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00:00 Filing Federal Estate Tax Return After Married Person Dies
2:13 Components Of This Livestream
2:58 The Answer
3:45 Example With Spouses Having A Large $15M Estate
6:45 What Is The Federal Estate Tax Return (IRS Form 706)
9:50 When Is 706 Required To Be Filed?
16:31 The Federal Estate Tax Marital Deduction
20:48 Qualifed Terminable Interest Property (QTIP) Election
29:22 Example With Spouses Each Having A $3M Estate
30:15 Portability of Deceased Spousal Unused Exclusion (DSUE)
35:54 QTIP Election To Minimize Future Capital Gains Tax
38:17 Summary
40:52 Chat And Q&A…(read more)

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When a married person passes away, their estate may be subject to federal estate taxes depending on the size of their estate. It is important to understand when to file a federal estate tax return after a married person dies in order to comply with the law and potentially save on taxes.

In general, a federal estate tax return must be filed within nine months of the date of death of the deceased spouse. However, there are certain circumstances that may require an extension of time to file the return. If the estate is subject to estate taxes, it is important to consult with a tax professional or attorney to ensure compliance with all federal laws and regulations.

One of the key factors in determining whether a federal estate tax return must be filed is the size of the deceased spouse’s estate. For 2022, the federal estate tax exemption is $12.06 million per person. This means that estates valued at $12.06 million or less are exempt from federal estate taxes. The exemption amount is adjusted annually for inflation, so it is important to check with the IRS for the most current exemption amount.

If the deceased spouse’s estate is valued at more than the exemption amount, a federal estate tax return must be filed. The estate tax rate for 2022 ranges from 18% to 40% depending on the size of the estate. Filing a federal estate tax return can help ensure that the estate is taxed at the correct rate and can help avoid penalties for failing to file.

In addition to the size of the estate, there are other factors that may impact when to file a federal estate tax return after a married person dies. For example, if the deceased spouse had made gifts during their lifetime that exceeded the annual gift tax exclusion amount, these gifts may need to be included in the estate for tax purposes. It is important to review all of the deceased spouse’s financial records and consult with a tax professional to determine the correct filing requirements.

Overall, it is important to be aware of the federal estate tax laws and regulations when a married person dies in order to comply with the law and potentially save on taxes. Consulting with a tax professional or attorney can help ensure that the estate is handled correctly and that all necessary forms are filed in a timely manner. By understanding when to file a federal estate tax return, you can help protect the assets of the deceased spouse and ensure that their estate is distributed according to their wishes.