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Chicago Illinois Form Instructions 1040: What You Should Know

Illinois Estate Tax — Illinois Attorney General Illinois Estate Tax (IL-1040) — How much do I owe? IRS Estate Tax Return — Taxpayers must file Form 8379 when they have died. Illinois Estate Tax (IL-1040) — How much do I owe? What is Estate Tax Liability? It means that you will owe estate tax on your entire adjusted gross estate. This includes the following: Gross value of all the property Value of all the items (real and personal) in your estate who do not have a price on them Total value of all your taxable property. For more detailed definition please consult any official IRS publication. See IR-40. Income tax returns. If your tax return information is more than one year old, you must make sure your information is current and correct in order to avoid paying a penalty for filing late. A penalty for late filing is 50. You must file Form 8379 and payment must be made by Dec. 31 of each year. The estate tax will be assessed if any of the following event occurs: If you die during the first 10 years of the tax year, the estate tax will be assessed on the remaining balance of the original estate, including any assets transferred (e.g., by testamentary disposition) from your estate. If you die during any of the following 10 years, the estate tax will not be assessed: The period starts and ends with your death. You have a will stating that you are to be taxed according to the manner of death (e.g., the will establishes that you died by intentional act, i.e., suicide, suicide by negligence, etc.). You pay the tax and the amount is less than 2,250. Furthermore, you die by any other event that ends the first 10 years of your estates tax liability period. If any of those events occurs with less than a 10-year period covered, the estate tax will not be considered paid and assessment will resume if you leave a will or if you die within 13 years of making the payment. Example. Janet, age 58, dies and leaves a 4,800 estate. She dies without will. Her estate is subject to the estate tax in 2023 for all remaining years in the estate tax liability period (1st through 10th) except the 13th year because Janet died from a non-will-surviving event.

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