8971-2026

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The document provides updated filing instructions for Form 8971, which is used to report information regarding beneficiaries acquiring property from a decedent. It specifies the new address for submitting the form and includes sections for executor and beneficiary information, as well as details about the property acquired. The document emphasizes the importance of privacy and proper reporting for tax purposes.

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Click ‘Get Form’ to open it in the editor.
Begin with Part I, where you will enter the decedent's name, date of death, and Social Security Number (SSN). Ensure accuracy as this information is crucial for identification.
Next, provide the executor's details including their name, phone number, TIN, and complete address. If there are multiple executors, check the appropriate box and attach a statement with their information.
In Part II, list each beneficiary receiving property from the estate. For each beneficiary, fill in their name, TIN, address, and the date this information was provided.
Complete any additional schedules as necessary by clicking ‘Add Schedule A’ if more space is needed for beneficiaries or property details.
Finally, review all entries for accuracy before signing. The executor must sign and date the form before submission.

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Are IRAs included in estate tax calculation?

Retirement Accounts are Subject to Income Tax at Death At the death of an owner of a large retirement account, like an IRA, the retirement asset can be subject to as many as six separate taxes. Most assets get what is known as a step-up in basis at death.

Do you report IRA on form 8971?

Generally, a Roth IRA is not IRD when it is inherited. Since a Roth IRA is not IRD, arguably it needs to have its date-of-death value reported on Form 8971, while a regular IRAs value can be excluded since it is usually IRD.

Is an IRA included in probate?

Whether your IRA goes through probate hinges on the beneficiary youve designated. If you name an individual like your spouse, child, or friend, the account will skip probate entirely.

Is an IRA included on form 8971?

Therefore, apparently this meaningless statement of the date-of-death value of Roth IRAs must be furnished to the IRS and beneficiaries on Form 8971. For most beneficiaries, and most inherited retirement plans and IRAs, 100% of the inherited account represents income in respect of a decedent (IRD).

Who must file IRS form 8971?

Executors file this form to report the final estate tax value of property distributed or to be distributed from the estate, if the estate tax return is filed after July 2015. This form, along with a copy of every Schedule A, is used to report values to the IRS.

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What is the penalty for not filing 8971?

In addition, an executors failure to file IRS Form 8971 or to furnish the required statement to the beneficiary may trigger penalties under sections 6721 and 6722, respectively, which are generally USD 260 (adjusted for inflation) per form or statement.

What is the normal due date for form 8971 and schedule A?

(1) Reporting of Undistributed Property. The Form 8971 and beneficiary Statements (attached as Schedules A to the Form 8971) generally must be filed within 30 days after the estate tax return is due (or is filed before the due date).

What is excluded from form 8971?

Do you have to report cash and cash equivalents on Form 8971? No. There are four types of assets that are excluded on the form: cash, IRD, certain tangible personal property and property that is sold, exchanged, or otherwise disposed of in a transaction in which capital gain or loss is recognized.