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The Ohio ET 2 form occupies a pivotal role in the realm of estate administration for those passing away on or after January 1, 2002, with assets exceeding the gross value threshold of $338,333. As a comprehensive tool for calculating estate tax, it serves as a critical document for executors and administrators navigating the intricacies of estate settlement in Ohio. The form demands a thorough examination of the decedent's estate, including real property, stocks, bonds, and other assets, to ascertain the taxable estate after deductions such as debts, administration expenses, and marital bequests. Additionally, it prompts consideration of several elections that can impact tax computation, like choosing alternate valuation for assets or claiming deductions for family-owned business interests. Beyond merely providing a mechanism for tax calculation, the ET 2 form also includes sections for declaring the executor or administrator's wish to waive receipt of further correspondence from the Ohio Department of Taxation, thereby channeling all communication to the designated legal representative of the estate. This procedure underscores the form's significance not just in fiscal terms, but as a vital connector between the taxing authorities and the individuals managing the decedent's estate. Understanding and completing the Ohio ET 2 form correctly is thus essential for ensuring compliance with state tax laws and facilitating the efficient administration of the estate.

Example - Ohio Et 2 Form

ET 2

Rev. 12/01

OHIO ESTATE TAX

RETURN AND

INSTRUCTIONS

For estates with dates of death on or after

January 1, 2002 with a gross value of more than $338,333.

For completing the Ohio estate tax return for estates with dates of death on or after January 1, 2002, please review the following:

Read the General Information section located on pages 6 and 7 for in- structions.

Complete only the applicable schedules of the return, which are available through our web site (tax.ohio.gov) or by contacting the Ohio Department of Taxation. See pages 4 and 5 for listing of schedules.

Check your computation.

Follow the instructions in the General Information section, page 6, for where to file and pay.

Note: Estates with dates of death January 1, 2001–December 31, 2001 are re- quired to file an Ohio estate tax form 2, revised 1/2001.

Estates with dates of death prior to January 1, 2001 are required to file an

Ohio estate tax form 2, revised 7/2003.

For further information, please contact the Estate Tax Division’s

toll-free information and assistance line

at

1 (800) 977-7711

(Ohio Relay Service)

1 (800) 750-0750

Ohio Estate Tax Return for all Resident Filings for Dates of Death on or after January 1, 2002

File in duplicate with the Probate Court

Check one:

Taxable

Nontaxable

ET 2

Rev. 12/01

Estate of: Decedent’s last name

Decedent’s first name and initial

Date of death

 

 

 

 

 

Date of birth

Cause of death

Occupation

 

 

 

Decedent retired Yes

No

 

 

 

Address of decedent at time of death (number and street, city, state and ZIP code)

Decedent’s social security number

 

 

 

 

County in Ohio where probate court located, will probated or estate administered

Case number

 

 

 

 

 

 

Tax Computation

 

 

 

 

 

 

 

 

1.

Total gross estate (if less than $338,333, return is not required) (from page 2)

$

 

 

 

 

 

 

 

 

 

2.

Total deductions (from page 2)

$

(

)

 

 

 

 

 

 

 

3.

Net taxable estate (line 1 minus line 2)

$

 

 

 

 

 

 

 

 

 

4.

Tentative tax based on line 3 (use table on page 2)

$

 

 

 

5.

Less: Estate tax credit

$

( 13,900

)

 

 

 

 

 

 

 

6.

Tax (subtract line 5 from line 4; if line 5 is more than line 4, enter -0-)

$

 

 

 

 

 

 

 

 

 

7.

Less: Previous payments

$

(

)

 

 

 

 

 

 

 

8.

Balance due(ifamountonline7islessthantaxamountonline6,enterdifferenceasbalancedue)

$

 

 

 

 

 

 

 

 

 

9.

Overpayment (ifamountonline7isgreaterthantaxamountonline6,enterdifferenceasarefund)

$

(

)

 

 

 

 

 

 

 

Executor/Administrator Waiver to Receive Correspondence

I/we do not wish to receive further correspondence from the Ohio Department of Taxation regarding this estate, and hereby authorize all such communication to be directed only to the estate’s legal representative named below.

Signature of executor/administrator

Declaration

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete. Declaration of preparer other than the deceased’s personal representative or person in possession of property is based on all information of which preparer has any knowledge.

Name of attorney representing the estate

Address (number and street, city, state and ZIP code)

Telephone

Name of executor/administrator(s)

Address (number and street, city, state and ZIP code)

Telephone

Signature of executor/administrator(s)

Date

Signature of preparer

Date

Date Filed with Probate Court

Distribution of Subdivision’s Share of Tax

(Ohio Revised Code Section 5731.48 and 5731.50)

Percentage

City, Village or Township

 

 

 

 

Date Received by

Ohio Department of Taxation

- 1 -

 

 

 

 

 

 

 

 

 

 

ET 2

 

 

 

 

 

 

 

 

 

 

Rev. 12/01

 

 

 

 

 

 

 

 

 

 

Page 2

Recapitulation of Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule

 

 

 

Alternate Value

 

 

Value at Date of Death

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A. Real property

$

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B. Stocks and bonds

 

 

 

 

 

 

 

 

 

 

 

 

C. Mortgages, notes and cash

 

 

 

 

 

 

 

 

 

 

 

 

D. Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E. See Schedule E, Part I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint and Survivorship Property, Part II

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F. Other miscellaneous property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G. Transfers during lifetime

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

H. Powers of appointment

 

 

 

 

 

 

 

 

 

 

 

 

I. Annuities, pensions, retirement plans

$

 

 

 

$

 

 

 

 

 

 

 

Total gross estate (enter on line 1, page 1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recapitulation of Deductions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule

 

 

 

 

 

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

J. Debts and administration expenses

 

 

 

 

$

 

 

 

 

 

 

 

.......................................................................................................................K. Charitable bequests

 

 

 

 

 

 

 

 

 

 

 

 

............................................................................................................................L. Marital deduction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

T. Qualified family-owned business interest deduction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deductions (enter on line 2, page 1)

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elections by the Executor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pleasecheckthe“yes”or“no”boxforeachquestion(seeexplanationofelectionsonpages8and9).

 

 

 

Yes

No

 

 

 

 

 

 

 

 

 

 

 

 

1. Do you elect alternate valuation? R.C. section 5731.01(A) and (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2. Do you elect qualified farm property valuation? R.C. section 5731.011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3. Do you elect to claim a marital deduction for qualified terminable interest property (QTIP)?

 

 

 

 

 

 

 

 

R.C. section 5731.15(B)(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4. Do you elect to claim a deduction for a qualified family-owned business interest?

 

 

 

 

 

 

 

 

R.C. section 5731.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax Table

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Taxable Estate (from line 3, page 1)

More than $338,333, but not more than $500,000

More than $500,000

Tax Rate

$13,900 + 6% of excess more than $338,333

$23,600 + 7% of excess more than $500,000

- 2 -

ET 2

Rev. 12/01

Page 3

Information

Yes

No

1.Did the decedent die testate? ..............................................................................................................................

If yes, please attach a copy of the will.

2.During the decedent’s lifetime, were there any trusts created (by the decedent or others for the decedent)? ..

If yes, please attach a copy of the trust.

3.Were any disclaimers filed or elections to take against the will made? .............................................................

If yes, please attach copies of the disclaimer or election.

4.Have federal gift tax returns ever been filed? .......................................................................................................

If yes, please attach copies of the returns.

5.Was a federal estate tax return required? ............................................................................................................

If yes, please attach pages 1, 2 and 3 of federal form 706.

6.Did the decedent own any real property? .............................................................................................................

If yes, please attach copies of any appraisals.

7.Marital status of the decedent at time of death:

Married

Name of surviving spouse (if applicable )

Social security number of surviving spouse

Single

Legally separated

Divorced

Widowed

Name of deceased spouse

Social security number of deceased spouse

Date of death of deceased spouse

Case number of deceased spouse’s estate

County of deceased spouse’s estate

8. If widow or widower, was a QTIP deduction elected in the predeceased spouse’s estate? .............................

If yes, please read information below and complete Schedule F.

Yes

No

R.C. section 5731.131 requires the estate to include property in which the decedent had an income interest for life for which a marital deduction was allowed with respect to the transfer of that property under any of the following:

a. R.C. section 5731.15(A)(1) (for dates of death on or before June 30, 1993) b. R.C. section 5731.15(B) R.C. (for dates of death on or after July 1, 1993)

c. Internal Revenue Code (I.R.C.) section 2523(f) (lifetime QTIP gift tax election)

d. Where the decedent’s predeceased spouse was not a resident of the state of Ohio but was permitted a marital deduction under I.R.C. section 2056(b)(7).

- 3 -

Schedules of Assets

Jointly owned property must be listed on Schedule E.

Schedule A – Real Estate

Schedule B – Stocks and Bonds

Schedule C – Mortgages, Notes and Cash

Schedule D – Insurance

Schedule E – Joint and Survivorship Assets (R.C. Section 5731.10)

Part I – Interest Held By the Decedent and Spouse as the Only Joint Tenants

Schedule E – Joint and Survivorship Assets (R.C. Section 5731.10)

Part II – All Other Joint Interests

Schedule F – Miscellaneous Property

Schedule G – Transfers During Decedent’s Life

Schedule H – Powers of Appointment

Schedule I – Annuities, Pensions, Retirement and Other Employer Death Benefit Plans

- 4 -

Schedules of Deductions

Schedule J – Debts and Administration Expenses Schedule K – Charitable Deduction

Schedule L – Marital Deduction Reconciliation

Schedule M – Bequests to Surviving Spouse

Part I – Property Interests that are not subject to a QTIP election

Schedule M – Bequests to Surviving Spouse

Part II – Property Interests that are subject to a QTIP election

Please visit our web site at

tax.ohio.gov

to download these schedules.

- 5 -

General Information

When an estate tax return is required (R.C. section 5731.21)

Estates with a gross value of more than $338,333 are required to file an estate tax form 2 (revised 12/2001). Executors and administrators are responsible for filing the estate tax re- turn.

Returns are not required to be filed for gross estates with a value of $338,333 or less. How- ever, if the estate consists of real estate and has a value of $338,333 or less, an estate tax form 22 should be filed with probate court to expedite the release of the real estate lien.

What estate tax form is required to be completed (R.C. section 5731.21)

If the date of death was prior to January 1, 2001, Ohio estate tax form 2, revised 3/2000, is required to be filed.

If the date of death was between January 1, 2001-December 31, 2001, Ohio estate tax form 2, revised 1/2001, is required to be filed.

If the date of death is on or after January 1, 2002, Ohio estate tax form 2, revised 12/2001, is required to be filed.

When and where to file (R.C. section 5731.21)

Returns are required to be filed within nine months from decedent’s date of death (see Exten- sion of Time to File, below). All filings must be made in duplicate with the probate court where will is probated or estate is administered.

When and where to pay (tax and interest) (R.C. section 5731.23)

Tax and interest are paid at the county auditor’s office, with the check drawn to the order of the county treasurer. Interest begins to accrue at variable rates nine months from decedent’s date of death. The county auditor will calculate any interest owing.

Extension of time

Estates of decedents with a date of death on or after January 1, 2000 are granted an auto-

to file (R.C. section

matic six-month extension, allowing them a total of 15 months to file the estate tax return.

5731.21)

Any additional six-month extensions must be requested in writing directly to the Estate Tax

 

Division on estate tax form 24 before the due date of the return.

 

Interest on any estate tax due will be calculated from nine months from date of death

 

regardless if the estate utilizes the automatic or additional extensions. To stop the

 

accrual of interest, an estimated payment of tax may be made. (See Estimated Pay-

 

ments on page 7.)

 

 

Extension of time

Estates of decedents with a date of death on or after July 24, 1986 may request to extend the

to pay (R.C. section

time for payment of tax for undue hardship. Specific examples of undue hardship are listed in

5731.25)

the Ohio Revised Code and include, but are not limited to, the following: (1) insufficient liquid

 

funds despite efforts to convert assets to cash; (2) a substantial portion of the assets of the

 

gross estate consisting of rights to receive payments in the future; and (3) the inability to

 

accurately determine the size of the gross estate because a substantial portion of the

 

decedent’s assets is subject to litigation.

 

The estate must request this extension on the estate tax form 41 no later than forty-five (45)

 

days prior to the due date of the estate tax return. This form must be filed directly with the

 

Estate Tax Division. Additional extensions must be filed not less than thirty (30) days before

 

the expiration of the previous extension. Each extension is granted for no more than one year

 

per request.Additional extensions may be granted annually up to a maximum of 14 years. For

 

further information, please refer to estate tax Bulletin 3A.

- 6 -

Estimated payments (R.C. section 5731.23)

An estimated payment can be made prior to the filing of the estate tax return, by using an estate tax form 17. This payment will stop the accrual of interest on the amount of tax paid.

Estimated payments are collected in the same manner as stated on page 6 in When and Where to Pay. If the tax ultimately assessed is more than the estimated payment, interest on the excess will accrue nine months from decedent’s date of death. If the tax ultimately as- sessed is less than the estimated payment, the estate may be eligible for a refund.

Penalties

(R.C. section 5731.22)

Failure to timely file the estate tax return (determined with regard to any approved extension) results in a penalty assessment.

The penalty is five (5) percent per month or any fraction of a month, not to exceed twenty-five

(25)percent of the tax as finally determined. Interest does not accrue on penalty assess- ments.

Nonresident estates (R.C. section 5731.19)

The estate of a nonresident decedent must file estate tax forms 2 and 4 if the decedent owned the following types of property: real property situated in Ohio; tangible personal property having an actual situs in Ohio; and intangible personal property employed in carrying on a business within Ohio (unless exempted under R.C. section 5731.34). The filing requirements are the same as for a resident decedent, except the return may be filed directly with the county probate court where the Ohio property is located.

Additional tax

(R.C. sections 5731.18, 5731.19 and 5731.24)

An additional tax is due when the federal state death tax credit exceeds the Ohio tax paid. If an estate (resident or nonresident) falls into the federal estate tax category, estate tax forms 3 or 3N (additional tax returns) may be required to be filed. The return and payment are due sixty (60) days after the date of the final determination of the federal estate tax liability (closing letter or equivalent as issued by the I.R.S.). The additional tax shall be paid, without notice or demand by the tax commissioner, with the return, and shall be filed and paid in the same manner as the estate tax, except that interest begins to accrue sixty (60) days after the date of the final determination of the federal estate tax liability.

Distribution of tax (R.C. sections 5731.48 and 5731.50)

For dates of death on or after January 1, 2002, eighty (80) percent of the tax is distributed to the municipal corporation, village or township in which the tax originates and twenty (20) percent to the state of Ohio.

Marital deduction (R.C. section 5731.15)

A marital deduction may be taken for certain property interests that pass from the decedent to the surviving spouse. Property interests that should be listed include the following: (1) survivor of tenancy by the entirety or joint tenancy; (2) appointee under decedent’s exercise of a power; (3) statutory interests passing to a spouse as a result of a right of election to take against the will; and (4) bequests from decedent pursuant to will.

Property interests that should not be listed include: (1) property that does not pass from decedent to surviving spouse; (2) qualified terminable interests for which QTIP election is not made; and (3) property that has been disclaimed by a surviving spouse under R.C. section 1339.68.

- 7 -

Explanation of Elections

Alternate Valuation Date [R.C. Section 5731.01(A) and (D)]

The gross estate may be valued on the decedent’s date of death or on an alternate valuation date. The alternate valuation date is six months from date of death unless the property item is sold, disposed of or distributed within that six months.

The executor must make an election by checking “yes” in the Elections section of the return. This election is mutually ex- clusive of the federal election. However, it must be elected

within one year and nine months from the date of decedent’s death or within one year from any extensions granted by the tax commissioner. Once made, this election is irrevocable.

If alternate valuation is elected, please list both date of death values and alternate values, and the alternate valuation date on the applicable schedules.

Qualified Farm Property Valuation (R.C. Section 5731.011)

The estate may elect Qualified Farm Property Valuation for determining the value of farm property as an alternative to its fair market value. To have qualified farm property valued at this special valuation, certain conditions must be met.* This elec-

tion must be made on a timely filed return determined with regard to any approved extensions of time to file.

To help expedite the audit, please attach the following:

1.A complete estate tax form 34;

2.Most recent county auditor real estate propertyrecord;

3.Current agricultural use valuation (CAUV) cards (from county auditor);

4.Fair market value appraisal (broken down into one acre homesite, improvements and bare land only).

If the qualified farm property valuation is elected, use the quali- fied farm property value column in Schedule A or identify the qualified property under Schedule E or G.

*Please refer to estate tax Bulletin 5.

Qualified Terminable Interest Property (QTIP)

(R.C. Section 5731.15)

The Qualified Terminable Interest Property (QTIP) election al- lows certain life estates held for the surviving spouse to qualify for the marital deduction.

The requirements for QTIP are the following:

1.Surviving spouse must receive all the income for life pay- able annually or at more frequent intervals; and

2.No one can have a power to appoint the property to any person other than the surviving spouse during surviving spouse’s life; and

3.The executor must make an election by checking “yes” in the Elections section of the return. Once the election is

made, it is irrevocable. This election must be made on a timely filed return determined with regard to any approved extensions of time to file.

The executor may make a partial QTIP election only if it is in the form of a fraction or percentage of available QTIP property. The specific interest should be clearly identified as QTIP.

The surviving spouse’s estate must include all QTIP property claimed in the first spouse’s estate, to the extent not con- sumed or given away, at the value on the date of death of the surviving spouse.

- 8 -

⇩ Ohio Et 2 PDF

Document Properties

Detailed Instructions for Using Ohio Et 2

When preparing to complete the Ohio ET 2 form for estates that are subject to tax following a death on or after January 1, 2002, it’s important to start with a clear understanding of the form’s requirements. This form requires careful attention to detail and accurate entry of information such as the decedent’s personal details, a thorough account of the estate’s assets and deductions, as well as the calculation of tax owed or refund due. After collecting all necessary documentation and reviewing the General Information section, the steps below will guide through filling out the form correctly. It's essential to complete only the sections that apply to the specific estate being reported, ensuring that all calculations are correct to avoid any delays or issues with the state's processing of the estate tax return.

  1. Begin with the Decedent's Information section: Enter the last name, first name, and initial of the decedent, along with their date of birth, date of death, cause of death, occupation, and address at time of death.
  2. Fill in the decedent’s Social Security Number, and if applicable, the county in Ohio where the estate is being probated or administered, including the case number.
  3. Proceed to the Tax Computation section:
    1. Enter the Total Gross Estate value. If it’s below $338,333, note that filing this form is not required.
    2. Calculate and enter the Total Deductions.
    3. Determine the Net Taxable Estate by subtracting total deductions from the gross estate.
    4. Based on the net taxable estate, compute the Tentative Tax using the provided tax table.
    5. Apply the $13,900 Estate Tax Credit, and calculate the resultant tax owed or overpayment.
  4. In the Executor/Administrator Waiver section, mark if the executor opts out of receiving further correspondence from the Ohio Department of Taxation.
  5. Complete the Declaration section, confirming the accuracy of information provided in the return. This includes the signature of the executor/administrator, the date, and details of the estate’s legal representative if applicable.
  6. If there’s another preparer, they should fill in their name, address, and telephone number, and then sign and date their declaration.
  7. Ensure to attach all required documentation as specified in the Information section of the form, such as copies of the will, any trusts, disclaimers, federal gift tax returns, federal estate tax returns, and appraisals of real property.
  8. Check and decide on Elections by the Executor, answering questions about valuation adjustments and deductions, making sure to indicate choices clearly.

After finishing these steps, review the entire form to confirm everything is completed correctly and that all necessary documents are attached. The completed form, along with any due payments, should be filed in duplicate with the appropriate Probate Court. Retain a copy of the filed return for record-keeping purposes. Remember, when dealing with estate matters, accuracy and thorough documentation are crucial to ensure a smooth process.

What You Should Know About Ohio Et 2

What is the Ohio ET 2 form used for?

The Ohio ET 2 form is an estate tax return required for estates of decedents with dates of death on or after January 1, 2002, whose gross value exceeds $338,333. It's designed to calculate the estate tax owed to the state of Ohio, by considering the total gross estate and allowable deductions, to determine the net taxable estate and the ensuing tax liability.

Who needs to file the Ohio ET 2 form?

Estate executors or administrators managing estates with the decedent’s date of death on or after January 1, 2002, and whose gross estate value is more than $338,333 are required to file the Ohio ET 2 form. In cases where the estate's value is less than the specified amount, filing this form is not necessary.

Where can one obtain the Ohio ET 2 form and its instructions?

The Ohio ET 2 form along with detailed instructions can be obtained from the Ohio Department of Taxation's official website at tax.ohio.gov. Additionally, these documents can be requested by contacting the Ohio Department of Taxation directly to ensure you have the most updated forms and information.

What information is required when completing the Ohio ET 2 form?

To complete the Ohio ET 2 form, you will need comprehensive information regarding the decedent's estate. This includes the total gross estate value, deductions (like debts and administrative expenses, charitable bequests, and marital deduction), tax computation, and personal information about the decedent such as their social security number and date of death. Additionally, details about the executor or administrator, as well as the attorney representing the estate if applicable, are required.

Are there any specific elections that need to be made on the Ohio ET 2 form?

Yes, the Ohio ET 2 form requires executors to make specific elections regarding the valuation of the estate. These include decisions on alternate valuation, qualified farm property valuation, claiming a marital deduction for qualified terminable interest property (QTIP), and electing to claim a deduction for a qualified family-owned business interest. Each election must be made carefully, as they can significantly impact the estate's tax liability.

Where and how is the completed Ohio ET 2 form filed?

The completed Ohio ET 2 form must be filed in duplicate with the probate court located in the county where the estate is being administered. It is critical to check local probate court requirements, as additional documentation may be necessary. The form and any accompanying payments also need to be processed in accordance with the Ohio Department of Taxation's guidelines, which can be found in the General Information section of the form's instructions.

Common mistakes

When it comes to completing the Ohio ET 2 form, a straightforward yet critical task for estates of significant value, mistakes can be costly and delay the process significantly. Here are nine common errors that people often make:

  1. Not reading the general instructions carefully. The General Information section provides crucial guidance on how to properly fill out the form.
  2. Overlooking schedules. Only the applicable schedules should be completed, and sometimes, filers neglect to select or fill out the necessary ones for their specific situation.
  3. Incorrect calculations. The form requires various computations, and errors here can lead to an incorrect tax obligation.
  4. Missing the filing location. It's essential to follow the instructions on where to file and pay, as incorrectly submitted forms may not be processed.
  5. Failing to double-check the estate’s gross value. If the total gross estate is less than $338,333, filing this form is not required, yet some may mistakenly proceed.
  6. Omitting executor or administrator information. The waiver section and declaration areas must be filled out with accurate details for the process to move smoothly.
  7. Forgetting attachments. It is critical to attach required documents such as copies of the will, trusts, disclaimers, or federal gift tax returns if applicable.
  8. Miscalculating the tentative tax. Utilizing the provided tax table correctly is essential to determine the estate's tax liability accurately.
  9. Neglecting the distribution of subdivision’s share of tax. This section, critical for correctly allocating taxes, is often overlooked or improperly filled out.

Each of these mistakes can be avoided by taking the time to thoroughly review the instructions, double-check calculations, and ensure all necessary documents and information are complete and accurate. Careful attention to detail can streamline the process, ensuring that the estate's tax obligations are met correctly and efficiently.

Documents used along the form

When dealing with the complexities of estate administration in Ohio, particularly for estates that are required to file the Ohio ET 2 form due to their value and circumstances of the decedent, it's crucial to understand that this form doesn't stand alone. Various other documents and forms often accompany it through the process of filing, each playing a vital role in ensuring accurate, complete, and compliant estate tax returns. Below is a succinct overview of nine other forms and documents that are commonly used alongside the Ohio ET 2 form to provide a clearer picture of what may be required.

  • Copy of the Will: This is essential for verifying the decedent's final wishes regarding the distribution of their estate and appointing an executor.
  • Trust Documents: If the decedent had established any trusts, their documentation is required to understand their contents, purposes, and beneficiaries.
  • Disclaimer or Election to Take Against the Will Documents: Such documents are necessary if heirs or beneficiaries have disclaimed their inheritances or chosen to take an elective share against the will.
  • Federal Gift Tax Returns: If the decedent made significant gifts during their lifetime, corresponding gift tax returns should be attached to understand potential tax implications.
  • Federal Estate Tax Return (Form 706): For estates that meet the federal filing requirement, a copy of the federal estate tax return helps in reconciling federal and state tax obligations.
  • Real Property Appraisals: Appraisals provide market value estimates of real estate owned by the decedent, crucial for estate valuation purposes.
  • Marriage or Divorce Certificates: These documents confirm the marital status of the decedent at the time of death, affecting deductions and tax calculations.
  • Death Certificate of Predeceased Spouse: Required particularly if a QTIP deduction is elected for property in which the decedent had a life interest, stemming from their predeceased spouse's estate.
  • Schedule F (for QTIP deduction): If applicable, this schedule is used to report property interests that qualify for marital deduction, necessitating careful completion.

Gathering these documents can be a meticulous process, but each plays a crucial role in ensuring the Ohio ET 2 form is accurately completed and compliant with the state's requirements. Navigating the filing with a comprehensive understanding of these accompanying forms and documents can streamline the process, making an otherwise daunting task more manageable and ensuring the decedent's estate is properly settled.

Similar forms

The form 706, known as the United States Estate (and Generation-Skipping Transfer) Tax Return, bears resemblance to the Ohio ET 2 form in its core function, which is to report the value of an individual's estate for tax purposes. Both documents require detailed information about the decedent, including assets, deductions, and valuations at the time of death, to calculate the estate's tax liability. The form 706, like the Ohio ET 2, is comprehensive and includes schedules for asset breakdown, deductions, and tax calculations. However, it is used for federal estate tax purposes and applies to estates that exceed certain thresholds, which are subject to change based on federal law.

The Trust Income Tax Return, often referred to by its IRS form number 1041, shares certain features with the Ohio ET 2 form, especially regarding the reporting of income associated with estates. While form 1041 is primarily concerned with income generated by the estate after the decedent's death and before distribution to the heirs, similar to the ET 2, it calls for detailed information about the estate's finances. Both serve the goal of ensuring proper taxation of assets transferred upon death, but from slightly different angles – the ET 2 focuses on the estate's overall tax responsibilities upon death, whereas form 1041 concerns itself with managing the estate as an ongoing entity that generates income.

Form 709, the United States Gift (and Generation-Skipping Transfer) Tax Return, parallels the Ohio ET 2 form in its treatment of transfers intended to avoid estate taxation. Assets given away during the decedent's lifetime are reported on form 709 to prevent individuals from circumventing estate taxes through gifts. Similarly, the Ohio ET 2 form inquires about gifts within its schedules, aiming to include such transfers in the estate value if relevant under Ohio law. Both forms strive to present a complete picture of an individual's attempt to pass wealth, whether done during life or upon death, ensuring that proper taxes are assessed and collected.

The Application for Taxpayer Identification Number for Pending U.S. Adoptions, known as form W-7A, bears a functional similarity to the Ohio ET 2 form in that it involves the preparatory steps for future tax obligations. While the W-7A form facilitates the adoption process by assigning an identification number that can be used for tax purposes before the adoption is finalized, the Ohio ET 2 form deals with the aftermath of an individual's death and the subsequent tax implications for the estate. Both documents contribute to the broader framework of tax administration by addressing specific situations that necessitate special handling and identification within the tax system.

Dos and Don'ts

When completing the Ohio Et 2 form for estate tax returns for estates with dates of death on or after January 1, 2002, certain guidelines should be followed to ensure accuracy and compliance with state requirements. Here are four things you should and shouldn't do.

Things You Should Do:

  • Read the General Information section carefully. This part, located on pages 6 and 7 of the instructions, provides vital details on how to correctly fill out the form.

  • Complete only the applicable schedules. Schedules necessary for submission can vary depending on the specific details of the estate, which are outlined on pages 4 and 5 and are available on the state tax website or by contacting the Ohio Department of Taxation.

  • Check your computation. Ensuring that all mathematical calculations are correct helps prevent mistakes that could delay processing.

  • Follow the instructions for filing and payment. The General Information section gives clear directions on where the form needs to be filed and how payments should be made.

Things You Shouldn't Do:

  • Do not skip reading the instructions on pages 6 and 7. They contain critical information that can assist in completing the form correctly.

  • Avoid completing unnecessary schedules. Only fill out the parts of the return that apply to the estate to avoid confusion and potential processing errors.

  • Do not forget to double-check computations. Inaccurate calculations can result in incorrect tax obligations being determined.

  • Do not disregard the specified submission procedures. Sending the form or payments to the wrong place can delay processing times significantly.

Misconceptions

Many people have misconceptions about the Ohio ET 2 form, which is crucial for estate planning and compliance with state tax laws. Understanding these misconceptions can help individuals and their advisors navigate the filing process more effectively.

  • Misconception #1: The ET 2 form is only for taxable estates. Contrary to this belief, the ET 2 form is essential for all estates with a date of death on or after January 1, 2002, if the gross value exceeds $338,333. It is used to determine whether an estate owes taxes and to report the estate's value, not just to pay estate tax.

  • Misconception #2: All assets are subject to estate taxes as reported on the ET 2. Not all assets are taxable or even reportable on the ET 2 form. Assets like life insurance proceeds payable to a named beneficiary, certain types of joint property, and assets in a living trust may not be subject to estate tax.

  • Misconception #3: Valuation of assets is straightforward. The valuation of estate assets can be complex and may require appraisals. Executors have the option to elect alternative valuations under specific circumstances, which could impact the estate's tax liability.

  • Misconception #4: The filing deadlines are the same for all estates. Filing deadlines can vary based on the date of death and whether extensions are granted. It's critical to check the most current requirements to avoid penalties.

  • Misconception #5: The ET 2 form and federal estate tax forms are interchangeable. While there is some overlap in the information required, the Ohio ET 2 form and federal estate tax returns are distinct documents with different filing requirements.

  • Misconception #6: Only an attorney or executor can file the ET 2 form. While these individuals often handle the filing, other authorized representatives may complete the form. However, the executor or estate administrator's authorization is typically required.

  • Misconception #7: Instructions for completing the ET 2 form are complicated and exclusively legal in nature. The form comes with instructions intended to guide individuals through the process. While certain aspects can be complex, many estates complete the form without legal help.

  • Misconception #8: There is no need to file the ET 2 form if the estate is under the gross value threshold. While smaller estates may not owe tax, filing the form might still be necessary to officially determine no tax is due and to close out the estate with the Ohio Department of Taxation properly.

  • Misconception #9: Amendments to the ET 2 form are not allowed. Estates can file amended returns if errors are discovered or if additional assets are identified after the original filing. The process for amending the return should follow specific guidelines provided by the Ohio Department of Taxation.

  • Misconception #10: The estate tax rates and credits have remained constant. Tax rates, credits, and exemptions may change due to legislative action. It's important to use the most current version of the ET 2 form and to verify current tax laws to accurately compute any estate tax due.

By understanding and addressing these misconceptions, individuals and estate executors can ensure they are in compliance with Ohio's estate tax laws and avoid unnecessary penalties or oversights during the estate settlement process.

Key takeaways

When dealing with the complexities of the Ohio ET 2 form, a clear understanding and careful preparation are paramount. Here are five key takeaways to keep in mind:

  • The Ohio ET 2 form is specifically designed for estates with dates of death on or after January 1, 2002, and it's critical to ensure that the estate in question falls within this date range and has a gross value of more than $338,333.
  • It's essential to thoroughly read the General Information section provided on pages 6 and 7 of the form. This section gives detailed instructions which guide the completion process, helping to avoid common mistakes and ensuring accuracy in the filing.
  • Not all schedules included in the form may be relevant to every estate. It is important to complete only the applicable schedules. Additional guidance on which schedules to fill can be found on pages 4 and 5 of the form, or by consulting the Ohio Department of Taxation's website or reaching out to them directly.
  • Accuracy in computation cannot be overstated. Carefully checking your calculations against the instructions provided in the General Information section ensures that the final submission is accurate, potentially reducing the chances of disputes or the need for amendments later on.
  • Understanding where and how to file the form is just as critical as completing it accurately. The General Information section provides specific instructions on the filing process, including where to send the completed form and how to make any necessary payments.

Adhering to these guidelines not only simplifies the process but also helps in accurately and efficiently managing the estate tax filing requirements in Ohio. For additional assistance, the Estate Tax Division offers a toll-free information and assistance line, making it easier for executors and administrators to navigate through the complexities of the Ohio estate tax laws.

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Fact Detail
Title Ohio Estate Tax Return (ET 2)
Revision Date December 2001
Applicability Estates with dates of death on or after January 1, 2002, with a gross value of more than $338,333
Governing Law Ohio Revised Code Sections 5731.01(A), (D), 5731.011, 5731.15(B)(2), and 5731.20 among others
Requirement to File Estates exceeding $338,333 in gross value
Tax Calculations Includes deducting estate tax credit and previous payments to determine the balance due or overpayment