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HomeMy WebLinkAbout07-09-10PENNSYLVANIA INHERITANCE TAX INFORMATION NOTICE ~~_ ~o_d7bJ~ BUREAU OF INDIVIDUAL TAXES AND FILE ND-.g}-- PD Bax 286601 TAXPAYER RESPONSE ACN 10133414 NARR1seuRC PA lnza-oral DATE 06-17-2010 uv-osos cx N•P :oe-os, ..~. A c ~': - ~' 1 ~C) i~ .. ~ L --; ~ d~~y ~~' 1 "~ Q- ~ tx' y: ~ : ~ IAM~ ~ us ~TCHELL ~, ;~ . ~6;~'~--~'i50 ARLIZD ROAD Cry GAR RS PA 17324 1`J TYPE OF ACCOUNT EST. OF CARLY MITCHELL ® SAVINGS SSN 183-82-7843 ^ CHECKING DATE OF DEATH 05-27-2010 ^ TRUST COUNTY ..A~}1tMSC,u,rylb~?~~ ^ CERTIF. REMIT PAYMENT AND FORMS T0: REGISTER OF WILLS ~~T-T-i~9'Btl , ~:-, MEMBERS 1ST FCU provided the Department with the information below, which has been used in caleulatinp the potential tax due. Records indicate that at the death of the above-named decedent, you were a joint owner/beneficiary of this account. If you fool the information is incorrect, Dlease obtain written correction from the financial institution, attach a eopv to this fors and return it to the above address. This account is taxable in accordance with the Inheritance Tex laws of the Commonwealth of Pennsylvania. Please call (717) 767-8327 with questions. COMPLETE PART 1 BELOW ^ SEE REVERSE SIDE FOR FILING AND PAYMENT INSTRUCTIONS Account No. 298260-00 Data O1-D2-2007 Account Balance Percent Taxable Amount Su6~ect to Tax Tax Rata Potential Tax Duo Established $ 599.19 X 50.000 S 299.60 X .045 $ 13.48 ,p snaurr yrepar crealL Lo LAB aCCOUOL• LNO copios of this notice must accompany pavmant to the Raeister of W111s. Make chock payable to "Register of Wills, Aeant". NOTE: If tax DeYments era made within throe months of the decedent's data of death, deduct a 5 percent discount on the tax due. Any Inheritance Tax due will become delinquent nine months after the dat• of death. r~' TAXPAYER RESPONSE 1 A. ^ The above information and tax due is correct. Remit pavmant to the Register of Wills with two copios of this notice to obtain CHECK a discount or avoid interest, or chock box "A" and return this notice to the Resister of C ONE ~ Wills and an official assessment will be issued by the PA Departaent of Revenue. BLOCK B. ^ The above asset has been or will ba reported and tax paid with the Pennsylvania Inheritanc• Tax return DNL Y t be filed by the estate representative. C. The above 3nf orma ion is incorrect and/or debts and deductions ware paid. Complete PART 2~ and/or PART 3^ below. PART TAX If indicating a different tax rate, pleasestate relatlonshlp to decedent: LINE 1. Date Esta613shed RETURN - COMPUTATION f- -- TOTAL CEnter on Lin• 5 of Taz Computation) ~ U er penalties of porj ry,' "I~ declare that the facts I have reported above are true, correct and eo ]yRtl~to t,o bast of~ny ~pglodge and belief. ..,,.,~ _ 1.~, _ :101__V'~III. WORK ( '~ ~'~ ) ,~~ '•+..v..~R aawnis:une TELEPHONE NUMBER DATE l GENERAL INFORMATION FAILURE TO RESPOND WILL RESULT IN AN OFFICIAL TAX ASSESSMENT with applicable interest based on information submitted by the financial institution. Inheritance Tax becomes delinquent nine months after the decedent's date of death. A joint account is taxable even when the decedent's nave was added as a natter of convenience. Accounts (including those held 6etwaen husband and wife) the decedent put in joint names within one year prior to death are fully taxable. Accounts established jointly between husband and wife pore than one year prior to death are not taxable. Accounts hold by a decedent "in trust for" another or others are fully taxable. REPORTING INSTRUCTIONS - PART 1 - TAXPAYER RESPONSE 1. BLOCK A If the inf ornation and computation in the notice are correct and deductions are not being claimed, place an "X" in Block A of Part 1 of the "TaxpayerResponse" section. Sign two copies and submit then with a check for theamount of tax to the register of wills of the county indicated. The PA Department of Revenue will issue an official assessment CForn REV-1548 EX) upon receipt of the return from the register of wills. 2. BLOCK 8 - If the asset specified on this notice has been or will be reported and tax paid with the Pannsvlvania 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 info nation is incorrect and/or deductions are beino claimed, chock Block C and comvlete Parts 2 and 3 according to the instructions 6alow. Sign two copies and subsit then with your check far the amount of tax payable to the register of wills of the county indicated. The PA Department of Revenue will issue an official assessnent (Form REV-1548 EX) upon receipt of the roturn from the rogister of wills. TAX RETURN - PART 2 - TAX COMPUTATION LINE 1. Enter the date the eeGOUnt originally was established or titled in the manner existing at date of death. NOTE: For a decedent who died after l2/12/82, accounts the decedent put in joint names withinone year of death are fully taxable. However, there is an exclusion not to exceed 83,000 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 add toss Dortion of this notice, the 13,000 exclusion was deducted fron 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. Tha percentage taxable of joint assets established more than one year prior to the decedent's death: 1 DIVIDED BY TOTAL NUMBER OF DIVIDED BY TOTAL NUMBER OF MULTIPLIED BY 100 = PERCENT TAXABLE JOINT OWNERS SURVIVING JDINT GVNERS Example: A joint asset registered in the name of the decedent and two other persons: 1 DIVIDED BY 3 (JOINT OWNERS) DIVIDED 8Y 2 (SURVIVORS) _ .167 X 100 = 16.7 percent (TAXABLE TO EACH SURVIVOR) B. The percentage taxable for assets created within ono year of the decedent's death or accounts owned by the dacadant but held in trust for another individual(s) (trust beneficiaries): 1 DIVIDED BY TOTAL NUMBER OF SURVIVING JOINT MULTIPLIED BV 100 = PERCENT TAXABLE DWNERS OR TRUST BENEFICIARIES Exanole: Joint account registered in the nave of the decedent and two other persons and established within one Year of death by the decedent. 1 DIVIDED BY 2 (BURN IYORS) = .50 X 100 = 50 percent (TAXABLE FOR EACH SURVIVOR) 4. The anount subject to tax Cline 4) is determined by multiply ine the account balance CL ine 2) by the percent taxable CL ine 3). 5. Enter the total of the debts and deductions listed in Part 3. 6. The amqunt taxable [Line 6) is determined by subtracting the debts and deductions (Line 5) fron the anount subject to tax (Line 4). 7. Enter the appropriate tax rate (Line 7) as datarnined below. ssa The lineal class o hairs includes grandparents, parents, children and otherlineal descendents. "Children" includes natural children uhethor or not they have boon adopted by others, adopted children and stop 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 stap-descendants. "Siblings" era daf load as individuals who have at least one parent in common with the decadent, whether by blood or adoption. The Collateral class of hairs includes all other beneficiaries. CLAIMED DEDUCTIONS - PART 3 - DEBTS AND DEDUCTIONS CLAIMED Allowable debts and deductions are determined as follows: Date of Death Spouse Lineal Sibling Collateral 07/01/94 to 12/31/94 3 percent 6 poreont 15 percent 15 percent 01/01/95 to 06/30/00 0 percent 6 poreont 15 percent 15 percent 07/01/00 to present 0 percent 4.5 percent * 12 percent 15 percent A. You ere legally responsible for payment, or the estate subject tq administration by a Dersonal representative is insufficient to pay the deductible items. B. You actually paid the debts after the death of the decedent and can furnish proof of payment. C. Debts Going claimed must be itemized fully in Part 3. If additional space is needed, use 8 1/2" x 11" sheet of paper. Proof of payment may he requested by the PA Department of Revenue.