January 1, 2002, eighty (80) percent of the tax is distributed to the municipal corporation, village or township in which the tax originates and twenty (20) percent to the state of Ohio.

Marital deduction (R.C. section 5731.15)

A marital deduction may be taken for certain property interests that pass from the decedent to the surviving spouse. Property interests that should be listed include the following: (1) survivor of tenancy by the entirety or joint tenancy; (2) appointee under decedent’s exercise of a power; (3) statutory interests passing to a spouse as a result of a right of election to take against the will; and (4) bequests from decedent pursuant to will.

Property interests that should not be listed include: (1) property that does not pass from decedent to surviving spouse; (2) qualified terminable interests for which QTIP election is not made; and (3) property that has been disclaimed by a surviving spouse under R.C. section 1339.68.

- 7 -

Explanation of Elections

Alternate Valuation Date [R.C. Section 5731.01(A) and (D)]

The gross estate may be valued on the decedent’s date of death or on an alternate valuation date. The alternate valuation date is six months from date of death unless the property item is sold, disposed of or distributed within that six months.

The executor must make an election by checking “yes” in the Elections section of the return. This election is mutually ex- clusive of the federal election. However, it must be elected

within one year and nine months from the date of decedent’s death or within one year from any extensions granted by the tax commissioner. Once made, this election is irrevocable.

If alternate valuation is elected, please list both date of death values and alternate values, and the alternate valuation date on the applicable schedules.

Qualified Farm Property Valuation (R.C. Section 5731.011)

The estate may elect Qualified Farm Property Valuation for determining the value of farm property as an alternative to its fair market value. To have qualified farm property valued at this special valuation, certain conditions must be met.* This elec-

tion must be made on a timely filed return determined with regard to any approved extensions of time to file.

To help expedite the audit, please attach the following:

1.A complete estate tax form 34;

2.Most recent county auditor real estate propertyrecord;

3.Current agricultural use valuation (CAUV) cards (from county auditor);

4.Fair market value appraisal (broken down into one acre homesite, improvements and bare land only).

If the qualified farm property valuation is elected, use the quali- fied farm property value column in Schedule A or identify the qualified property under Schedule E or G.

*Please refer to estate tax Bulletin 5.

Qualified Terminable Interest Property (QTIP)

(R.C. Section 5731.15)

The Qualified Terminable Interest Property (QTIP) election al- lows certain life estates held for the surviving spouse to qualify for the marital deduction.

The requirements for QTIP are the following:

1.Surviving spouse must receive all the income for life pay- able annually or at more frequent intervals; and

2.No one can have a power to appoint the property to any person other than the surviving spouse during surviving spouse’s life; and

3.The executor must make an election by checking “yes” in the Elections section of the return. Once the election is

made, it is irrevocable. This election must be made on a timely filed return determined with regard to any approved extensions of time to file.

The executor may make a partial QTIP election only if it is in the form of a fraction or percentage of available QTIP property. The specific interest should be clearly identified as QTIP.

The surviving spouse’s estate must include all QTIP property claimed in the first spouse’s estate, to the extent not con- sumed or given away, at the value on the date of death of the surviving spouse.

- 8 -

Explanation of Elections

Qualified Family-Owned Business Interest Deduction

(R.C. Section 5731.20)

Effective for estates of decedents dying on or after January 1, 2001, R.C. section 5731.20 allows a deduction for qualified family-owned business interests. For a qualifying estate, the maximum deduction allowed cannot exceed $675,000. To claim the deduction, the executor must make an R.C. section 5731.20 election (see page 2, Elections by the Executor, item

4)and attach completed federal form 706, Schedule T (Quali- fied Family-Owned Business Interest Deduction) and feder- ally requested statements to the Ohio Estate Tax Return. In addition, each person having an interest in the property must sign a written agreement consenting to the application of the 10-year additional (recapture) tax. The deduction for the value of the qualifying business interest is claimed under Recapitu- lation of Deductions, page 2, of the Ohio return.

R.C. section 5731.20 incorporates by way of statutory refer- encing all dispositive language contained in Internal Revenue Code (I.R.C.) section 2057. Every definition and term used in

I.R.C. section 2057 such as “adjusted value of the qualified family-owned business interest,” “qualified heir,” “member of the family,” “material participation,” “applicable percentage” and “adjusted tax difference” will have the same meaning and ef- fect for purposes of R.C. section 5731.20, unless otherwise provided.

For Ohio, if an estate qualifies, the election to claim the de- duction can be made even if no federal return is required to be filed. Where a federal return is required to be filed, the election can be made for Ohio, even if not made federally. All qualified heirs shall be deemed to have met the Ohio requirement of consenting to the additional (recapture) tax by signing the agreement contained in the federal form 706, Schedule T. When applicable, the tax plus statutory interest will be due no later than the first day of the seventh month following the event causing the imposition of the additional (recapture) tax.

For further information, please contact the

Estate Tax Division’s

toll-free information and assistance line at

1 (800) 977-7711

or

Visit our web site at

tax.ohio.gov

- 9 -

ESTATE TAX DIVISION

P.O. BOX 183050 COLUMBUS, OH 43218-3505 1 (800) 977-7711

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Filling in section 1 in Ohio Form Et 2

2. Now that this array of fields is completed, it is time to put in the needed particulars in Tax subtract line from line if, Less Previous payments, Balance due if amount on line is, Overpayment if amount on line is, ExecutorAdministrator Waiver to, Iwe do not wish to receive further, Signature of executoradministrator, Declaration, Under penalties of perjury I, Name of attorney representing the, Telephone, Name of executoradministrators, Address number and street city, Telephone, and Signature of executoradministrators so that you can go to the 3rd part.

Simple tips to prepare Ohio Form Et 2 stage 2

In terms of Address number and street city and Less Previous payments, ensure you take a second look here. Both these are viewed as the most important fields in the PDF.

3. The next section is considered fairly straightforward, Percentage, and City Village or Township - every one of these empty fields has to be completed here.

Filling out section 3 in Ohio Form Et 2

4. This next section requires some additional information. Ensure you complete all the necessary fields - Schedule, Alternate Value, Value at Date of Death, A Real property, B Stocks and bonds, C Mortgages notes and cash, D Insurance, E See Schedule E Part I, Joint and Survivorship Property, F Other miscellaneous property, G Transfers during lifetime, H Powers of appointment, I Annuities pensions retirement, Total gross estate enter on line, and Recapitulation of Deductions - to proceed further in your process!

Stage no. 4 for submitting Ohio Form Et 2

5. Finally, the following final section is what you have to complete before using the form. The blanks at issue include the following: J Debts and administration, K Charitable bequests, L Marital deduction, T Qualified familyowned business, Total deductions enter on line, Elections by the Executor, Please check the yes or no box for, Yes, Do you elect alternate valuation, Do you elect qualified farm, Do you elect to claim a marital, RC section B, Do you elect to claim a deduction, RC section, and Tax Table.

Part number 5 of submitting Ohio Form Et 2

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