How do I file an inheritance tax return in PA?

How to file a return

Complete the inheritance tax return. Download Form REV-1500—Pennsylvania Inheritance Tax Return Resident Decedent.
Prepare your payment. Calculate the tax using the return.
Deliver your return and payment to the Inheritance Tax Department. You can either file your return in person or by mail.

Does a surviving spouse need to file a PA inheritance tax return?

A surviving spouse does not owe Pennsylvania inheritance tax, but other inheritors might have to pay. If you are a Pennsylvania resident, or if you own real estate or tangible property located in Pennsylvania, the people who inherit your property might have to pay a tax on the amount that they inherit.

Where do I report an IRA on PA inheritance tax?

IRA’s, annuities and pension plans that have named beneficiaries should be reported on REV-1510, Schedule G.

Do you pay taxes on inheritance in PA?

The tax rate for Pennsylvania Inheritance Tax is 4.5% for transfers to direct descendants (lineal heirs), 12% for transfers to siblings, and 15% for transfers to other heirs (except charitable organizations, exempt institutions, and government entities that are exempt from tax).

What is a REV-516?

REV-516 — Notice of Transfer (For Stocks, Bonds, Securities or Security Accounts Held in Beneficiary Form)

What is a REV-516 form?

Form REV-516 “Notice of Transfer”(Stocks,Bonds, Securities or Security Accounts held in Beneficiary Form) to request Waiver Notice of Transfer, must be completed and submitted to the department for investment accounts titled in a “transfer on death” (TOD), “payable on death” (POD) or any designated beneficiary …

What is the federal inheritance tax for 2020?

Federal Estate Tax Rates for 2021

2020-2021 Federal Estate Tax Rates
Taxable Amount	Estate Tax Rate	What You Pay
$1 – $10,000	18%	– $0 base tax – 18% on taxable amount
$10,001 – $20,000	20%	– $1,800 base tax – 20% on taxable amount
$20,001 – $40,000	22%	– $3,800 base tax – 22% on taxable amount

What can be deducted from PA inheritance tax?

What Type of Expenses Are Deductible on The REV 1500 Pennsylvania Inheritance Tax Return?

Funeral costs including luncheon and head stone;
Attorney, Accounting and Appraisal fees and Real Estate Commissions;
Final medical bills;
Final utility bills including cable, internet, telephone, gas and electric;

Does PA tax inherited annuities?

A retirement account characterized as an annuity that allows for regular payments to the annuitant and that does not involve any element of risk on the part of the provider is not life insurance and consequently, subject to Pennsylvania Inheritance Tax.

What is the federal inheritance tax rate for 2020?

Federal Estate Tax Rates for 2021

2020-2021 Federal Estate Tax Rates
Taxable Amount	Estate Tax Rate	What You Pay
$100,001 – $150,000	30%	– $23,800 base tax – 30% on taxable amount
$150,001 – $250,000	32%	– $38,800 base tax – 32% on taxable amount
$250,001 – $500,000	34%	– $70,800 base tax – 34% on taxable amount

Is there a lookback period for PA inheritance tax?

While the federal tax uses a three-year look back period for gifts made by the decedent, there is a one-year look back period for the Pennsylvania inheritance tax. If the payment is made within three months of the decedent’s death, then a five percent discount of tax due or tax paid, whichever is less, is permitted.