Common questions

What was the estate tax exclusion in 2012?

What was the estate tax exclusion in 2012?

Federal Estate and Gift Tax Rates, Exemptions, and Exclusions, 1916-2014

Year Estate Tax Exemption Lifetime Gift Tax Exemption
2011 $5,000,000 $5,000,000
2012 $5,120,000 $5,120,000
2013 $5,250,000 $5,250,000
2014 $5,340,000 $5,340,000

What was inheritance tax in 2012?

In his budget proposal for 2012, President Obama included an estate tax with a $3.5 million exemption and a tax rate of 45%.

What was the estate tax exemption in 2010?

$5 million
The estate tax exemption amount for 2010 is $5 million and the estate tax rate is 35%.

What is the estate tax exemption in Illinois?

In Illinois, the exemption level is 4 million dollars. Illinois estates that exceed this amount are subject to a graduated estate tax coinciding with the value of the estate, with the highest rate being 16 percent. Learn more about estate tax planning in our article Illinois Estate Tax Planning Explained.

What was the estate tax exemption in 2001?

The exemption amount for estates was increased incrementally from $675,000 for 2001 deaths to $2 million for deaths in 2006 (Figure A). The exemption amount will increase to $3.5 mil- lion for 2009 deaths.

What was the inheritance tax in 2010?

Exemptions and tax rates

Year Exclusion amount Max/top tax rate
2008 $2 million 45%
2009 $3.5 million 45%
2010 Repealed
2011 $5 million 35%

Do you pay taxes on a POD account?

The value of a POD account generally will not be included in your taxable income because bequests aren’t taxable as income. Any income earned by the POD account prior to the date the bequeather died is reported on their final income tax return.

Is there an estate tax exemption in Illinois?

Illinois Estate Tax Exemption The estate taxthreshold for Illinois is $4 million. This means that if you die and your total estate is worth less than $4 million, the estate won’t owe anything to the state of Illinois.

How to calculate estate taxes upon death in Illinois?

This “portability” election must be made by filing the United States Estate (and Generation-Skipping Transfer) Tax Return. Form 706 changed to include an elimination of the allowable State Death Tax Credit. For decedents dying after 2005, it is now a deduction.

What happens if you increase the estate tax in Illinois?

Increasing the estate tax would make Illinois worse off when the state economy can least afford it. Lawmakers should instead focus on fixing the fiscal issues plaguing the state, such as ballooning pension debt and chronic deficits.

Do you have to pay inheritance tax in Illinois?

Don’t confuse the estate tax with the inheritance tax, which is a separate tax some states levy on recipients of an inheritance after it has been passed on. Illinois Inheritance Tax. There is no inheritance tax in Illinois. The inheritance tax of other states could apply to you, though.