Oregon Form It 1 PDF Details

Navigating the complexities of estate planning and tax obligations after the loss of a loved one in Oregon can be a daunting task for executors and beneficiaries alike. The Oregon IT-1 Inheritance Tax Return, specifically designed for use in the aftermath of a death occurring in the year 2004, stands as a critical document for managing the deceased's estate in compliance with state tax laws. It serves as a comprehensive tool for reporting the inheritance tax due to the state, taking into account the gross estate less allowable deductions to calculate the taxable estate value. The form meticulously details various parts, including the decedent's information, tax computation, executor elections, and essential attachments like the death certificate and a copy of Form 706 filed with the IRS. Executors are also required to make crucial elections regarding valuations, tax payments, and deductions, which can significantly impact the estate's tax liabilities. Moreover, the form delves into specifics concerning the marital status of the decedent, potential gross estate inclusions like life insurance or jointly owned property, federal gift tax returns, and other transfers or trusts that might affect the estate's taxable value. Accurately completing and submitting the Oregon IT-1 form is paramount in fulfilling legal obligations, ensuring proper tax treatment, and ultimately facilitating a smoother administration of the decedent's estate.

QuestionAnswer
Form NameOregon Form It 1
Form Length3 pages
Fillable?No
Fillable fields0
Avg. time to fill out45 sec
Other namesIT-1, includible, 16b, 2004

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For Office Use Only

 

 

 

OREGON

 

 

 

 

 

 

Date Received

 

Form

 

 

Year of Death

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT-1

INHERITANCE

2004

 

 

Payment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(120)

 

TAX RETURN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BIN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PART 1 (Please print or type.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decedent’s First Name and Middle Initial

 

 

 

 

Decedent’s Last Name

 

 

 

 

 

 

Decedent’s Social Security Number

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

, Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of Death

Decedent’s Domicile (legal residence)—City, County, State, Country

 

 

 

 

 

 

 

 

 

 

 

Year Domicile Established

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Is the estate being probated in Oregon?

 

Yes

 

No

 

 

 

An extension of time to file is attached.

 

 

 

 

 

 

This is an amended return.

If Yes— Oregon county:

 

 

 

 

 

 

 

 

 

 

 

An extension of time to pay is attached.

 

 

 

 

 

 

A separate election is claimed.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon probate number:

 

 

 

 

 

 

 

 

 

 

The attached copy of Form 706 was filed with the IRS.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Executor’s Name

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Daytime Telephone Number

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(

 

 

 

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Executor’s Mailing Address

 

 

 

 

 

 

 

 

 

 

 

 

City

 

 

 

State

 

 

 

 

ZIP Code

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PART 2—TAX COMPUTATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Round all amounts to the nearest whole dollar.

1.

Total gross estate less exclusion (from page 3, Part 5, line 12)

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

2.

..............................................................................................Total allowable deductions (from page 3, Part 5, line 23)

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

3.

....................................................................................................................Taxable estate (subtract line 2 from line 1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

4.

Adjusted taxable gifts [total taxable gifts (within the meaning of Section 2503) made by the decedent after

 

 

 

 

 

 

 

 

 

 

........................December 31, 1976, other than gifts that are includible in decedent’s gross estate (Section 2001[b])]

 

 

 

 

 

4

 

 

 

 

 

 

 

5.

Add lines 3 and 4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

6.

..................................................Tentative tax on the amount on line 5 above; from page 6, table A of the instructions

 

 

 

 

 

6

 

 

 

 

 

 

 

7.

a. If line 5 exceeds $10,000,000, enter the lesser of line 5 or $17,184,000.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If line 5 is $10,000,000 or less, skip lines 7a and 7b and enter -0- on line 7c

7a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b. Subtract $10,000,000 from line 7a

 

 

 

 

 

 

 

 

 

 

7b

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c. Enter 5% (0.05) of line 7b

.......................................................................................................................................

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7c

 

 

 

 

 

 

 

8.

Total tentative tax (add lines 6 and 7c)

..........................................................................................................................

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

 

9.Total gift tax payable with respect to gifts made by the decedent after December 31, 1976. Include gift taxes

by the decedent’s spouse for such spouse’s share of split gifts (Section 2513) only if the decedent was the donor

 

of these gifts and they are includible in the decedent’s gross estate (see instructions)

9

 

10.

Gross estate tax (subtract line 9 from line 8)

10

 

.......................11. Maximum unified credit (applicable credit amount) against estate tax

11

 

 

12.

Adjustment to unified credit (applicable credit amount). (This adjustment

 

 

 

 

may not exceed $6,000. See instructions.)

12

 

 

13.

Allowable unified credit (applicable credit amount) (subtract line 12 from line 11)

13

 

14.

Subtract line 13 from line 10 (but do not enter less than zero)

14

 

15.

State death tax. Do not enter more than line 14 (see instructions)

15

 

16.Proration of state death tax (complete only if there is property located in states other than Oregon):

a. Gross value, for federal estate tax purposes, of property located in Oregon (identify on attached copy of

 

the federal schedules by highlighting)

16a

 

b. Gross value of decedent’s estate for federal estate tax purposes

16b

 

c. Percent of estate located in Oregon (line 16a divided by line 16b)

16c

17.

Tax payable to Oregon (line 15 multiplied by line 16c, or amount from line 15 if no entry on line 16c)

17

18.

Amount paid by the due date of return (see instructions)

18

19.

Tax due. Is line 17 more than line 18? If so, line 17 minus line 18

TAX DUE

19

20.

Overpayment. Is line 18 more than line 17? If so line 18 minus line 17

OVERPAYMENT

20

21.

Penalty due (see instructions)

21

22.

Interest due (see instructions)

22

23.

Total due (add lines 19, 21, and 22)

TOTAL DUE

23

24.

Refund (line 20 minus lines 21 and 22)

REFUND

24

150-103-001 (Rev. 9-04) Web

Continued on next page

Page 2—Form IT-1, 2004

Estate of:

 

PART 3—ELECTIONS BY THE EXECUTOR

 

Check the “Yes” or “No” box for each question. See instructions on page 7.

1.

Do you elect alternate valuation?

1.

2.

Do you elect special use valuation? If "Yes," you must complete and attach Schedule A-1

2.

3.

Do you elect to pay the taxes in installments as described in section 6166? If "Yes," you must attach additional information;

 

 

see instructions on page 12

3.

4.

Do you elect to postpone the part of the taxes attributable to a reversionary or remainder of interest as described

 

 

in section 6163?

4.

Yes

Yes

Yes

Yes

No

No

No

No

PART 4—GENERAL INFORMATION Attach the necessary supplemental documents. You must attach the death certificate. See instructions on page 12.

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

Married

 

 

Widow or widower— Name of deceased spouse:

 

SSN of deceased spouse:

Date of death of deceased spouse:

 

 

 

Single

 

 

Legally separated

 

 

Divorced—Date divorce decree became final:

 

 

 

2.a. Surviving spouse’s name:

b.Surviving spouse’s Social Security number:

c.Amount received (see instructions on page 12):

3.Individuals (other than the surviving spouse), trusts, or other estates who receive benefits from the estate (do not include charitable beneficiaries shown in schedule O) (see instructions). For Privacy Act Notice (applicable to individual beneficiaries only), see the instructions for Form 1040.

Name of individual, trust, or estate receiving $5,000 or more

Identifying number

Relationship to decedent

Amount (see instructions)

All unascertainable beneficiaries and those who receive less than $5,000

......................................................................

Total

3

Check the “Yes” or “No” box for each question.

4.

Does the gross estate contain any section 2044 property [qualified terminable interest property (QTIP) from a prior gift or

 

 

estate]? See instructions on page 12

4.

5.

a. Have federal gift tax returns ever been filed?

5a.

 

If "Yes," please attach copies of the returns, if available, and furnish the following information:

 

 

b. Period(s) covered:

 

c. Internal Revenue office(s) where filed:

 

Yes No

Yes No

If you answer “Yes” to any of questions 6–14, you must attach additional information as described in the instructions.

6. a.

Was there any insurance on the decedent’s life that is not included on the return as part of the gross estate?

6a.

b.

Did the decedent own any insurance on the life of another that is not included in the gross estate?

6b.

7.Did the decedent at the time of death own any property as a joint tenant with right of survivorship in which (a) one or more of the other joint tenants was someone other than the decedent’s spouse, and (b) less than the full value of the property is

 

included on the return as part of the gross estate? If "Yes," you must complete and attach Schedule E

7.

8.

Did the decedent, at the time of death, own any interest in a partnership or unincorporated business or any stock in an

 

 

inactive or closely held corporation?

8.

9.

Did the decedent make any transfer described in section 2035, 2036, 2037, or 2038 (see the instructions for Schedule G)?

 

 

If “Yes,” you must complete and attach Schedule G

9.

10. Were there in existence at the time of the decedent’s death:

 

 

a. Any trusts created by the decedent during his or her lifetime?

10a.

 

b. Any trusts not created by the decedent under which the decedent possessed any power, beneficial interest, or trusteeship? ....

10b.

Yes Yes

Yes

Yes

Yes

Yes

Yes

No No

No

No

No

No

No

150-103-001 (Rev. 9-04) Web

Continued on next page

Page 3—Form IT-1, 2004

Estate of:

 

PART 4—GENERAL INFORMATION (continued)

 

Check the “Yes” or “No” box for each question.

11. Did the decedent ever possess, exercise, or release any general power of appointment? If “Yes,” you must complete and

 

attach Schedule H

11.

12.Was the marital deduction computed under the transitional rule of Public Law 97-34, section 403(e)(3) (Economic Recovery Act of 1981)? If “Yes,” attach a separate computation of the marital deduction, enter the amount on part 5,

 

line 20, and note on line 20 “computation attached”

12.

13.

Was the decedent, immediately before death, receiving an annuity described in the “General” paragraph of the instructions

 

 

for Schedule I? If “Yes,” you must complete and attach Schedule I

13.

14.

Was the decedent ever the beneficiary of a trust for which a deduction was claimed by the estate of a pre-deceased

 

 

spouse under section 2056(b)(7) and which is not reported on this return? If “Yes,” attach an explanation

14.

Yes

Yes

Yes

Yes

No

No

No

No

PART 5—RECAPITULATION

 

Round all amounts to the nearest whole dollar.

 

Gross Estate

 

Alternate Value

 

Value at Date of Death

1.

Schedule A—Real estate

1

 

 

 

2.

Schedule B—Stocks and bonds

2

 

 

 

3.

Schedule C—Mortgages, notes, and cash

3

 

 

 

4.

Schedule D—Insurance on the decedent’s life [attach Form(s) 712]

4

 

 

 

5.

Schedule E—Jointly owned property [attach Form(s) 712 for life insurance]

5

 

 

 

6.

Schedule F—Other miscellaneous property [attach Form(s) 712 for life insurance] ....

6

 

 

 

7.

Schedule G—Transfers during decedent’s life [attach Form(s) 712 for life insurance] ...

7

 

 

 

8.

Schedule H—Powers of appointment

8

 

 

 

9.

Schedule I—Annuities

9

 

 

 

10.

Total gross estate (add lines 1 through 9)

10

 

 

 

11.

Schedule U—Qualified conservation easement exclusion

11

 

 

 

12.

Total gross estate less exclusion (subtract line 11 from line 10). Enter here and

 

 

 

 

 

on line 1 of part 2

12

 

 

 

 

Deductions

 

 

 

Amount

13.

...........................Schedule J—Funeral expenses and expense incurred in administering property subject to claims

13

 

14.

Schedule K—Debts of the decedent

 

14

 

15.

Schedule K—Mortgages and liens

 

15

 

16.

Total of items 13 through 15

 

16

 

17.

Allowable amount of deductions from item 16 (see instructions on page 13)

 

17

 

18.

Schedule L—Net losses during administration

 

18

 

19.

Schedule L—Expenses incurred in administering property not subject to claims

 

19

 

20.

Schedule M—Bequests, etc., to surviving spouse

 

20

 

21.

Schedule O—Charitable, public, and similar gifts and bequests

 

21

 

22.

Schedule T—Qualified family-owned business interest deduction

 

22

 

23.

.............................Total allowable deductions (add lines 17 through 22). Enter here and on page 1, part 2, line 2

23

 

PART 6

Under penalties of false swearing, I declare that I have examined this return, including accompanying schedules and statements. To the best of my knowledge and belief it is true, correct, and complete. If prepared by a person other than executor, this declaration is based on all information of which the preparer has any knowledge.

Signature of Executor

X

Title

Executor’s Social Security Number

Date

Signature of Executor

X

Title

Executor’s Social Security Number

Date

Check the box to authorize the following individual(s) to receive and provide confidential tax information relating to the decedent and the estate:

Name of Preparer

Title

Telephone Number

( )

Mailing Address

City

State

ZIP Code

PLEASE ATTACH A COMPLETE COPY OF YOUR FEDERAL FORM, SCHEDULES, AND SUPPORTING DOCUMENTS

Mail to: Oregon Department of Revenue, PO Box 14110, Salem OR 97309-0910

150-103-001 (Rev. 9-04) Web

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Step # 1 of filling in oregon form it 1

2. The subsequent step is usually to fill in the next few fields: Total tentative tax add lines, Total gift tax payable with, by the decedents spouse for such, of these gifts and they are, Gross estate tax subtract line, Maximum unified credit applicable, Adjustment to unified credit, may not exceed See instructions, Allowable unified credit, Subtract line from line but do, State death tax Do not enter more, Proration of state death tax, a Gross value for federal estate, the federal schedules by, and b Gross value of decedents estate.

State death tax Do not enter more, Proration of state death tax, and the federal schedules by inside oregon form it 1

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4. Now begin working on this next section! Here you'll have these Page Form IT, Estate of, PART ELECTIONS BY THE EXECUTOR Do, Check the Yes or No box for each, Do you elect special use, Do you elect to pay the taxes in, see instructions on page, Yes, Do you elect to postpone the part, in section, Yes, Yes, Yes, PART GENERAL INFORMATION Attach, and Married fields to fill in.

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5. To wrap up your document, this last section incorporates a number of extra blank fields. Completing All unascertainable beneficiaries, Total, Check the Yes or No box for each, Does the gross estate contain any, estate See instructions on page, a Have federal gift tax returns, Yes, Yes, If Yes please attach copies of the, b Periods covered, c Internal Revenue offices where, If you answer Yes to any of, a Was there any insurance on the, b Did the decedent own any, and Yes will certainly wrap up the process and you'll definitely be done quickly!

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