Pennsylvania REV-1737-7 -- Schedule I/Schedule J is a form used by Pennsylvania taxpayers to report their income and make estimated tax payments. It consists of two separate forms, the Schedule I and the Schedule J. Schedule I is used to reporting a taxpayer’s income from wages, salaries, commissions, and other forms of compensation, as well as other income from sources such as pensions, annuities, interest, dividends, capital gains, rents, royalties, and other income. Schedule J is used to calculate estimated tax payments due on income not subject to withholding, such as income from self-employment, investments, and other sources. Both forms must be completed and submitted to the Pennsylvania Department of Revenue to report taxable income and make payments of estimated taxes to the Commonwealth.
Pennsylvania REV-1737-7 -- Schedule I/Schedule J
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Use REV-1737-7, Schedule J to report beneficiaries and their relationship to the decedent. IMPORTANT: When flat rate is elected, list beneficia- ries of ONLY Pennsylvania property. When propor- tionate method is elected, list all beneficiaries.
One way to avoid inheritance tax in PA is to make an asset joint. For example, if you have $30,000 in your name alone, and through your will, you give it to a friend of yours, it would be taxed at 15% or they would owe $4,500 in taxes.
PURPOSE OF SCHEDULE Use PA-41 Schedule J to report the total income received by an estate or trust that the estate or trust credited to you as reported on PA-41 Schedule RK-1 and/or NRK-1 or to report the income from the pro-forma PA-40 of a taxable bankruptcy estate.
Out-Of-State Real Estate Is Not Taxed for Pa. Inheritance Tax purposes. Ironically, if the decedent owned a property in Stone Harbor, New Jersey or anywhere outside Pennsylvania, it is not taxed for Pa. Inheritance Tax purposes.
Use Schedule J (Form 1040) to elect to figure your income tax by averaging, over the previous 3 years (base years), all or part of your taxable income from your trade or business of farming or fishing.
PA SCHEDULE J (LINE 7) Report the total income that you received or that the estate or trust credited to you. For PA income tax purposes, an estate or trust cannot distribute a loss. Enter the name, identification number, and amount of PA-taxable income from each PA Schedule RK-1 or NRK-1.
A Pennsylvania resident estate or trust is taxed on all income received in the eight enumerated classes of income from all sources, that is not required to be distributed to a beneficiary currently, and is not paid or credited to a beneficiary, in the same manner as a resident individual.
PURPOSE OF SCHEDULE Use the PA-20S/PA-65 Schedule J to report the total income received from an estate or trust or that the estate or trust credited as reported on PA-20S/PA-65 Schedule RK-1 and/or NRK-1. For Pennsylvania income tax purposes, an estate or trust cannot distribute a loss.