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Pennsylvania REV-1514 -- Schedule K - Life Estate, Annuity & Term Certain

Category:
Local County - York - Register of Wills
State:
Pennsylvania
Control #:
PA-SKU-2986
Format:
PDF
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Description

REV-1514 -- Schedule K - Life Estate, Annuity & Term Certain
Pennsylvania REV-1514 -- Schedule K — Life Estate, Annuity & Term Certain is a form used by taxpayers to report and remit taxes on life estate, annuity and term certain payments received from a trust, estate or will in the state of Pennsylvania. This form is used to report and pay the Inheritance Tax imposed by Pennsylvania on transfers of the above-mentioned payments. There are three types of Pennsylvania REV-1514 -- Schedule K — Life Estate, Annuity & Term Certain: “Life Estate”, “Annuity” and “Term Certain”. The Life Estate form is used when the taxpayer is the life tenant of a trust or estate and is receiving payments from the trust or estate. The Annuity form is used when the taxpayer is the beneficiary of an annuity or other payment for life. The Term Certain form is used when the taxpayer is the beneficiary of a term certain payment from a trust or estate.

Pennsylvania REV-1514 -- Schedule K — Life Estate, Annuity & Term Certain is a form used by taxpayers to report and remit taxes on life estate, annuity and term certain payments received from a trust, estate or will in the state of Pennsylvania. This form is used to report and pay the Inheritance Tax imposed by Pennsylvania on transfers of the above-mentioned payments. There are three types of Pennsylvania REV-1514 -- Schedule K — Life Estate, Annuity & Term Certain: “Life Estate”, “Annuity” and “Term Certain”. The Life Estate form is used when the taxpayer is the life tenant of a trust or estate and is receiving payments from the trust or estate. The Annuity form is used when the taxpayer is the beneficiary of an annuity or other payment for life. The Term Certain form is used when the taxpayer is the beneficiary of a term certain payment from a trust or estate.

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FAQ

Annuities typically do not go through probate when they are inherited because most annuity owners name a designated beneficiary. However, they may still be subject to probate if there is no named beneficiary, or if the beneficiary is no longer alive.

An inheritance tax return must be filed for every decedent (or person who died) with property that may be subject to PA inheritance tax. The tax is due within nine months of the decedent's death. After nine months, the tax due accrues interest and penalties.

The purpose of REV-1543 is to make sure that the tax on a joint bank account is paid regardless of whether an estate files a REV-1500. The purpose of checkbox E on the REV- 1543 is to deflect tax collection efforts away from the surviving joint owner toward the estate, so that the tax is not being collected twice.

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.

Annuities are taxed as ordinary income when inherited. The proceeds of inheritance are taxable. If a beneficiary opts to receive the money all at once, they must pay taxes immediately.

Many people do not realize that there are certain types of assets that are exempt from inheritance tax. As an example, life insurance proceeds which are paid directly to a beneficiary or are paid to the estate of the decedent are exempt.

Pennsylvania inheritance tax rates A 4.5% tax rate applies to assets that go to lineal heirs. These include children, stepchildren and grandchildren. A 12% tax rate applies to collateral beneficiaries such as siblings. A 15% tax rate applies to other heirs such as nieces and nephews.

The responsible party is the person named in the will as executor or, if the person dies without a will, the individual who is approved as administrator by the register of wills after a petition is filed.

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More info

This schedule should be used for all single-life, joint or successive life estate and term-certain calculations. For dates of death prior to 5-1-89,.This schedule should be used for all singlelife, joint or successive life estate and termcertain calculations. This 1-page document is available for download in PDF;; Actual and applicable for the current year;; Complete, printable, and free. Schedule K Life Estate, Annuity and Term Certain . Passthrough AMT adjustment from an estate or trust reported on Schedule K1 (541). Yes Get and complete Schedule P (540NR) , Alternative. Passthrough AMT adjustment from an estate or trust reported on Schedule K1 (541). Yes Get and complete Schedule P (540NR) , Alternative. Tax Credit Recap Schedule Instructions .

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