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HomeMy WebLinkAbout05-24-05 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES DEPT. Z80601 HARRISBURG, PA 171Z8-0601 *' INFORMATION NOTICE AND TAXPAYER RESPONSE FILE NO. 21 05-0369 ACN 05001511 DATE 05-18-2005 REV.15~S EK'FP [n.DBl ~ ~ !: fJ:[['. OF BRIGHT W KETNER S.S. NO. 191-14-8760 DATE OF DEATH 01-22-2005 COUNTY CUMBERLAND TYPE OF ACCOUNT D SAVINGS [j(] CHECKING D TRUST D CERTlF. REHIT PAYHENT AND FORHS TO: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 SHIELA 837 MANDY CAMPHILL I SMALL LANE PA l10ll COMMERCE BANK has provided the Departllent with the information listed below which has been used in calculating the potential tax due. Their records indicate that at the death of the above decedent, you were a joint owner/beneficiary of this account. If yoU feel this infor.ation is incorrect, please obtain written correction from the financial institution. attach a copy to this for~ and return it to the above address. This account is taxable in accordance with the Inheritance Tax Laws of the Commonwealth of Pennsylvania. Questions may be answered by calling (717) 787-83Z7. COMPLETE PART 1 BELOW . . . SEE REVERSE SIDE FOR FILING AND PAYMENT INSTRUCTIONS Account No. 536615602 Date 12-15-2003 Established Account Balance Percent Taxable A~ount Subject to Tax Rate Potential Tax Due x 454,938.76 50.000 227,469.38 .15 34,120.41 To insure proper credit to your account, two (Z) copies of this notice .ust acco.pany your payment to the Register of Wills. Make check payable to: "Register of Wills, Agent". x NOTE: If tax payments are made within three (3) ~onths of the decedent's date of death, you .ay deduct a 5% discount of the tax due. Any inheritance tax due will become delinquent nine (9) months after the date of death. Tax PART TAXPAYER RESPONSE [!]liiiiii~~~~.liiii~~iiii'~_iiii~~~~iiiii'I.~ii!i!~~~ii~~ilil~!,I~~~~~iiili~liiiiil!~~.~iiii.~glilii.li!il~~~~iiiii~.~!liliiiil [CHECK ] ONE BLOCK ONLY A. 0 The above information and tax due is correct. 1. You may choose to remit payment to the Register of Wills with two copies of this notice to obtain a discount or avoid interest, or you may check box "An and return this notice to the Register of Wills and an official assess.ent will be issued by the PA Department of Revenue. B. S The above asse~s [I~~:~or will be reported and tax paid with the Pennsylvania Inheritance Tax return to be filed by the dent's representative. C. 0 The above information is incorrect and/or debts and deductions were paid by you. You must complete PART 0 and/or PART @J below. x If you indicate a different tax rate, please state your relationship to decedent: PART ~ TAX RETURN - COMPUTATION LINE 1. Date ~stabllshed 2. Account Balance 3. Percent Taxable 4. A~ount Subject to Tax 5. Debts and Deductions 6. Amount Taxable 7. Tax Rate 8. Tax Due OF TAX ON JOINT/TRUST ACCOUNTS 1 2 3 4 5 6 7 8 x PART @] DATE PAID DEBTS AND DEDUCTIONS CLAIMED PAYEE DESCRIPTION AMOUNT PAID I TOTAL (Enter on Line 5 of Tax Computation) of perjury, I declare that the facts I of my knowledge and belief. I $ Under penalties co~plete to the best ~' I h...... .it,- 0'1<.... have reported above are true, correct and HOME (7' 7) 7 3 -, - Go '505 WORK (Ill) .30"- - ~I c,;.L. TELEPHONE NUMBER SI",-e>-/oS DATE GENERAL INFORMATION 1. FAILURE TO RESPOND WILL RESULT IN AN OFFICIAL TAX ASSESSMENT with applicable interest based on inforllation sub.itted by the financial institution. Z. Inheritance tax becomes delinquent nine months after the decedent's date of death. 3. A joint account is taxable even though the decedent"s name was added as a matter of convenience. 4. Accounts (including those held between husband and wife) which the decedent put in joint names within one year prior to death are fully taxable as transfers. 5. Accounts established jointly between husband and wife more than one year prior to death are not taxable. 6. Accounts held by a decedBnt "in trust for" anothsr or others are taxable fully. REPORTING INSTRUCTIONS - PART 1 TAXPAYER RESPONSE 1. BLOCK A - If the information and computation in the notice are correct and deductions are not being claillled# place an "X" in block "A" of Part 1 of the "Taxpayer Response" section. Sign two copies and subrlit them with your 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 or will be reported and tax paid with the Pennsylvania Inheritance Tax Return filed by the decedent's representative# place an "X" in block "B" of Part 1 of the "Taxpayer Response" section. Sign one COpy and return to the PA Department of Revenue# Bureau of Individual Taxes# Dept 280601# Harrisburg# PA 17128-0601 in the envelope provided. 3. BLOCK C _ If the notice infor.ation is incorrect and/or deductions are being clai~ed# check block "C" and complete Parts 2 and 3 according to the instructions below. Sign two copies and sub.it them with your check for the amount of tax payable to the Register of Wills of the county indicated. The PA Depart.ent of Revenue will issue an official assessment (Form REV-1548 EX) upon receipt of the return fro. the Register of Wills. TAX RETURN - PART 2 - TAX COMPUTATION LINE 1. Enter NOTE: the date the account originallY was established or titled in the manner existing at date of death. For a decedent dying after lZ/lZ/8Z: Accounts which the decedent put in joint na.es within one (1) year of death are taxable fully as transfers. However# there is an exclusion not to exceed $3#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 $3#000 exclusion already has been deducted from the account balance as reported by the financial institution. Z. Enter the total balance of the account including interest accrued to the date of death. 3. The percent of the account that is taxable for each survivor is determined as follows: A. The percent taxable for joint assets established .ore than one year prior to the decedent's death: 1 DIVIOED BY TOTAL NUMBER OF JOINT OWNERS Example: A joint asset registered DIVIDED BY TOTAL NUMBER OF X 100 PERCENT TAXABLE SURVIVING JOINT OWNERS in the na.e of the decedent and two other persons. I DIVIDED BY 3 (JOINT OWNERS) DIVIDED BY 2 (SURVIVORS) = .167 X 100 16.7% (TAXABLE FOR EACH SURVIVOR) B. The percent 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 OWNERS DR TRUST BENEFICIARIES X 100 PERCENT TAXABLE Exa.ple: 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 Z (SURVIVORS) = .50 X 100 50% (TAXABLE FOR EACH SURVIVOR) 4. The amount subject to tax (line 4) is deter.ined 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 alllount taxable (line 6) is deter.ined by subtracting the debts and deductions (line 5) from the amount SUbject to tax (line 4). 7. Enter the appropriate tax rate (line 7J as determined below. ~The tax rate lmposed on the net value of transfers from a deceased Chlld twenty-one 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%. The lineal class of heirs includes grandparents# parents# children# and 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. Date of Death Spouse lineal Sibling Collateral 07101/94 to 12/31/94 3% 6% 15% 15% 01/01/95 to 06/30/00 0% 6% 15% 15% 07101/00 to present 0% 4.5%- 12% 15% CLAIMED DEDUCTIONS - PART 3 DEBTS AND DEDUCTIONS CLAIMED Allowable debts and deductions are determined as follows: A. You legally are responsible for payment, or the estate subject to ad.inistration by a personal representative is insufficient to pay the deductible ite~s. B. You actually paid the debts after 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 plain paper 8 1/2" x 11". Proof of payment .ay be requested by the pA Department of Revenue.