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Estate Tax Exemption Amounts Rhode Island: If a persons taxable estate totals less than $1,648,611* there is no estate tax to be paid. If the taxable estate exceeds $1,648,611, the estate tax is assessed on all assets of the decedent above the $1,648,611 exemption amount.
There is no federal inheritance taxthat is, a tax on the sum of assets an individual receives from a deceased person. However, a federal estate tax applies to estates larger than $11.7 million for 2021 and $12.06 million for 2022.
While there is no inheritance tax in Rhode Island, a deceased persons estate may be subject to state and federal estate taxes. Unlike inheritance tax, estate taxes are paid by the estate of the person who died, not by the heirs and beneficiaries.
Estate and inheritance taxes are taxes levied on the transfer of property at death. An estate tax is levied on the estate of the deceased while an inheritance tax is levied on the heirs of the deceased.
What Return is used to file for the Estate Tax? Beginning January 1, 2022, all estates of a decedent dying on or after 01/01/2015 are required to use the form RI-706. Prior to 01/01/2022, the return required depended on whether the value of the gross estate was above a taxable vs non-taxable estate.

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A federal exemption is only available to individuals, and if you have more than $5.5 million in assets, your estate may still be subject to a state estate tax. But you can still avoid a state estate tax by maximizing your exemption. One way to protect your assets is to use a credit shelter trust.
If youre a resident of Rhode Island and leave behind more than $1,648,611 (for deaths occurring in 2022), your estate might have to pay Rhode Island estate tax. The Rhode Island estate tax is different from the federal estate tax, which is imposed on estates worth more than $12.06 million (for deaths in 2022).
In California, there is no state-level estate or inheritance tax. If you are a California resident, you do not need to worry about paying an inheritance tax on the money you inherit from a deceased individual.
What Return is used to file for the Estate Tax? Beginning January 1, 2022, all estates of a decedent dying on or after 01/01/2015 are required to use the form RI-706. Prior to 01/01/2022, the return required depended on whether the value of the gross estate was above a taxable vs non-taxable estate.
Every business corporation, joint stock company or association exercising corporation functions or otherwise doing business in this state is required to file an annual tax return using Form RI-1120C and is subject to the income tax (minimum $400.00) under R.I. Gen. Laws 44-11-2.

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