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HomeMy WebLinkAbout02-19-09 ~'~# i ~ - i s ~ ~ i :~~~~e ' ve ,~a • Ca IU Ill FV., Id I o0 x wQ o ~ ~ ~a !xli w lZ ° Z ~ !~l~ ~ w ~ ~ a all ~ } Id~~ m~ x~, W ~~ ~~~~ ~. ~:, ;., ... ,~ ` ~' ~ ~; y ' ~. +,. .^~ .C, rn ` ~ r) ;~ ~ .~ '~ ~ ~.., '~ ~ ~ W : ~ -~ ° . +.. y ,~+ . ~ f, ~+~ 1 ~ , e ~"".. Yr w G: yy .~~ ~o ~a~ {.~ ~ 1 93~ 6~'~t .,.., .,..i i, ,i f 'i f•,1 •e-i ! ~i iii Ii! F!•i ~'i,i .i.q !„i ~~~ ~ . ;_ ~, . . LAW OFFICES OF GATES, HALBRUNER & HATCH, P.C. 1013 MUMMA ROAD • SUITE 100 • LEMOYNE, PENNSYLVANIA 17043 (717) 731-9600 • FAX: (717) 731-9627 LOWELL R. GATES, LL. M. LL. M. in Taxation CORRESPONDENCE ADDRESS: BRANCH OFFICE: Also Admitted to Massachusetts Bar Lemoyne Office 3 WEST MONUMENT SQUARE, SUITE 304 MARK E. HALBRUNER WEB SITE: LEWISTOWN, PA 17044 CRAIG A. HATCH, CELA www.GatesLawFirm.com (717) 248-6909 Certified as an Elder Law Attorney by STACEY L. NACE the National Elder Law Foundation Paralegal/Office Manager CLIFTON R. GUISE TRACT L. SEPKOVIC Also Admitted to practice before the Paralegal U. S. Patent 8 Trademark Office VALERIE LONG SARAH E. McCARROLL Paralegal Februar 18 2~~9 HERIDAN TR C y , Pa alegal Cumberland County Courthouse Office of the Register of Wills One Courthouse Square Carlisle, PA 17013 RE: Arthur Wilson Stetson, deceased Date of Death: November 8, 2008 Dear Register of Wills: Enclosed for filing (in duplicate) is the Information Notice and Taxpayer Response for the joint account Mr. Stetson owned at his date of death. Please time-stamp the additional copy and return it to our office in the enclosed envelope. Thank you for your assistance in this matter. Sincerely, Mark E. Halbruner Enclosures cc: Nancy Jean. Starling, Trustee BUREAU OF INDIVIDUAL TAXES _ PD BOX 280601 HARRISBURG PA 17128-D601 '; NEV-1543 EX AFP (OB-OB) PENNSYLVANIA INHERITANCE INFORMATION NOTICE AND 1:; ~ ~` T'. a4X~R RESPONSE . ,: . ~ ~.:. - -- .: i.. TAX FILE N0. 21 C~ Qlb( ACN 09108035 DATE 02-11-2009 2~09FEB ~ ~ Ply 12: O~ST. OF ARTHUR W STETSON SSN 011-10-9128 ~~-~~"' "~' DATE OF DEATH 11-08-2008 C(~pr-r~`f `>1II:r~;Rr COUNTY CUMBERLAND `,r, r, REMIT PAYMENT AND FORMS T0: ** NANCY J STARLING ti 6335 CREEKVIEW DR REGISTER OF WILLS MECHANICSBURG PA 17055-2038 CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 TYPE OF ACCOUNT ^ SAVINGS ® CHECKING ^ TRUST ^ CERTIF. PNC BANK NA provided the Department with the information below, which has been used in calculating the potential tax due. Records indicate that at the death of the above-named decedent, you were a point owner/beneficiary of this account. If you feel the information is incorrect, please obtain written correction from the financial institution, attach a copy to this form and return it to the above address. This account is taxable in accordance with the Inheritance Tax laws of the Commonwealth of Punnsv lven:-. Pisase caii :7a7: 787-527 wii~~ vucs~:ons. COMPLETE PART 1 BELOW * SEE REVERSE SIDE FOR FILING AND PAYMENT INSTRUCTIONS Account No. 000005003218323 Date 05-15-2008 To ensure proper credit to the account, two Established copies of this notice must accompany Account Balance $ 00 payment to the Register of Wills. Make check Percent Taxable X payable to "Register of Wills, Agent". 50.000 Amount Subject to Tax $ 00 NOTE: If tax payments are made within three Tax Rate months of the decedent's date of death, X . 0 4 5 deduct a 5 percent discount on the tax due. Potential Tax Due $ 00 Any Inheritance Tax due will become delinquent nine months after the date of death. PART ~ TAXPAYER RESPONSE FAILURE TO RESPOND WILL RESULT IN AN OFFICIAL TAX ASSE55MENT A. ^ The above information and tax due is correct. Remit payment to the Register of Wills with two copies of this notice to obtain C CHECK a discount or avoid interest, or check box "A" and return this notice to the Register of 0 N E ~ Wills and an official assessment will be issued by the PA Department of Revenue. B L 0 C K B. I~he above asset has been or will be reported and tax paid with the Pennsylvania Inheritance Tax return 0 N L Y to be filed by the estate representative. C. ^ The above information is incorrect and/or debts and deductions were paid. Complete PART 2^ and/or PART 3^ below. rs ~• 2 - ------•~~ ~ ..~~ inrenc relationship to decedent: tax rate, please state OFFICIAL USE ONLY ^ AAF TAX RETURN - COMPUTATION OF TAX ON JOINT/TRUST ACCOUNTS PA DEPARTMENT OF REVENUE LiNt i. Uate Estaolishetl 1 PAD 2. Account Balance 2 +fi I 3. Percent Taxable 3 X 2 4. Amount Subject 'to Tax 4 $ 3 5. Debts and Deductions 5 - 4 6. Amount Taxable 6 $ 5 7. Tax Rate 7 X 6 8. Tax Due 8 $ 7 B PART 0 DATE PAID DEBTS AND DEDUCTIONS CLAIMED PAYEE DESCRIPTION AMOUNT PAID TOTAL CEnter on Line 5 of Tax Computation) Under nalties of perj r , I declare that the facts I have reported above are true correct and comp to to the st o y wledge and belief. G C~'L ' ~ HOME C ~/ rI ~ 7l ~ ~-3a acs TA AYER G ATURE WORK ( ~ TELEPHONE NUMBER DATE GENERAL INFORMATION 1. FAILURE TO RESPOND WILL RESULT IN AN OFFICIAL TAX ASSESSMENT with applicable interest based on information submitted by the financial institution. 2. Inheritance Tax becomes delinquent nine months after the decedent's date of death. 3. A joint account is taxable even when the decedent's name was added as a matter of convenience. 4. Accounts (including those held between husband and wife) the decedent put in Joint names within one year prior to death are fully taxable. 5. Accounts established jointly between husband and wife more than one year prior to death are not taxable. 6. Accounts held by a decedent "in trust for" another or others are fully taxable. REPORTING INSTRUCTIONS - PART 1 - TAXPAYER RESPONSE 1. BLOCK A - If the information and computation in the notice are correct and deductions are not being claimed, place an "X" in Block A of Part 1 of the "Taxpayer Response" section. Sign two copies and submit them with a check for the amount of tax to the register of wills of the county indicated. The PA Department of Revenue will issue an official assessment (Form REV-1548 EX) upon receipt of the return from the register of wills. 2. BLOCK B - If the asset specified on this notice has been ar will be reported and tax paid with the Pennsylvania Inheritance Tax Return filed by the estate's representative, place an "X" in Block B of Part 1 of the "Taxpayer Response" section. Sign one copy and return to the register of wills of the county indicated. 3. BLOCK C - If the notice information is incorrect and/or deductions are being claimed, check Block C and complete Parts 2 and 3 according to the instructions below. Sign two copies and submit them with Your check for the amount of tax payable to the register of wills of the county indicated. The PA Department of Revenue will issue an official assessment (Form REV-1548 EX) upon receipt of the return from the register of wills. TAX RETURN - PART 2 - TAX COMPUTATION LINE 1. Enter the date the account originally was established or titled in the manner existing at date of deat . NOTE: For a decedent who died after 12/12/82, accounts the decedent put in point names within one year of death are fully taxable. However, there is an exclusion not to exceed 53,000 per transferee, regardless of the value of the account or the number of accounts held. If a double asterisk (~~) appears before your first name in the address portion of this notice, the 53,000 exclusion was deducted from the account balance as reported by the financial institution. 2. Enter the total balance of the account including interest accrued to the date of death. 3. The percentage of the account that is taxable to each survivor is determined as follows: A. The percentage taxable of joint assets established more than one year prior to the decedent's death: 1 DIVIDED BY TOTAL NUMBER OF DIVIDED BY SURVIYINGBJOINT OWNERS MULTIPLIED BV 100 = PERCENT TAXABLE JOINT OWNERS Example: A joint asset registered in the name of the decedent and two other persons: 1 DIVIDED BY 3 (JOINT OWNERS) DIVIDED BY 2 (SURVIVORS) _ .167 X 100 = 16.7 percent (TAXABLE TO EACH SURVIVOR) B. The percentage taxable for assets created within one year of the decedent's death or accounts owned by the decedent but held in trust for another individual(s) (trust beneficiaries): 1 DIVIDED BY TOTAL NUMBER OF SURVIVING JOINT MULTIPLIED BY 100 = PERCENT TAXABLE OWNERS OR TRUST BENEFICIARIES Example: Joint account registered in the name of the decedent and two other persons and established within one year of death by the decedent. 1 DIVIDED BY 2 (SURVIVORS) _ .50 X 100 = 50 percent (TAXABLE FOR EACH SURVIVOR) 4. The amount subject to tax (Line 4) is determined by multiplying the account balance (Line 2) by the percent taxable (Line 3). 5. Enter the total of the debts and deductions listed in Part 3. 6. The amount taxable (Line 6) is determined by subtracting the debts and deductions (Line 5) from the amount subject to tax (Line 4). 7. Enter the appropriate tax rate CLine 7) as determined below. Spouse Lineal Sibling Collateral Date of Death 07/01/94 to 12/31/94 3 percent 6 percent 15 percent 15 percent 01/01/95 to 06/30/00 0 percent 6 percent 15 percent 15 percent 07/01/00 to present 0 percent 4.5 percent * 12 percent 15 percent ^The tax rate imposed on the net value of transfers from a deceased child 21 years of age or younger at death to or for the use of a natural parent, an adoptive parent or a stepparent of the child is 0 percent. The lineal class of heirs includes grandparents, parents, children and other lineal descendents. "Children" includes natural children whether or not they have been adopted by others, adopted children and step children. "Lineal descendents" includes all children of the natural parents and their descendents, whether or not they have been adopted by others; adopted descendents and their descendants; and step-descendants. "Siblings" are defined as individuals who have at least one parent in common with the decedent, whether by blood or adoption. The Collateral class of heirs includes all other beneficiaries. CLAIMED DEDUCTIONS - PART 3 - DEBTS AND DEDUCTIONS CLAIMED Allowable debts and deductions are determined as follows: A. You are legally responsible for payment, or the estate subject to administration by a personal representative is insufficient to pay the deductible items. B. You actually Daid the debts after the death of the decedent and can furnish proof of payment. C. Debts being claimed must be itemized fully in Part 3. If additional space is needed, use 8 1/2" x 11" sheet of Doper. Proof of payment may be requested by the PA Department of Revenue. TAXPAYER ASSISTANCE IF YDU NEED FURTHER INFORMATION OR ASSISTANCE, CDNTACT ANY REGISTER OF WILLS, PA DEPARTMENT OF REVENUE DISTRICT OFFTCE OR THE BUREAU OF INDIVIDUAL TAXES, AT C717} 787-8327. SERVICES FOR TAXPAYERS WITH SPECIAL HEARING AND/OR SPEAKING NEEDS ONLY: 1-80~-447-3020.