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10487: 706 - Form Availability


706 Estate

The taxpayer died in January 20YY. Form 706 is due 9 months after the decedent's death. When will the 20YY version of Form 706, U.S. Estate and Generation Skipping Transfer Tax Return, be available?

 

You do not need to wait for the corresponding Form 706 - you can use the prior year version. IRS now permits Form 706 to be filed for a decedent whose death occurs after the tax year. This change was implemented in Drake Tax, beginning with Drake13.

  • In Drake14, you can use Form 706 for a decedent who died in 2014 or 2015.
  • In Drake15, you can use Form 706 for a decedent who died in 2015 or 2016.
  • In Drake16, you can use Form 706 for a decedent who died in 2016 or 2017.
  • In Drake17, you can use Form 706 for a decedent who died in 2017 or 2018.
  • In Drake18, you can use Form 706 for a decedent who died in 2018 or 2019.
  • In Drake19, you can use Form 706 for a decedent who died in 2019 or 2020. 
  • In Drake20, you can use Form 706 for a decedent who died in 2020 or 2021.
  • In Drake21, you can use Form 706 for a decedent who died in 2021 or 2022. 
  • In Drake 22, you can use Form 706 for a decedent who died in 2022 or 2023. 

Note: You still cannot use Form 706 for a decedent death that precedes the tax year. Form 706 cannot be updated from one year to another. This is because they are closed out the same year that they are filed.

In prior years, the decedent's date of death had to be reported on the Form 706 for that year, so a death early in the year meant waiting until that year's Form 706 became available.

Note: Keep in mind that the software will make calculations based on the instructions available for the year being prepared. For instance, if the instructions for the 20YY 706 form have not yet been finalized, year specific amounts and calculations, like the exclusion amount, will not populate in the software.

Note: Form 4768, the Application for Extension of Time to File, for form 706, is available in the software. Data entry for the 4768 is located on the Supplemental Forms tab, on screen EXT


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