Form 712: Life Insurance Statement
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Form 712: Life Insurance Statement

Form 712 is an IRS form used to report life insurance proceeds and other benefits received following the death of an insured. It is required to be completed and filed with the IRS within nine months of the date of death of the insured and must be signed by the beneficiary or the executor of the estate.

What is Form 712?

Form 712 is an IRS form used to report the life insurance proceeds received by a beneficiary or an estate. The form must include the name and address of the insurance company that issued the policy, the policy number, and the date of death of the insured as well as the amount of life insurance proceeds received, the amount of any premiums paid, and the amount of any other benefits received. The form must also report the amount of any income tax withheld from the proceeds and must be signed by the beneficiary or executor. It must be completed and filed with the IRS within nine months of the date of death of the insured. Further instructions such as separate statements for each policy, the time to complete and file the form, and the report on line 13 of the annual premium must also be kept in mind when filling out this form.

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IRS Form 712 – Who Needs to Fill It Out?

Form 712 is an IRS form that must be filled out and filed with the IRS within nine months of the date of death of the insured. The form is used to report life insurance proceeds and other benefits received, the amount of any premiums paid, and the amount of any income tax withheld from the proceeds. It must be signed by the beneficiary or the executor of the estate and must include the name and address of the insurance company, the policy number, and the date of death of the insured. Separate forms must be filed for each policy, and the annual premium (not the cumulative premium to date of death) must be reported on line 13. Failure to provide the information requested on this form may result in penalties or other legal ramifications.

Step-by-Step: Form 712 Instructions For Filling Out the Document

Filling out Form 712 is a simple process. Firstly, ensure all requested information is provided and Print on recycled paper, sign the form and provide the name and address of the insurance company that issued the policy, the policy number, and the date of death of the insured. Also, include the amount of life insurance proceeds received, the amount of any premiums paid, and the amount of any other benefits received. The form must be completed and signed by the beneficiary or the executor of the estate. Once completed, the form must be filed with the IRS within nine months of the date of death of the insured. Line 13 must be reported with the annual premium and if death occurred after the end of the premium period, report the last annual premium. Documents and records must be retained as long as the contents may become material in administration of any Internal Revenue law. Always follow the instructions for the tax return with which this form is filed and do not send the tax form to that office; instead, return it to the executor or representative who requested it.

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Below, we present a table that will help you understand how to fill out Form 712.

Information Required for Form 712 Details
Filing Deadline Within nine months of the date of death of the insured
Completeness Provide all requested information
Required Information Policy details, premiums, benefits received, etc.
Filing Location File with the IRS
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Do You Need to File Form 712 Each Year?

FORM 712 must be filled out and submitted to the IRS within nine months of the date of death of the insured. The form must be signed by the beneficiary or the executor of the estate and must include the name and address of the insurance company that issued the policy, the policy number, and the date of death of the insured. Additionally, separate statements must be filed for each policy and the annual premium must be reported on line 13 of the form. It is important to note that if death occurred after the end of the premium period, the last annual premium should be reported. All books and records related to the form and its instructions should be retained for as long as their contents are material to any Internal Revenue Law.

Download the official IRS Form 712 PDF

On the official IRS website, you will find a link to download Form 712. 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 712

Sources:

https://www.irs.gov/forms-pubs/about-form-712

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