 |
IT-R
Inheritance Tax
Resident Return
(9-11)
TransferInheritance
And Estate Tax
New Jersey Division of Taxation
3 John Fitch Way, 6th Floor
Trenton, New Jersey 08695-0249
(609)292-5033
|
|
INTRODUCTION
NEW JERSEY TRANSFER INHERITANCE TAX - ESTATE TAX
GENERAL
New Jersey has had a Transfer Inheritance Tax since 1892 when a 5% tax was imposed on property transferred from a decedent
to a beneficiary. Currently, the law imposes a graduated Transfer Inheritance Tax ranging from 11% to 16% on the transfer of real and
personal property with a value of $500.00 or more to certain beneficiaries.
The Transfer Inheritance Tax recognizes five beneficiaryThe issue of stepchildren ARE Class “D” (NOT Class “A”)
classes, as follows: beneficiaries.
Class “A”- Father, mother, grandparents, spouse/civil unionThe following ARE Class “D” (NOT Class “C”) beneficiaries:
partner (after 2/19/07), domestic partner (after 7/10/04), child orstepbrother or stepsister of the decedent, husband/wife/civil union
children of the decedent, adopted child or children of the decedent,partner/domestic partner or widow/widower/surviving civil union
issue of any child or legally adopted child of the decedent, and step-partner/surviving domestic partner of a stepchild or mutually
child of the decedent. acknowledged child of the decedent.
Class “B”- Eliminated by statute effective July 1, 1963.The fact that a beneficiary may be considered “nonprofit” by
the Internal Revenue Service does not necessarily mean that it
Class”C”- Brother or sister of the decedent, including half brotherqualifies for exemption as a Class “E” beneficiary since the criteria
and half sister, wife/civil union partner (after 2/19/07) or widow/ are different.
surviving civil union partner (after 2/19/07) of a son of the
decedent, or husband/civil union partner (after 2/19/07) or TAX RATES
widower/surviving civil union partner (after 2/19/07) of a daughterEach class of beneficiary has its own separate tax rate. See the
of the decedent. Rate Schedule on Page 4.
Class “D”- Every other transferee, distributee or beneficiary whoEXEMPTIONS
is not included in Classes “A”, “C” or “E”.1. The transfer of real and personal property in this State held by
Class “E”- The State of New Jersey or any political subdivisiona husband and wife/civil union couple as “tenants by the
thereof, or any educational institution, church, hospital, orphanentirety” to the surviving spouse/civil union partner is not
asylum, public library or Bible and tract society or to, for the use oftaxable for New Jersey Inheritance Tax purposes.
or in trust for religious, charitable, benevolent, scientific, literary or2. The transfer of intangible personal property such as stocks,
educational purposes, including any institution instructing the blindbonds, corporate securities, bank deposits and mortgages
in the use of dogs as guides, no part of the net earnings of whichowned by a nonresident decedent is not subject to the New
inures to the benefit of any private stockholder or other individual Jersey Inheritance Tax.
or corporation; provided, that the exemption does not extend to
transfers of property to such educational institutions and3. Any sum recovered under the New Jersey Death Act as
organizations of other states, the District of Columbia, territoriescompensation for wrongful death of a decedent is not subject
and foreign countries which do not grant an equal, and liketo the New Jersey Inheritance Tax except as provided below:
exemption on transfers of property for the benefit of such a. Any sum recovered under the New Jersey Death Act
institutions and organizations of this State.representing damages sustained by a decedent between the
NOTES:If any beneficiary is claimed to be the mutuallydate of injury and date of death, such as the expenses of
acknowledged child of the decedent, said claim should be set forthcare, nursing, medical attendance, hospital and other
in the detailed manner prescribed under N.J.A.C. 18:26-2.6.charges incident to the injury, including loss of earnings
For the purposes of the New Jersey Transfer Inheritance Taxand pain and suffering are to be included in the decedent’s
an adopted child is accorded the same status as a natural child and, estate.
therefore, his relations are treated in the same manner as those of ab. Where an action is instituted under the New Jersey Death
natural child. (i.e. if the decedent’s adopted son marries/enters intoAct and terminates through the settlement by a compromise
a civil union, his spouse/civil union partner is “the wife/civil unionpayment without designating the amount to be paid under
partner of a son of the decedent” and therefore a class “C”each count, the amount which must be included in the
beneficiary). inheritance tax return is an amount, to the extent recovered,
The offspring of a biological parent conceived by the artificialwhich is equal to specific expenses related to the injury.
insemination of that parent who is a partner in a civil union isThese expenses are similar to those mentioned in sections
presumed to be the child of the non-biological partner. In thea. above and include funeral expenses, hospitalization and
Matter of the Parentage of the Child of Kimberly Robinson, 383medical expenses, and other expenses incident to the injury.
N.J. Super. 165; 890 A.2d 1036 (Ch. Div. 2005) (Non-biologicalAny amount which is recovered in excess of these expenses
parent of New York registered domestic partnership recognized inis considered to be exempt from the tax.
New Jersey, presumed to be the biological parent of child
4. The proceeds of any contract of insurance insuring the life of
conceived by the other partner through artificial insemination
a resident or nonresident decedent paid or payable, by reason
where the non-biological partner has "show[n] indicia of
of the death of such decedent, to one or more named
commitment to be a spouse and to be a parent to the child.").
beneficiaries other than the estate, executor or administrator of
A devise of real property to a husband and wife/civil unionsuch decedent are exempt for New Jersey Inheritance Tax
partner as “tenants by the entirety” provides each with a vested life purposes.
estate, the remainder being contingent. See N.J.A.C. 18:26-8.12.
Page 1
|
|
5. The transfer of property to a beneficiary or beneficiaries of athe employee’s estate or to his specifically designated
trust created during the lifetime of a resident or nonresidentbeneficiary, are exempt from the New Jersey Inheritance Tax.
decedent, to the extent such property results from the proceedsThe benefit payable under the supplementary annuity plan of
of any contract of insurance, insuring the life of such decedentthe State of New Jersey is not considered a benefit of the
and paid or payable to a trustee or trustees of such decedent byPublic Employee’s Retirement System and is taxable whether
reason of the death of such decedent, is exempt from the Newpaid to a designated beneficiary or to the estate.
Jersey Inheritance Tax irrespective of whether such
beneficiary or beneficiaries have a present, future, vested,The death benefits paid by the Social Security Administration
contingent or defeasible interest in such trust.or railroad Retirement Board to the spouse of a decedent are
also exempt. For purposes of filing a return these amounts
6. The transfer of life insurance proceeds insuring the life of aneed not be reported nor are they to be deducted from the
resident or nonresident decedent, paid or payable by reason ofamount claimed as a deduction for funeral expenses.
the death of such decedent to a trustee or trustees of a trust
In all other cases the death benefit involved should either be
created by such decedent during his lifetime for the benefit of
reported as an asset of the estate or deducted from the amount
one or more beneficiaries irrespective of whether such
claimed for funeral expenses.
beneficiaries have a present, future, vested, contingent or
defeasible interest in such trust, is exempt from the New Jersey11. Other pensions. An exemption is provided for payments from
Inheritance Tax. any pension, annuity, retirement allowance or return of
contributions, which is a direct result of the decedent’s
7. The transfer, relinquishment, surrender or exercise at any timeemployment under a qualified plan as defined by section
or times by a resident or nonresident of this State, of any right401(a), (b), and (c) or 2039(c) of the Internal Revenue Code,
to nominate or change the beneficiary or beneficiaries of anywhich is payable to a surviving spouse or domestic partner.
contract of insurance insuring the life of such resident or
12. No Fault Insurance. The amount payable by reason of medical
nonresident, regardless of when such transfer, relinquishment,
expenses incurred as a result of personal injury to the decedent
surrender or exercise of such right occurred, is exempt from
should be reflected by reducing the amount claimed for
the tax.
medical expenses as a result of the accident.
8. Any amount recovered (under the Federal Liability for Injuries
The amount payable at the death of an income producer as a
to Employees Act) for injuries to a decedent by the personal
result of injuries sustained in an accident, which are paid to the
representative for the benefit of the classes of beneficiaries
estate of the income producer, is reportable for taxation. In all
designated in that Statute, whether for the pecuniary loss
other instances this amount is exempt.
sustained by such beneficiaries as a result of the wrongful
death of the decedent or for the loss and suffering by theThe amount paid at death to any person under the essential
decedent while he lived, or both is not subject to theservices benefits section is exempt from taxation.
Inheritance Tax. The claim for funeral expense is to be reduced by the amount
Any amount recovered by the legal representatives of anypaid under the funeral expenses benefits section of the law.
decedent by reason of any war risk insurance certificate or SAFE DEPOSITBOXES
policy, either term or converted, or any adjusted service Safe deposit boxes are no longer inventoried by the New
certificate issued by the United States, whether received Jersey Division of Taxation. On September 30, 1992, the Division
directly from the United States or through any intervening issueda blanket release in the form of a letter from the Director,
estate or estates, is exempt from the New Jersey Inheritance Division of Taxation, to all banking institutions, safe deposit
Tax. companies, trust companies, and other institutions which serve as
This exemption does not entitle any person to a refund of any custodians of safe deposit boxes. The contents of the boxes may be
tax heretofore paid on the transfer of property of the naturereleased without inspection by the Division.
aforementioned; and does not extend to that part of the estateWHERE TO FILE
of any decedent composed of property, when such property All returns except the L-8 are to be filed with the New Jersey
was received by the decedent before death. Division of Taxation, Individual Tax Audit Branch, Transfer
9. The proceeds of any pension, annuity, retirement allowance, Inheritance and Estate Tax, 3 John Fitch Way, 6th Floor ,
return of contributions or benefit payable by the Government Trenton, New Jersey 08695-0249.
of the United States pursuant to the Civil Service RetirementWHEN TAX RETURNS ARE DUE
Act, Retired Serviceman’s Family Protection Plan and the ATransfer Inheritance Tax Return must be filed and the tax
Survivor Benefit Plan to a beneficiary or beneficiaries otherand personalpaid onpropertythe transferwithinof realeight
than the estate or the executor or administrator of a decedentmonths after the death of either:
are exempt. ARESIDENTdecedent for the transfer of real or tangible
10. All payments at death under the Teachers Pension and Annuity personal property located in New Jersey or intangible personal
Fund, the Public Employees’ Retirement System for Newor property wherever situated,
Jersey , and the Police and Firemen’s Retirement System of ANONRESIDENTdecedent for the transfer of real or tangible
New Jersey, and such other State, county and municipal personal property located in New Jersey. No tax is imposed on
systems as may have a tax exemption clause as broad as that nonresident decedents for real property located outside of New
of the three major State systems aforementioned, whether suchJersey and intangible personal property wherever situated.
payments either before or after retirement are made on death to
Page 2
|
|
The return must be filed whenever any tax is due or a waiverneed not be reported, regardless of the date of death and waivers are
is needed. The tax is a lien on all property for fifteen years unless not required.
paid sooner or secured by an acceptable bond. Interest accrues onA membership certificate or stock in a cooperative housing
unpaid taxes at the rate of 10% per annum.corporation held in the name of the decedent and a surviving
For EXEMPTIONS see the heading “EXCEPTIONS” below.spouse/civil union partner or domestic partner as joint tenants with
the right of survivorship is exempt, if it entitled them to use it as
AMENDMENTS TO AN ORIGINAL RETURNtheir principal residence. However a waiver is required for this
In the case of both resident and non-resident estates, any assetstransfer in the estate of a RESIDENT decedent.
and/or liabilities not disclosed in the original return and allWaivers are not required for automobiles, household goods,
supplemental data requested by the Division is to be filed inpersonal effects, accrued wages or mortgages, but these items must
affidavit form and attested to by the duly authorized statutorybe reported in the return filed.
representative of the estate, next of kin, or beneficiary certifying in EXCEPTIONS
detail a description of the asset, real or personal and/or the liability
Notwithstanding the waiver provisions above any financial
and the reasons for failure to disclose same in the original return
institution may release up to 50% of any bank account, certificate
and filed directly with the NJ Transfer Inheritance.
of deposit etc. to the survivor, in the case of a joint account, the
ESTATE TAX executor, administrator or other legal representative of a
In addition to the inheritance tax, the State of New JerseyRESIDENT decedent’s estate. This procedure is referred to as a
imposes an estate tax on the estate of certain resident decedents.BLANKET WAIVER. This procedure is not available for the
Even estates that are partially or fully exempt from the inheritancetransfer of stocks and bonds. For a detailed explanation see
tax may be subject to the New Jersey Estate Tax.N.J.A.C. 18:26-11.16.
A New Jersey Estate Tax Return must be filed when the gross A SELF EXECUTING WAIVER, FORM L-8, has been
estate plus adjusted taxable gifts as determined in accordance withcreated for Class “A” beneficiaries in the estates of RESIDENT
the provisions of the Internal Revenue Code in effect on December decedents.
31, 2001, exceeds $675,000. Use of this form MAY eliminate the need to file a formal
The law requires that a copy of the Federal Estate Tax returnInheritance Tax return. Your attention is directed to the instructions
be filed with the Division within thirty days after the filing of thecontained in the body of the L-8, a copy of which is included in this
original with the Federal Government. Also, the Division must bebooklet. (Not included in IT-R Schedule Booklet.)
supplied with copies of all communications from the FederalThis form is to be filed with the financial institution which will
Government making final changes or confirming, increasing orthen be authorized to release the subject asset without the necessity
decreasing the tax shown to be due. Instructions are contained inof receiving a waiver from the Division. DO NOT file this form
form IT-Estate. with the Division.
WAIVERS A REQUEST FOR A REAL PROPERTY TAX WAIVER,
Bank accounts, certificates of deposit etc., in the name of, orFORM L-9, has been created for Class “A” beneficiaries in the
belonging to a RESIDENT decedent, in financial institutionsestates of RESIDENT decedents. This form may be used in two
located in this state, cannot be transferred without the writteninstances where property passes to class “A” beneficiaries.
consent of the Division of Taxation. This consent is referred to asUse of this form MAY eliminate the need to file a formal
a WAIVER. Inheritance Tax Return. Your attention is directed to the
Stocks and bonds etc., in the name of, or belonging to ainstructions contained in the body of the L-9.
RESIDENT decedent, of corporations organized under the laws ofThis form is to be filed directly with the Branch. If the form
this state are subject to the same waiver requirements.is in order the necessary waiver/waivers will be promptly issued.
Real property, located in New Jersey, in the name of, orNEITHER THE L-8 NOR THE L-9 may be used where it is
belonging to a RESIDENT or a NON-RESIDENT decedent isclaimed that a relationship of mutually acknowledged child exists.
subject to the same waiver requirements, however, real property
held by a husband and wife/civil union couple as “tenants by the
entirety” in the estate of the spouse/civil union partner dying first
IMPORTANT REMINDERS
• If the decedent died TESTATE you must supply a legible copy of the LAST WILL AND TESTAMENT, all CODICILS thereto and any
SEPARATE WRITINGS.
• A copy of the decedent’s last full year’s FEDERAL INCOME TAX RETURN is required.
• All returns, forms and correspondence must contain the decedent’s SOCIAL SECURITY NUMBER.
• PAYMENTS ON ACCOUNT may be made to avoid the accrual of interest. (Form IT-EP)
• If PAYMENTS are not made by CERTIFIED CHECK the issuance of waivers may be delayed.
• All CHECKS should be made payable to NJ INHERITANCE AND ESTATE TAX and sent to the New Jersey Division of Taxation, Individual
Tax Audit Branch, Transfer Inheritance and Estate Tax, 50 Barrack Street, PO Box 249, Trenton, NJ 08695-0249.
Page 3
|
|
IT-R
Inheritance Tax
SCHEDULES
(9-11)
SCHEDULES
Transfer Inheritance
And Estate Tax
New Jersey Division of Taxation
PO Box 249
Trenton, New Jersey 08695-0249
(609) 292-5033
|
|
CLASS “A” TRANSFEREES ARE ENTIRELY EXEMPT
IN ESTATES OF DECEDENTS DYING ON OR AFTER JULY 1, 1988
Class “C” TRANSFEREES IN ESTATES OF DECEDENTS
DYING ON OR AFTER 7/1/88
First $ Exempt25,000
Next 11%1,075,000
Next 13%300,000
Next 14%300,000
Over 16%1,700,000
CLASS “D” TRANSFEREES IN ESTATES OF DECEDENTS
DYING ON OR AFTER 3-29-62
If less than $500: no tax
If $500 or more: no exemption
First $700,000 15%
Over $700,000 16%
Page 4
|
|
NEW JERSEY INHERITANCE AND ESTATE TAX:
RETURN PROCESSING INSTRUCTIONS
Follow these procedures to avoid delays in processing returns, waivers, and
refunds:
DO NOT enclose returns in any kind of BINDER, SEALED FOLDER or
NOTEBOOK.
DO NOT use STAPLES (especially extra-long staples) on the return.
o It is OK to use rubber bands or clips to keep the file together.
o Two-hole ATCO fasteners, along the TOP of the return, are also acceptable.
DO NOT enclose DUPLICATE COPIES of returns or duplicates of other
documents.
o When filing both Inheritance and Estate Tax, include only ONE copy of the
will, trusts, income tax return, 706, appraisals, and any other attachments.
A few things to DO:
STAPLE checks to the completed payment voucher, and put voucher on
TOP.
o Make sure checks are signed, and made payable to “New Jersey Inheritance
and Estate Tax”
o Include the Decedent’s name and SS# on the check.
Place the return and schedules on top (if no payment), with the will and
other supporting documents beneath.
Check that returns are SIGNED by the legal representative of the estate
and NOTARIZED.
o The representative’s name should be printed clearly beneath the signature
VERIFY the decedent’s social security number and date of death.
Make sure the MAILING ADDRESS on the return is correct – and
indicates the person who you want to receive ALL correspondence
(letters, bills, waivers, etc).
o The Division cannot correspond with your attorney or CPA unless they are
listed on the front page of the return.
Clearly mark amended returns as “Amended” along the
BOTTOM of the return.
File Inheritance Tax and Estate Tax returns together when
possible.
o Keep the two returns separate within the same envelope or box.
o Keep in mind the two taxes have separate due dates for payment of the tax.
o Include separate checks and vouchers for each tax.
|
| This page intentionally left blank. |
|
IT-R(9-11) STATE OF NEW JERSEY(67) For Division Use Only
Transfer Inheritance Tax Inheritance Tax Return
PO Box 249 RESIDENT DECEDENT
Trenton, NJ 08695-0249 (Instructions on reverse side)
Decedent’s Name________________________________________________________ Decedent’s S.S. No. ____________/__________/____________
(Last) (First) (Middle)
Date of Death (mm/dd/yy) _________/_______/_________ County of Residence _______________________________Intestate Testate
Authorized RepresentativeName _______________________________________________ Daytime Phone ( ) _______________________
to receive all
Street ___________________________________________________________________________________________
correspondence
City _____________________________________________ State ________________ Zip Code _________________
1. Real Property . . . . . . . . . . . . . . . .Schedule ATotal carried forward from - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
2. Closely Held “Businesses” . . . . . .Schedule BTotal carried forward from - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.
3. All Other Personal Property . . . . .Schedule B(1) Total carried forward from - Recapitulation . . . . . . . . . . . . . . . 3.
4. Transfers . . . . . . . . . . . . . . . . . . . .Schedule CTotal carried forward from - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.
5. Gross Estate . . . . . . . . . . . . . . . . . Total Lines 1 thru 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.
6. Deductions . . . . . . . . . . . . . . . . . .Schedule DTotal carried forward from - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.
7. Net Estate . . . . . . . . . . . . . . . . . . . Total - Line 5, minus Line 6 (If less than zero enter “0”) . . . . . . . . . . . . . . . . . 7.
8. Contingent Amount Included in Line 7 (See explanation on reverse side) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.
9. Balance of Estate (Line 7, minus Line 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.
Number of TAX
Class BeneficiariesTotal Exempt Taxable
10. A (Spouse/Civil
Union Partner)_________ $________________/____ $________________/____ $________________/____ 10.
11. A (Other) __________ $________________/____ $________________/____ $________________/____ 11.
12. C __________ $________________/____ $________________/____ $________________/____ 12.
13. D __________ $________________/____ $________________/____ $________________/____ 13.
14. E __________ $________________/____ $________________/____ $________________/____ 14.
15. Compromise Tax Due on Line 8 Amount (See explanation on reverse side) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.
16. Contingent Tax (See explanation on reverse side) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.
17. Total Tax Due (Total - Line 10 thru Line 16) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.
18. Interest Due (If applicable) (See explanation on reverse side) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.
19. Total Amount Due (Line 17, Plus Line 18) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.
20. Payment on Account (If applicable) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.
21. If Line 20 (Payments) is LESS THAN Line 19, Enter BALANCE21. DUE - PAY THIS AMOUNT
WITH FORM IT-PMT
22. If Line 20 (Payments) is MORE THAN Line 19, Enter REFUND. . . . .AMOUNT. . . . . . . . . . . . . . . . . . . . . . . . 22.
23. Are any questions in Schedule “C” answered yes? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . No23. Yes
24. Have or will you file or are you required to file a Federal Estate Tax Return? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24. No Yes
25. Has or will any disclaimer been filed? If so, attach copy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . No 25. Yes
26. If the decedent died after December 31, 2001, did the decedent’s taxable estate plus adjusted taxable gifts for
Federal estate tax purposes under the provision of the Internal Revenue Code in effect on December 31, 2001
exceed $675,000? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .No 26. Yes
If yes, by how much $ ______________________.
Indicate which letters were issued and where issued:
Letters of Administration Letters Testamentary State of __________ County of _____________________
SUBMIT A FULL COPY OF THE DECEDENT’S WILL, CODICILS, TRUSTS, AND A COPY OF
THE LAST FULL YEAR’S FEDERAL INCOME TAX RETURN.
Affiant says, under penalty of perjury, “I declare that I have examined this return and all accompanying schedules and to the best of my knowledge and belief, it is true, correct
and complete.” I hereby authorize the party(s) set forth above to act as the estate’s representative, to receive confidential information, and to make presentations on behalf
of the estate. Signature: _____________________________________________________________________
Subscribed and sworn before me (Executor - Administrator - Heir-at-law)
this _____________________ day of ____________________________, ______.Print Name: _____________________________________________________________________
__________________________________________________________________Address _____________________________________________________________________
Official Title (Notarized)
_____________________________________________________________________
THIS FORM MAY BE REPRODUCED
|
|
INSTRUCTIONS FOR RECITAL PAGE
Lines 8, 15 and 16 appointment, any payment on such a transfer after the expiration
In the case of a transfer or transfers made subject to aof two months from the date the contingency occurs or the
contingency or condition which renders a definite determination ofproperty vests, shall bear interest at the rate of 10% per annum
the Transfer Inheritance Tax due impossible, the Division willfrom the date the contingency occurs or the property vests, until
suggest a compromise of the tax based upon immediate payment the date of actual payment.
and final disposition of the tax. N.J.A.C. 18:26-2.14, N.J.S.A.In any case where a contingent remainder vests in beneficial
54:36-5 AND 54:36-6. possession and enjoyment subsequent to the death of the original
Therefore, enter on Line 8, the amount of the estate that isdecedent, but prior to the expiration of the statutory interest
“Contingent.” period, interest on the contingent tax does not start to accrue until
eight months from the date of death of the original decedent.
In the event you wish to compute a compromise for the
Division’s review, you should include a rider setting forth full
computations and details and enter the proposed amount on LineLine 20
15. Following this procedure may speed the auditing of thePayments on account may be made at any time to avoid
decedent’s return. further accrual of interest on the amount paid. In any case where
Be advised that where all or any portion of the contingentthe amount paid on account for New Jersey inheritance taxes
amount has vested in a beneficiary by reason of the happening ofexceeds the amount of such tax due after final assessment has
any contingency event, full details should be set forth on a rider,been made, the amount so overpaid shall be refunded by the
the tax computed on a rider and entered on Line 16.State Treasurer in the due course of business, provided, however,
that all applications for a full or partial refund of the payment of the
transfer inheritance tax shall be made within three years from the
Line 18 date of such payment. Make checks payable to: NJ Inheritance
and Estate Tax, P.O. Box 249, Trenton, New Jersey 08695-0249.
Interest accrues at the rate of 10% per annum on any direct
tax or portion thereof not paid within eight months of the Line 21
decedent’s death. When making a payment with the return, complete form IT-
With respect to the payment of the tax due on an executoryPMT and attach check.
devise, or a transfer subject to a contingency or power of
Examples of Interest Computations
Date of Death . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-28-90
Interest Date (eight months) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-28-91
Tax Assessed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,120.48
Interest @ 10% per annum from 1-28-91 to 9-19-91 ($7,120.48 x 10% x 234/365) . . . . . . . . . . . . . . . . . . 456.49
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,576.97
Payment on Account (9-19-91) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,120.48)
Balance Due (plus interest @ 10% per annum from 9-19-91 to date of final payment) . . . . . . . . . . . . . . . . 456.49
Date of Death . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-29-90
Interest Date (eight months) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-29-91
Tax Assessed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $68,389.70
Payment of Account (4-19-91) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,974.56)
Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,415.14
Payment on Account (4-28-91) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,927.02)
Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,488.12
Interest @ 10% per annum from 4-29-91 to 5-10-91 ($19,488.12 x 10% x 11/365) . . . . . . . . . . . . . . . . . 58.73
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,546.85
Payment on Account (5-10-91) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27,048.67)
Overpayment (to be refunded) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,501.82
IT-R Page 2
|
| IT-PMT(10-11) STATE OF NEW JERSEYFor Division Use Only DIVISION OF TAXATION Transfer Inheritance TaxINHERITANCE AND ESTATE TAX PO Box 249 Trenton, NJ 08695-0249 Inheritance Tax Payment FOR USE ONLY WHEN FILING IT-R RETURN. FOR OTHER PAYMENTS, USE FORM IT-EP. Decedent’s Name__________________________________________________________________________ (Last) (First) (Middle) Decedent’s S.S. No. _____________/________/_____________ Date of Death (mm/dd/yy) _________/_______/_________ County of Residence _______________________________ AMOUNT PAID WITH RETURN (From IT-R Line 21) (Code 67) 1. Inheritance Tax (total of checks remitted with this form) . .______________________________. . . . . . . . . . .$ Payments on account may be made at any time to avoid further accrual of interest on the amount so paid. All applications for the refund of an overpayment must be made in writing within the three year statutory period in accordance with and in the manner set forth in N.J.A.C. 18:26-3A.12 (Estate Tax) and N.J.A.C. 18:26-10.12 (Inheritance Tax). ATTACH CHECKS HERE Make checks payable to “NJ Inheritance and Estate Tax”, PO Box 249, Trenton, NJ 08695-0249 (include decedent’s name and social security number on check) If remitting more than one check, list each check individually below: $ $ $ $ $ $ $ $ $ $ TOTAL of all checks (Enter on Line 1 above)$ |
| This page intentionally left blank. |
|
SCHEDULE “A” REAL PROPERTY
RESIDENT DECEDENT
(See Instructions on reverse side)
_______________________________________________________ ____________/____________/____________
Decedent’s Name Decedent’s Social Security Number
Description of New Jersey Full Assessed Value Full Market Value Value of Decedent’s This Column
Real Estate for at Interest and for
Year of Death Date of Death (How Determined) Division Use
1. Street and Number
Municipality:
Lot: Block:
County:
Title/Owner of Record:
2. Street and Number
Municipality:
Lot: Block:
County:
Title/Owner of Record:
3. Street and Number
Municipality:
Lot: Block:
County:
Title/Owner of Record:
4. Street and Number
Municipality:
Lot: Block:
County:
Title/Owner of Record:
Insert this total on page 1, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(If additional space is required, attach riders of the same size)
|
|
INSTRUCTIONS FOR SCHEDULE “A”
Only list real property situated in New Jersey
DESCRIPTION:The real property should, wherever possible, be described by lot and block number, or street
and street number, or by a general description, with a reference to a record of the deed by which title was conveyed.
MORTGAGES:List as deduction(s) in Schedule D.
FRACTIONAL INTEREST:If the decedent owned a fractional interest, state the names in which the realty
was held, whether as joint tenants with right of survivorship or as tenants in common, and set forth in detail how the
interest was acquired. Submit a copy of the deed.
TENANTS BY THE ENTIRETY:Real property held by husband and wife/civil union partners, as “tenants
by the entirety” in the estate of the spouse/civil union partner dying first need not be reported.
OTHER LIENS:Taxes, assessments, accrued interest on mortgages, etc. must not be claimed in this schedule
but are to be listed on Schedule “D” of this return.
WAIVERS:Unpaid inheritance taxes constitute a lien on real property and waivers are therefore required to
transfer said real property, with the exception of real property held by husband and wife/civil union partners as
“tenants by the entirety” in the estate of the spouse/civil union partner dying first.
CO-OPS:A membership certificate or stock in a New Jersey cooperative housing corporation held in the name
of the decedent and a surviving spouse/civil union partner or domestic partner as joint tenants with the right of
survivorship is exempt, if it entitled them to use it as their principal residence. However a waiver is required for this
transfer in the estate of a resident decedent. (This should be reported on Schedule “B(1)-Stock”).
CONDOMINIUMS:An interest in a condominium is an interest in Real Property and therefore reportable on
Schedule “A”.
APPRAISALS:Submit a copy of any appraisal, contract of sale and/or closing statement. Only recital or
valuation page of appraisals are initially required. Additional supporting documentation will be requested if needed.
|
|
SCHEDULE “B” CLOSELY HELD “BUSINESSES”
RESIDENT DECEDENT
(See Instructions on reverse side)
_______________________________________________________ ____________/____________/____________
Decedent’s Name Decedent’s Social Security Number
Name and Federal Identification Number of Any Sole
Proprietorship, Partnership, Joint Venture and/or Closely Held Market Value This Column for
Corporation in Which the Decedent Held Any Interest at Date of Death Division Use
1.
2.
3.
4.
Insert this total on page 1, line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(If additional space is required, attach riders of the same size)
|
|
INSTRUCTIONS FOR SCHEDULE “B”
If the taxpayer had any interest in a closely held corporation, partnership, joint venture or sole proprietorship,
the following information is required (in each instance):
1. A detailed balance sheet and profit and loss statement, revised to reflect the market value of the assets
thereof as distinguished from the net book value, as of the decedent’s date of death, or as near thereto as
the Director may deem acceptable.
2. For the five year period preceding the decedent’s date of death;
A. Detailed balance sheets.
B. Detailed profit and loss statements.
3. The nature of the business.
4. Describe and state the assessed and market value of any real property.
5. Set forth your basis for determining the clear market value as reported.
CLOSELY HELD CORPORATIONS
If the decedent had any interest in a closely held corporation, submit (in addition to the general information
required above):
1. For the five year period preceding the decedent’s date of death:
A. A listing of salaries paid to officers.
B. A listing of dividends paid, together with the name(s) of the payees.
2. Copy/copies of any stock purchase or option agreement to which the decedent was a party as of the date of
death.
3. Copy/copies of any insurance policy/policies on the decedent’s life payable to the corporation as
beneficiary together with a statement of the benefits payable thereunder.
4. The number of shares of stock of all classes issued and outstanding and the par value thereof.
5. List of stockholders setting forth the number of shares held by each.
PARTNERSHIPS OR JOINT VENTURES
If the decedent had any interest in a partnership or joint venture, submit (in addition to the general information
required above):
1. Copy of the partnership agreement.
2. Copy/copies of any mutual purchase agreement(s) to which the decedent was a party at the date of death.
3. Copy/copies of any insurance policy/policies on the decedent’s life payable to the surviving partners as
beneficiary together with a statement of the benefits payable thereunder.
SOLE PROPRIETORSHIPS
If the decedent had any interest in a sole proprietorship, submit (in addition to the general information required
above):
1. If any of the sole proprietorship’s assets are listed elsewhere on this return, (i.e. Schedule “A”), make full
disclosure.
|
|
SCHEDULE “B (1)” RECAPITULATION - ALL OTHER PERSONAL PROPERTY
RESIDENT DECEDENT
(See Instructions Below)
_______________________________________________________ ____________/____________/____________
Decedent’s Name Decedent’s Social Security Number
BRING FORWARD TOTALS FROM EACH OF THE FOLLOWING SCHEDULES:
1) SCHEDULE B-1: BANK ACCOUNTS/BROKERAGE ACCOUNTS
2) SCHEDULE B-1: STOCK
3) SCHEDULE B-1: INVESTMENT BONDS
4) SCHEDULE B-1: ALL OTHER PROPERTY
TOTAL LINES 1-4
Insert this total on Page 1, Line 3 “All Other Personal Property”
GENERAL INSTRUCTIONS FOR SCHEDULE “B (1)”
List all other personal property (excluding that on Schedule B) including all tangible personal property located permanently
in New Jersey.
These schedules must disclose not only all other personal property owned individually by the decedent but also all other
personal property standing in joint names (such as United States Savings Bonds, bank accounts, shares of stock, etc.) which may
be claimed by another or others as survivors.
Unless the surviving joint tenant is also a Class A beneficiary (see General Instructions), the transfer of ownership to a
surviving joint tenant or tenants pursuant to a joint tenancy with the right of survivorship is a transfer subject to tax. The deceased
joint tenant is deemed to have been the absolute owner of the property and the survivor/survivors are presumed to have received
a devise or bequest of the whole and not a part of the property. This presumption can be rebutted to the extent that the survivor
can prove contributions out of funds separate and apart from those that originated in the decedent. All joint assets including those
passing to exempt beneficiaries and those claimed not to have belonged to the decedent must be listed, with full market value as
of date of death.
These schedules must list all other intangible personal property such as, but not limited to, United States Savings Bonds;
treasury certificates; cash on hand; cash in the bank; deposits in Federal or State Credit Unions; mutual funds; bonds and
mortgages; promissory notes; claims; accounts receivables; corporate bonds; corporate stocks; accrued interest; dividends; salaries
or wages; insurance payable to the estate or its representatives; interest in any undistributed estate or income from any property
held in trust under the will or agreement of another, even though physically located outside the state at the time of death.
Waivers are not required for automobiles, household goods, accrued wages or mortgages, but these items must be reported on
Schedule B-1 “All Other Property”.
A membership certificate or stock in a New Jersey housing corporation held in the name of the decedent and a surviving
spouse/civil union partner or domestic partner as joint tenants with the right of survivorship is exempt, if it entitled them to use it
as their principal residence; however, a waiver is required for this transfer in the estate of a resident decedent.
|
|
SCHEDULE B (1) - BANK ACCOUNTS/BROKERAGE ACCOUNTS
RESIDENT DECEDENT
_______________________________________________________ ____________/____________/____________
Decedent’s Name Decedent’s Social Security Number
This schedule may include checking accounts, savings accounts, money markets, credit unions, CD’s, brokerage accounts,
mutual funds, and IRA’s.
(A)Include the name of each bank orinstitutionon which decedent’s name appears.
1) State all names registered on each account, along with account number of each.
2) Multiple accounts in one bank may be grouped together, but each account must be listed separately.
(B) Reportfullthe date of death balanceof each account in “Date of Death Value” column.
1) BROKERAGE ACCOUNTSrequire account totals onlyon this schedule.
2) Brokerage statements must be included with the return.
(C) List decedent’s equity in account (If 100% , amount will be the same as (B).)
1)Claims for partial ownership must be supported in supplemental affidavits.
(A) (B) (C)
Bank Accounts - Individually orDate of Death ValueDecedent’s EquityJointly Owned Division Use Only
Insert this total on SCHEDULE B-1 Recapitulation, Line 1 . . . . . . . . . . . . . . . . . . . . . . . . . .
(If additional space is required, attach riders of the same size. All forms may be reproduced)
|
|
SCHEDULE B (1) - STOCK
RESIDENT DECEDENT
DO NOT INCLUDE STOCK HELD IN A BROKERAGE ACCOUNT ON THIS SCHEDULE
_______________________________________________________ ____________/____________/____________
Decedent’s Name Decedent’s Social Security Number
(A) Report the number of shares owned of each stock.
(B) List the name of the company and all names registered on each stock.
(C) List the state of registration for each corporation (ie., NJ, DE, MD, etc.), if known.
(D) Report the per-share market value of each stock as of the date of death.
(E) Full market value of all shares (number of shares x per share value).
(F) Total value of decedent’s equity (Claims for partial ownership must be supported in supplemental affidavits).
(List accrued dividends as of date of death along with each item.)
(A) (B) (C) (D) (E) (F)
Number Name of Stock - Registered Owner(s)Date of Death PerTotal Market ValueState of Inc.of Decedent’s EquityDivision Use Only
Shares Share Value
Insert this total on SCHEDULE B-1 Recapitulation, Line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(If additional space is required, attach riders of the same size. All forms may be reproduced)
|
|
SCHEDULE B (1) - MUNICIPAL & CORPORATE BONDS
RESIDENT DECEDENT
DO NOT INCLUDE BONDS HELD IN A BROKERAGE ACCOUNT ON THIS SCHEDULE
_______________________________________________________ ____________/____________/____________
Decedent’s Name Decedent’s Social Security Number
(A) Provide name of company or entity holding bond and all terms of bond.
1) List all names registered on each bond.
(B) Report full date of death value of bonds.
1) Include accrued dividends as of date of death.
(C) List decedent’s equity in bond (If 100% , amount will be the same as (B)).
Note: U.S. Savings Bonds should be listed on Schedule B-1 “All Other Property”.
(A) (B) (C)
Bonds - Individually or Jointly OwnedDate of Death ValueDecedent’s Equity Division Use Only
Insert this total on SCHEDULE B-1 Recapitulation, Line 3 . . . . . . . . . . . . . . . . . . . . . . . . . .
(If additional space is required, attach riders of the same size. All forms may be reproduced)
|
|
SCHEDULE B (1) - ALL OTHER PROPERTY
RESIDENT DECEDENT
_______________________________________________________ ____________/____________/____________
Decedent’s Name Decedent’s Social Security Number
List all other property owned by the decedent, including (but not limited to):
U.S. Obligations (Savings Bonds or Treasury Certificates)
Automobiles or other vehicles
Personal property, collections, furniture, etc.
Mortgages and notes owned by decedent
Cash and uncashed checks
Interest in a prior estate
Accounts receivable
Other Property - Individually or Jointly OwnedDate of Death ValueDivision Use Only
Insert this total on SCHEDULE B-1 Recapitulation, Line 4 . . . . . . . . . . . . . .
(If additional space is required, attach riders of the same size. All forms may be reproduced)
|
|
SCHEDULE “C” TRANSFERS
RESIDENT DECEDENT
_______________________________________________________ ____________/____________/____________
Decedent’s Name Decedent’s Social Security Number
(ALL QUESTIONS MUST BE ANSWERED)
1. Did decedent, within three years of death, transfer property, valued at $500.00 or more, without receiving
full financial consideration therefor? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes No
2. Did decedent, at any time, transfer property, reserving (in whole or in part) the use, possession, income,
or enjoyment of such property? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes No
3. Did decedent, at any time, transfer property on terms requiring payment of income to decedent from a
source other than such property? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes No
4. Did decedent, at any time, transfer property, the beneficial enjoyment of which was subject to change
because of a reserved power to alter, amend, or revoke, or which could revert to decedent under terms
of transfer or by operation of law? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes No
If answer to any of the above questions is “Yes”, set forth a description of property transferred, the
fair market value at date of death, dates of transfers, and to whom transferred. Submit copy of trust
deed or, agreement, if any. (If transfers are claimed to be untaxable, also submit detailed statement
of facts on which such claim is based, proof as to decedent’s physical condition and copy of death
certificate.)
5. Was decedent a participant in any pension plan that provided for payment of an annuity or lump sum on
or after death to another? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes No
6. Did decedent purchase or in any manner participate in any contract or plan providing for payment of an
annuity or lump sum on or after death to another, payableexcept lifeto ainsurancedesignatedcontracts
beneficiary? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes No
(Matured endowment policies, claim settlement certificates, supplementary contracts, annuity contracts
and refunds thereunder and interest income certificates even though issued by an insurance company are
not considered life insurance contracts.)
7. Was a single premium life insurance policy issued on decedent’s life in conjunction with an annuity
contract? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes No
If answer to questions 5, 6 or 7 is “Yes” attach photostatic copies of all such contracts, plans, and policies.
8. Were any accumulated dividends due on any contract of insurance? (If yes, list below) . . . . . . . . . . . . . . . . .Yes No
Date of Transfer; Description of Property, Both Real and Personal:
Actual Consideration if Any; Names and Relationship to Market Value This Column for
Decedent of Donees, Assignees, Transferees, etc. at Date of Death Division Use
1.
Insert this total on page 1, line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(If additional space is required, attach riders of the same size)
|
|
SCHEDULE “D” DEDUCTIONS CLAIMED
RESIDENT DECEDENT
(See Instructions on reverse side)
_______________________________________________________ ____________/____________/____________
Decedent’s Name Decedent’s Social Security Number
Debt or Claim of Nature of Same Amount This Column for
Division Use
Name: Estimated Expenses for:
______________________________________________Funeral . . . . . . . . . . . . . . . . . . . . . . . . .
Administration . . . . . . . . . . . . . . . . . . . .
Name: Counsel Fees:
______________________________________________AgreedUpon . . . . . . . . . . . . . . . . . . . . .
Estimated . . . . . . . . . . . . . . . . . . . . . . . .
Names: Executor’s or Administrator’s Commissions
(Must not be claimed unless reported for
_______________________________________________ Income Tax purposes.)
SS# ______________/______________/______________
_______________________________________________
SS# ______________/______________/______________
List Mortgages Here:
Other Deductions (list individually)
Insert this total on page 1, line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(If additional space is required, attach riders of the same size)
|
|
INSTRUCTIONS FOR SCHEDULE “D”
If any notes, brokerage accounts or other claims are secured by collateral, describe the collateral pledged, with
its value as of the date of death of the decedent and state whether or not said collateral is included among the assets
disclosed in Schedule B or B(1). If collateral is not pledged, state after each loan “No collateral pledged”.
NOTE: No debt or claim is to be listed in this schedule unless still owing and unpaid at the time of death and unless
such debt or claim is to be paid out of the assets of the estate.
(EXAMPLE: That portion of medical bills paid or reimbursed by Medicare or other medical insurance
should not be claimed on this schedule).
Contested claims must be explained in detail. Do not list any taxes, either real, personal or income, chargeable
for any period subsequent to date of death; nor any claim against property located outside of New Jersey, unless such
property is subject to tax in this state.
The estate agrees to advise the Division if the amount actually paid in settlement of any fee, commission or debt
is greater or less than the estimated amount allowed and further agrees to the correction of the assessment, if
necessary.
For mortgages list the balance on the decedent's date of death and the property in Schedule A on which the
mortgage is an encumbrance. Each mortgage must be listed separately. State whether there was any mortgage
insurance and, if so, submit verification as to the amount of same. Note: In the case of realty held by a decedent
and a surviving spouse/civil union partner as tenants by the entirety, the amount of any mortgage owing on such
realty at the decedent’s death is not allowable as a deduction since such property is exempt from the Inheritance Tax.
Examples of Allowable Deductions
FUNERAL EXPENSES: DEBTS OF DECEDENT OWING and
Cemetery Plot (immediate family)UNPAID AT TIME OF DEATH:
Funeral Luncheon Personal accounts
Flowers Judgments
Minister/Rabbi/Priest/Imam Federal income and gift taxes generally
Monument/Lettering Unpaid mortgage principal and interest on the decedent’s
Funeral Costs date of death:
Acknowledgments Charitable pledges
State, county and local taxes accrued before death
ADMINISTRATION EXPENSES:
Unpaid Inheritance Tax on interrelated estate
Appraisal of real estate
Appraisal of personal effects
Surrogate’s fees
Probate expenses
Fee to notify creditors
Death certificates
Telephone tolls
Cost of Executor’s or Administrator’s Bond
Collection costs
Court costs
Cost on recovery and/or discovery of assets
Realty commissions in accordance with
N.J.A.C. 18:26-7.12
Storage of property if delivery to legatee not possible
within reasonable time
Examples of Non-Allowable Deductions
Contingent liabilities State, county and local taxes accruing after date of death
Debts paid by insurance Transfer Inheritance Tax
Medical expenses paid prior to deathReal estate brokers commissions, except if real property sold
during administration of estate
Liabilities of corporation of which decedent was a
shareholder Debts on property located outside of New Jersey
Real estate and property maintenance costsFederal Estate Tax
Storage expense
|
|
SCHEDULE “E” BENEFICIARIES
RESIDENT DECEDENT
ATTACH COPY OF WILL AND CODICILS HERE
_______________________________________________________ ____________/____________/____________
Decedent’s Name Decedent’s Social Security Number
In case of Intestacy, the parentage of all collateral heirs (such as nieces, nephews, cousins, etc.) must be set forth. The relationship of step-parent,
step-child, step-brother or step-sister must be so stated.
Survived
BENEFICIARIES AND ADDRESSESClass DecedentAge At Interest of
(State full names and addresses of all who have anRelationship State Death of Beneficiary
interest, vested, contingent or otherwise, in estate)Yes or NoDecedent In Estate
Deponent further says the following schedule contains the names of all beneficiaries who died before or after decedent’s death:
NAME DATE OF DEATH DOMICILE AT DEATH
Under authority of Federal law, the Division of Taxation of the Department of the Treasury of the State of New Jersey and the Internal Revenue
Service have entered into a Federal/State Agreement for the mutual exchange of tax information for purpose of tax administration.
|
| DID YOU REMEMBER TO: 1. Attach a copy of the decedent’s will, codicils, trusts, and last full year’s Federal Income Tax Return. 2. Fill-in the decedent’s social security number. 3. Sign the return and have it notarized. FAILURE TO DO ANY OF THE ABOVE MAY RESULT IN PROCESSING DELAYS All checks should be made payable to N.J. Inheritance and Estate Tax and mailed to: N.J. Division of Taxation Individual Tax Audit Branch Transfer Inheritance and Estate Tax PO Box 249 Trenton, New Jersey 08695-0249 For information regarding the N.J. Transfer Inheritance and Estate Taxes call: (609) 292-5033 |