Blank Wisconsin W706 Form

Wisconsin W706 - Usage Guidelines

Filling out the Wisconsin W706 form is an important step in managing the estate of a deceased individual. This form requires accurate information about the decedent's estate and must be completed carefully to ensure compliance with state regulations. Follow these steps to fill out the form correctly.

1. Obtain the Wisconsin W706 form from the Wisconsin Department of Revenue website or your local government office.
2. At the top of the form, complete the section labeled "For Department Use Only." This includes the auditor number and other relevant information.
3. Fill in the "Estate of" section with the decedent's name, date of death, date of birth, and social security number.
4. Provide the decedent's address at the time of death, including city, state, and ZIP code.
5. Enter the first name of the surviving spouse and the county where the estate is being probated.
6. Indicate the type of proceeding and the probate case number.
7. Answer the question regarding whether a closing certificate for fiduciaries is needed by selecting "Yes" or "No."
8. Attach a complete copy of the Federal Estate Tax Return (Form 706) to the W706 form.
9. In the computation section, fill out the total state death credit allowable from the Federal Form 706 on line 1.
10. Enter the gross value of property in Wisconsin on line 2.
11. On line 3, provide the gross value of the total estate from the Federal Form 706.
12. Calculate the percent of property in Wisconsin by dividing line 2 by line 3 and enter the result on line 4.
13. Calculate the Wisconsin estate tax by multiplying line 1 by line 4 and enter the amount on line 5.
14. Calculate any interest due (see instructions) and enter it on line 6.
15. Calculate any penalties (if applicable) and enter it on line 7.
16. Add lines 5, 6, and 7 to get the total tax, interest, and penalty on line 8.
17. Record any previous payments made on line 9, including the date of payment.
18. If line 9 is less than line 8, subtract line 9 from line 8 to determine the balance due and enter it on line 10.
19. If line 9 is greater than line 8, subtract line 8 from line 9 to determine the refund and enter it on line 11.
20. Complete the declaration section by signing and dating the form. Provide your name, address, designation, and telephone number.
21. If someone else prepared the return, that person must also sign and provide their information in the designated area.
22. Finally, fill in the address where the certificate determining Wisconsin estate tax should be mailed.

When filling out the Wisconsin W706 form, it is essential to approach the task with care. Here are nine things to keep in mind:

• Do ensure that all personal information is accurate, including the decedent's name, date of death, and Social Security number.
• Do attach a complete copy of the Federal Estate Tax Return (Form 706) as required.
• Do double-check the gross value of property in Wisconsin to ensure it is correctly reported.
• Do calculate the estate tax based on the state death credit allowable.
• Do sign and date the declaration section, confirming the information provided is true and complete.
• Don't leave any sections blank; all required fields must be filled out to avoid delays.
• Don't forget to keep a copy of the completed form for your records.
• Don't submit the form without checking for any errors or omissions.
• Don't ignore the deadlines for filing; timely submission is crucial to avoid penalties.

Completing the Wisconsin W706 form can be a daunting task. Many individuals make common mistakes that can delay the process or lead to complications. Here are seven frequent errors to avoid.

First, omitting the decedent's Social Security number is a critical mistake. This information is essential for the identification of the estate and must be provided to ensure proper processing. Double-check that this number is accurately entered.

Second, failing to include the correct date of death can cause significant issues. Ensure that the date is clearly indicated and matches the official records. Any discrepancies can lead to unnecessary delays in processing the estate tax return.

Third, many people neglect to attach the complete copy of the Federal Estate Tax Return (Form 706). This document is necessary for determining the state death credit and must accompany the W706 form. Without it, the return may be considered incomplete.

Fourth, individuals often miscalculate the gross value of property in Wisconsin. This figure is crucial for determining the estate tax owed. Take the time to accurately assess all property to avoid errors in the calculations.

Fifth, not signing the form is a common oversight. The personal representative or other authorized individual must sign the W706 to validate the return. A missing signature can lead to rejection of the submission.

Sixth, some filers forget to indicate whether a closing certificate for fiduciaries is needed. This decision can impact how the estate is closed, so it’s important to consider and mark this section appropriately.

Lastly, failing to provide the correct contact information can hinder communication. Ensure that the telephone number and address of the individual or firm preparing the return are accurate. This will facilitate any necessary follow-up from the Wisconsin Department of Revenue.

By avoiding these common mistakes, individuals can streamline the filing process and reduce the likelihood of complications with their Wisconsin estate tax return.

The Wisconsin W706 form is a crucial document used for estate tax purposes. When completing this form, several other documents may also be required to ensure compliance with state regulations. Below is a list of these forms, along with a brief description of each.

• Federal Form 706: This is the U.S. Estate (and Generation-Skipping Transfer) Tax Return. It reports the gross estate of the decedent and calculates the federal estate tax owed.
• Wisconsin Form 1: This is the Wisconsin Individual Income Tax Return. It may be necessary if the estate has income that needs to be reported for tax purposes.
• Closing Certificate: This document certifies that the estate has settled all debts and taxes. It is often needed to close the estate with the circuit court.
• Death Certificate: This official document confirms the date of death of the decedent. It is essential for various legal and tax processes.
• Will: The last will and testament of the decedent outlines how their assets should be distributed. It plays a significant role in probate proceedings.
• Trust Documents: If the decedent had a trust, these documents detail the terms of the trust and how assets are to be managed and distributed.
• Inventory of Assets: This document lists all assets owned by the decedent at the time of death. It helps in determining the total value of the estate.

Gathering these documents can streamline the estate tax filing process and ensure that all necessary information is available. Each form plays a vital role in providing a complete picture of the estate and its tax obligations.