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Inheritance Tax Checklist - Iowa Department of Revenue - Iowa

Inheritance Tax Checklist - Iowa Department of Revenue - Iowa 2025

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The IA 706 Iowa Inheritance Tax Return document outlines the necessary information and procedures for filing an inheritance tax return in Iowa. It includes sections for detailing the decedent's personal information, estate values, deductions, and computations of shares and taxes owed. The form also provides space for executor details, power of attorney authorization, and various elections related to estate management. Additionally, it requires declarations regarding the decedent's marital status and any children born or adopted after the last will was executed.

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Click ‘Get Form’ to open the Inheritance Tax Checklist in the editor.
Begin by entering the decedent’s first and last name, along with their last address, Social Security Number, and date of death. This information is crucial for identifying the estate.
Fill in the executor's details, including their name, mailing address, and Social Security Number. Ensure accuracy as this person will manage the estate's tax obligations.
In the 'Computation of Shares and Tax' section, input values from various schedules to calculate the total gross estate. Follow each line carefully to ensure all figures are correctly added.
Complete any additional fields regarding marital status, children, and elections related to federal estate tax. These details can affect tax calculations significantly.
Review your entries for accuracy before signing. Use our platform’s features to save your progress or share it with others for review.

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What assets are subject to Iowa inheritance tax?

If the decedent was domiciled in Iowa, all intangible personal property must also be included (such as real estate contracts, cash, bank accounts, promissory notes, accounts receivable, mortgages, crop rent, cash rent, stock, bonds, employee pensions, profit sharing plans, and IRAs).

What inherited assets are not taxable?

In most cases, an inheritance isnt subject to income taxes. The assets passed on in an investment or bank account arent considered taxable income, nor is life insurance. However, you could pay income taxes on the assets in pre-tax accounts.

How much can you inherit in Iowa without paying taxes?

Exemptions From Iowa Inheritance Tax For deaths before 2025, if the deceased persons net estate (discussed below) is worth $25,000 or less, no inheritance tax is due. (Iowa Code Ann. 450.4.) Additionally, no inheritance tax return is required if the inheritors are exempt from inheritance tax.

How to avoid Iowa inheritance tax on property?

Property passing to parents, grandparents, great-grandparents, and other lineal ascendants is also exempt from inheritance tax. Property passing to children (biological and legally-adopted children), stepchildren, grandchildren, great- grandchildren, and other lineal descendants is exempt from inheritance tax.

What is the inheritance tax clearance in Iowa?

When payment in full has been received by the Iowa Department of Revenue, an inheritance tax clearance will be issued. The tax clearance releases the property from the inheritance tax lien and permits the estate to be closed.

What assets are free from inheritance tax?

Charity exemption Like the spousal exemption, assets passing to charity on death are exempt from inheritance tax. As such, if an entire estate passes to charity, there will be no inheritance tax due.

Do beneficiaries have to pay taxes on inheritance in Iowa?

For deaths on or after January 1, 2025, Iowa no longer imposes an inheritance tax. Update: Iowa has repealed its inheritance tax for deaths occurring on or after January 1, 2025. For deaths in 2021-2024, Iowa imposed an inheritance tax but reduced the tax rate by 20% each year.

Inheritance Tax Checklist - Iowa Department of Revenue - Iowa 2025

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Inheritance Tax Checklist - Iowa Department of Revenue - Iowa 2025

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How to use or fill out Inheritance Tax Checklist - Iowa Department of Revenue - Iowa with our platform

See more Inheritance Tax Checklist - Iowa Department of Revenue - Iowa versions

Complete this form in 5 minutes or less

Got questions?

What assets are subject to Iowa inheritance tax?

What inherited assets are not taxable?

How much can you inherit in Iowa without paying taxes?

How to avoid Iowa inheritance tax on property?

What is the inheritance tax clearance in Iowa?

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