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Click ‘Get Form’ to open the PA Inheritance Tax Waiver Form in the editor.
Begin by filling out the Decedent Information section. Enter the decedent's name, social security number, date of death, and address details accurately.
Next, provide information about the corporation, financial institution, or broker handling the assets. Include their name, address, and telephone number.
In the Account Information section, select the type of account (e.g., capital stock or registered bond) and enter the identifying number and account balance as of the decedent's date of death.
Fill out each Beneficiary Information section for up to three beneficiaries. Include their names, addresses, social security numbers, relationship to the decedent, and percentage taxable.
If there are more than three beneficiaries, list additional ones on a separate sheet while ensuring all required information is included.
Finally, print the completed form and sign it before submitting it to the Pennsylvania Department of Revenue.

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Who is exempt from inheritance tax in PA?

Property owned jointly between husband and wife is exempt from inheritance tax, while property inherited from a spouse, or from a child aged 21 or younger by a parent, is taxed a rate of 0%. Inheritance tax returns are due nine calendar months after a persons death.

Will PA eliminate inheritance tax?

Under the second piece of legislation, the inheritance tax rate will drop to 4.25 percent from 4.5 percent for decedents dying on or after July 1, 2025; drop to 4 percent for decedents dying on or after July 1, 2026; and will then continue to decrease by one-half of one percent every year on July 1, until the tax is

Is there a way to avoid Pennsylvania inheritance tax?

Assets jointly owned by spouses with a right of survivorship, including real estate and bank accounts, are generally exempt from inheritance taxes in Pennsylvania. Right of survivorship is a type of joint property ownership where the property transfers automatically to the surviving co-owners when one owner dies.

How to avoid beneficiaries paying inheritance tax?

Transfer assets into a trust Because those assets dont legally belong to the person who set up the trust, they arent subject to estate or inheritance taxes when that person passes away. Setting up a trust also has other financial benefits, such as helping the estate avoid probate.

How much is inheritance taxed in PA?

4.5 percent on transfers to direct descendants and lineal heirs; 12 percent on transfers to siblings; and. 15 percent on transfers to other heirs, except charitable organizations, exempt institutions and government entities exempt from tax.

pa inheritance tax waiver form

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