Form 4768
Forms

Form 4768: Application for Extension of Time To File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes

Filing Form 706 is mandatory for some estates, depending on the value. Form 4768 can help those who are worried about being late, as it grants an automatic six-month extension to the Form 706 deadline. Learn when and how to file both forms when settling an estate.

What is Form 4768?

Form 706 is a tax form that must generally be filed when the gross estate of a decedent is valued at more than $12.06 million. This is an IRS form that must be filed within nine months of the date of the death and can be extended for an additional six months if a Form 4768 is filed. It is important to note that not every estate has to file Form 706 and the threshold is subject to change with Congress. To use the threshold, the estate must calculate the gross estate, plus any taxable gifts from the decedent’s lifetime. Estates without a filing requirement may still consider filing the form to make it easier to settle later on.

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IRS Form 4768 – Who Needs to Fill It Out?

Who Needs to Fill Out the IRS 4768? If an estate’s gross value (plus any taxable gifts given during the decedent’s lifetime) is valued at over $12.06 million, Form 706 must be filed, even if no federal taxes will be owed. Form 706 must be filed by mail, and an extension can be granted through Form 4768, which is the application for a deadline extension for estate taxes. Twelve states and Washington, D.C. may also require Form 706 to be filed, depending on the value of the estate under those jurisdictions.

Step-by-Step: Form 4768 Instructions For Filling Out the Document

Filing Form 706, which must be done within nine months after the date of death to determine if an estate tax return must be filed, can be a daunting task. Fortunately, the IRS offers assistance to those concerned about missing the deadline through Form 4768. This form is the application for an extension to the Form 706 deadline, and it provides an automatic six-month extension. Both Form 706 and Form 4768 must be filed by mail to different addresses for processing, with the extension form being sent to the Internal Revenue Service Center, Attn: Estate & Gift, Stop 824G, 7940 Kentucky Drive, Florence, KY 41042-2915. If applicable, supplemental forms such as 706-A, 706-GS(D-1), 706-NA, or 706-QDT may also need to be filed. Missing the deadline can set off a 5% late penalty for taxes owed per month, with a maximum of 25% of unpaid taxes. As of 2020, e-filing for Form 4768 and Form 706 is not yet allowed.

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Below, we present a table that will help you understand how to fill out Form 4768.

Information Required for Form 706 and Form 4768 Details
Filing Deadline Must be done within nine months after the date of death
Extension Form Form 4768 – Application for a six-month extension
Filing Method Both Form 706 and Form 4768 must be filed by mail
Form 4768 Mailing Address Internal Revenue Service Center, Attn: Estate & Gift, Stop 824G, 7940 Kentucky Drive, Florence, KY 41042-2915
Supplemental Forms May include 706-A, 706-GS(D-1), 706-NA, or 706-QDT if applicable
Late Penalty 5% late penalty for taxes owed per month, max of 25% of unpaid taxes if the deadline is missed
E-Filing Availability (as of 2020) E-filing for Form 4768 and Form 706 is not yet allowed
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Do You Need to File Form 4768 Each Year?

Generally, estates worth greater than the exemption threshold must file Form 706 within nine months of the decedent’s date of death. This threshold has been indexed for inflation and currently stands at $12.06 million for decedents dying in 2022. If you need more time to file Form 706, you can apply for an automatic six-month extension through Form 4768. Both forms must be filed and sent to different addresses by mail. Note that some states may require filing Form 706 at the state level even if federal taxes are not due.

Download the official IRS Form 4768 PDF

On the official IRS website, you will find a link to download Form 706. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 4768

Sources:
https://www.irs.gov/forms-pubs/about-form-4768
https://www.irs.gov/instructions/i4768

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