The Wisconsin W706 form is a tax return document used for reporting estate taxes for both resident and nonresident decedents who passed away on or after January 1, 1992. This form captures essential details such as the decedent's personal information, the value of the estate, and any applicable taxes, interest, or penalties. Completing the W706 form is a crucial step in the estate settlement process, ensuring compliance with state tax regulations.
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The Wisconsin W706 form plays a crucial role in the estate tax process for both resident and nonresident decedents whose date of death falls on or after January 1, 1992. This form is essential for reporting the estate's value and calculating the associated tax obligations. It requires detailed information, including the decedent's social security number, date of birth, and address at the time of death. Additionally, the form asks for the name and address of the surviving spouse, if applicable, as well as the type of probate proceeding underway. One significant aspect of the W706 form is the requirement to attach a complete copy of the Federal Estate Tax Return, known as Form 706. This connection to federal tax requirements ensures that state and federal obligations align. The form also includes sections for computing the total state death credit, gross property values in Wisconsin, and the overall estate value. Tax calculations are clearly outlined, detailing the estate tax due, any applicable interest, and penalties. Finally, the W706 includes a declaration section where the personal representative or other authorized individual must attest to the accuracy and completeness of the information provided. This form is not just a bureaucratic requirement; it is a vital step in the process of settling an estate in Wisconsin.
The Wisconsin W706 form is the state estate tax return required for the estates of both resident and nonresident decedents who passed away on or after January 1, 1992. This form is used to calculate the Wisconsin estate tax based on the gross value of the estate and the allowable state death credit from the federal estate tax return, Form 706.
Any personal representative, special administrator, or trustee responsible for managing the estate of a decedent who meets the criteria must file the W706 form. This includes estates of individuals who were residents of Wisconsin at the time of death, as well as nonresidents who owned property in Wisconsin. If the estate is subject to Wisconsin estate tax, the W706 form must be completed and submitted.
The form requires various details about the decedent and the estate. Key information includes:
Additionally, the form must be signed by the personal representative or preparer, affirming that the information provided is accurate and complete.
The estate tax is calculated by taking the total state death credit allowable from the federal estate tax return and multiplying it by the percentage of the property located in Wisconsin. Other factors, such as interest and penalties, may also be included in the total tax amount. It’s important to follow the instructions carefully to ensure accurate calculations.
Once the W706 form is completed, it should be mailed to the Wisconsin Department of Revenue. The mailing address is:
Wisconsin Department of Revenue Post Office Box 8904 Madison, Wisconsin 53708-8904
Be sure to include any required attachments, such as a complete copy of the federal estate tax return (Form 706), and make checks payable to the Wisconsin Department of Revenue if there are taxes due.
Here are some key takeaways for filling out and using the Wisconsin W706 form:
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Misconception 1: The W706 form is only for residents of Wisconsin.
In reality, the W706 form is applicable to both resident and nonresident decedents. It’s essential to understand that if the decedent owned property in Wisconsin, the form must be filed regardless of residency status.
Misconception 2: Filing the W706 form is optional.
This form is required when the estate meets certain thresholds. If the decedent's estate exceeds the specified value, filing the W706 becomes mandatory to comply with Wisconsin estate tax regulations.
Misconception 3: The W706 form can be filed without the Federal Form 706.
The W706 form requires a complete copy of the Federal Estate Tax Return, Form 706, to be attached. This ensures that all necessary information is available for calculating the state estate tax accurately.
Misconception 4: There are no penalties for late filing of the W706 form.
Filing the W706 form late can result in penalties and interest charges. It’s crucial to adhere to deadlines to avoid additional costs that can arise from delayed submissions.
Misconception 5: The W706 form does not require a personal representative's signature.
A declaration by a personal representative, special administrator, or trustee is necessary. This signature confirms that the return is accurate and that a diligent search for the decedent's property has been conducted.
For Department Use Only
TO VAL
WISCONSIN ESTATE TAX RETURN
AUDITOR NUMBER
FORM
W706
For Estates of Resident and Nonresident Decedents when
■ 7AU
■ 11OP
■ 12OP
Date of Death is on or after January 1, 1992
■ 8AU
■ 11CL
■ 12CL
ESTATE OF
DATE OF DEATH
DATE OF BIRTH
SOCIAL SECURITY NUMBER
ADDRESS OF DECEDENT AT DATE OF DEATH
CITY
STATE
ZIP CODE
FIRST NAME OF SURVIVING SPOUSE
COUNTY
TYPE OF PROCEEDING
PROBATE CASE NUMBER
Will a closing certificate for fiduciaries be needed to close the
ESTATES FEDERAL ID NUMBER (EIN)
■
Yes
No
estate with the circuit court?
Attach Complete Copy of Federal Estate Tax Return – Form 706
Make Checks Payable to and Mail to:
Wisconsin Department of Revenue
Post Office Box 8904
Madison, Wisconsin 53708-8904
Telephone Number (608) 266-2772
Phone help for hearing-impaired people with TDD equipment (608) 267-1049
1
Total state death credit allowable (from Federal Form 706)
.
. .
COMPUTATION
2
Gross value of property in Wisconsin .
. . . . . . .
. . . .
. . .
. . . . . . . . . .
OF
3
Gross value of total estate (Federal Form 706)
WISCONSIN
4
Percent of property in Wisconsin (line 2 divided by line 3)
%
ESTATE TAX
5
Wisconsin estate tax (line 1 multiplied by line 4)
INTEREST
6
Interest @ 12% (from
to
) (see instructions)
AND
7
Penalty (see instructions)
PENALTY
8
TOTAL TAX, INTEREST AND PENALTY (line 5 plus lines 6 and 7)
TAX DUE
9
Previous payment (enter date
)
OR
10
If line 9 is less than line 8, subtract line 9 from line 8 . . .
. Balance Due
REFUND
11
If line 9 is greater than line 8, subtract line 8 from line 9
. . . . . . Refund
DECLARATION of personal representative, special administrator, trustee, distributee or other person signing Form W706.
I declare that I have made a diligent and careful search for property of every kind owned by the decedent, and that this return has been examined by me and is to the best of my knowledge, true, correct and complete. If this return is prepared by anyone other than the person filing this return, the preparer’s separate declaration is based on all information of which he or she has any knowledge.
NAME
ADDRESS
SIGN HERE
DESIGNATION
DATE
TELEPHONE NUMBER
( )
Person preparing the return (individual and firm) if other than the preceding signer.
The certificate determining Wisconsin estate tax will be mailed to the individual/firm at the address shown below:
NAME OF INDIVIDUAL OR FIRM
ATTN OR C/O
HT-005 (R. 12-95)