The Oregon IT-1 form is a tax return used for reporting inheritance taxes in the state of Oregon. This form is essential for executors managing the estate of a deceased individual, as it details the gross estate, allowable deductions, and taxes owed. Understanding the IT-1 form is crucial for ensuring compliance with state tax laws and facilitating the proper distribution of an estate.
The Oregon IT-1 form is an essential document for the administration of estates in the state, specifically designed for reporting inheritance taxes. This form must be filed by the executor of an estate, providing crucial details about the decedent, including their name, social security number, and date of death. It also requires information about the decedent's domicile and whether the estate is being probated in Oregon. The IT-1 form guides the executor through the tax computation process, including calculations for the taxable estate, allowable deductions, and any applicable unified credits. Additionally, it includes sections for making important elections, such as choosing alternate valuation or special use valuation. Executors must also provide general information regarding the decedent's marital status and any beneficiaries, ensuring that all relevant details are captured. The form culminates in a recapitulation section, summarizing the gross estate and deductions, which ultimately determines the tax due or any potential overpayment. Filing the Oregon IT-1 form accurately and timely is crucial for compliance with state tax laws and for the smooth administration of the estate.
For Office Use Only
OREGON
Date Received
Form
Year of Death
• IT-1
INHERITANCE
• 2004
Payment
(120)
TAX RETURN
BIN
PART 1 (Please print or type.)
Decedent’s First Name and Middle Initial
Decedent’s Last Name
Decedent’s Social Security Number
, Estate
Date of Death
Decedent’s Domicile (legal residence)—City, County, State, Country
Year Domicile Established
Is the estate being probated in Oregon?
Yes
No
An extension of time to file is attached.
This is an amended return.
If Yes— Oregon county:
An extension of time to pay is attached.
A separate election is claimed.
Oregon probate number:
The attached copy of Form 706 was filed with the IRS.
Executor’s Name
Daytime Telephone Number
(
)
Executor’s Mailing Address
City
State
ZIP Code
PART 2—TAX COMPUTATION
Round all amounts to the nearest whole dollar.
1.
Total gross estate less exclusion (from page 3, Part 5, line 12)
1
2.
..............................................................................................Total allowable deductions (from page 3, Part 5, line 23)
2
3.
....................................................................................................................Taxable estate (subtract line 2 from line 1)
3
4.
Adjusted taxable gifts [total taxable gifts (within the meaning of Section 2503) made by the decedent after
........................December 31, 1976, other than gifts that are includible in decedent’s gross estate (Section 2001[b])]
4
5.
Add lines 3 and 4
5
6.
..................................................Tentative tax on the amount on line 5 above; from page 6, table A of the instructions
6
7.
a. If line 5 exceeds $10,000,000, enter the lesser of line 5 or $17,184,000.
If line 5 is $10,000,000 or less, skip lines 7a and 7b and enter -0- on line 7c
7a
b. Subtract $10,000,000 from line 7a
7b
c. Enter 5% (0.05) of line 7b
.......................................................................................................................................
7c
8.
Total tentative tax (add lines 6 and 7c)
..........................................................................................................................
8
9.Total gift tax payable with respect to gifts made by the decedent after December 31, 1976. Include gift taxes
by the decedent’s spouse for such spouse’s share of split gifts (Section 2513) only if the decedent was the donor
of these gifts and they are includible in the decedent’s gross estate (see instructions)
9
10.
Gross estate tax (subtract line 9 from line 8)
10
.......................11. Maximum unified credit (applicable credit amount) against estate tax
11
12.
Adjustment to unified credit (applicable credit amount). (This adjustment
may not exceed $6,000. See instructions.)
12
13.
Allowable unified credit (applicable credit amount) (subtract line 12 from line 11)
13
14.
Subtract line 13 from line 10 (but do not enter less than zero)
14
15.
State death tax. Do not enter more than line 14 (see instructions)
15
16.Proration of state death tax (complete only if there is property located in states other than Oregon):
a. Gross value, for federal estate tax purposes, of property located in Oregon (identify on attached copy of
the federal schedules by highlighting)
16a
b. Gross value of decedent’s estate for federal estate tax purposes
16b
c. Percent of estate located in Oregon (line 16a divided by line 16b)
16c
17.
Tax payable to Oregon (line 15 multiplied by line 16c, or amount from line 15 if no entry on line 16c)
17
18.
Amount paid by the due date of return (see instructions)
18
19.
Tax due. Is line 17 more than line 18? If so, line 17 minus line 18
TAX DUE
19
20.
Overpayment. Is line 18 more than line 17? If so line 18 minus line 17
OVERPAYMENT
20
21.
Penalty due (see instructions)
21
22.
Interest due (see instructions)
22
23.
Total due (add lines 19, 21, and 22)
TOTAL DUE
23
24.
Refund (line 20 minus lines 21 and 22)
REFUND
24
150-103-001 (Rev. 9-04) Web
Continued on next page
Page 2—Form IT-1, 2004
Estate of:
PART 3—ELECTIONS BY THE EXECUTOR
Check the “Yes” or “No” box for each question. See instructions on page 7.
Do you elect alternate valuation?
Do you elect special use valuation? If "Yes," you must complete and attach Schedule A-1
Do you elect to pay the taxes in installments as described in section 6166? If "Yes," you must attach additional information;
see instructions on page 12
Do you elect to postpone the part of the taxes attributable to a reversionary or remainder of interest as described
in section 6163?
PART 4—GENERAL INFORMATION Attach the necessary supplemental documents. You must attach the death certificate. See instructions on page 12.
1. Marital status of the decedent at time of death:
Married
Widow or widower— Name of deceased spouse:
SSN of deceased spouse:
Date of death of deceased spouse:
Single
Legally separated
Divorced—Date divorce decree became final:
2.a. Surviving spouse’s name:
b.Surviving spouse’s Social Security number:
c.Amount received (see instructions on page 12):
3.Individuals (other than the surviving spouse), trusts, or other estates who receive benefits from the estate (do not include charitable beneficiaries shown in schedule O) (see instructions). For Privacy Act Notice (applicable to individual beneficiaries only), see the instructions for Form 1040.
Name of individual, trust, or estate receiving $5,000 or more
Identifying number
Relationship to decedent
Amount (see instructions)
All unascertainable beneficiaries and those who receive less than $5,000
......................................................................
Total
Check the “Yes” or “No” box for each question.
Does the gross estate contain any section 2044 property [qualified terminable interest property (QTIP) from a prior gift or
estate]? See instructions on page 12
a. Have federal gift tax returns ever been filed?
5a.
If "Yes," please attach copies of the returns, if available, and furnish the following information:
b. Period(s) covered:
c. Internal Revenue office(s) where filed:
Yes No
If you answer “Yes” to any of questions 6–14, you must attach additional information as described in the instructions.
6. a.
Was there any insurance on the decedent’s life that is not included on the return as part of the gross estate?
6a.
b.
Did the decedent own any insurance on the life of another that is not included in the gross estate?
6b.
7.Did the decedent at the time of death own any property as a joint tenant with right of survivorship in which (a) one or more of the other joint tenants was someone other than the decedent’s spouse, and (b) less than the full value of the property is
included on the return as part of the gross estate? If "Yes," you must complete and attach Schedule E
Did the decedent, at the time of death, own any interest in a partnership or unincorporated business or any stock in an
inactive or closely held corporation?
9.
Did the decedent make any transfer described in section 2035, 2036, 2037, or 2038 (see the instructions for Schedule G)?
If “Yes,” you must complete and attach Schedule G
10. Were there in existence at the time of the decedent’s death:
a. Any trusts created by the decedent during his or her lifetime?
10a.
b. Any trusts not created by the decedent under which the decedent possessed any power, beneficial interest, or trusteeship? ....
10b.
Yes Yes
No No
Page 3—Form IT-1, 2004
PART 4—GENERAL INFORMATION (continued)
11. Did the decedent ever possess, exercise, or release any general power of appointment? If “Yes,” you must complete and
attach Schedule H
11.
12.Was the marital deduction computed under the transitional rule of Public Law 97-34, section 403(e)(3) (Economic Recovery Act of 1981)? If “Yes,” attach a separate computation of the marital deduction, enter the amount on part 5,
line 20, and note on line 20 “computation attached”
Was the decedent, immediately before death, receiving an annuity described in the “General” paragraph of the instructions
for Schedule I? If “Yes,” you must complete and attach Schedule I
Was the decedent ever the beneficiary of a trust for which a deduction was claimed by the estate of a pre-deceased
spouse under section 2056(b)(7) and which is not reported on this return? If “Yes,” attach an explanation
PART 5—RECAPITULATION
Gross Estate
Alternate Value
Value at Date of Death
Schedule A—Real estate
Schedule B—Stocks and bonds
Schedule C—Mortgages, notes, and cash
Schedule D—Insurance on the decedent’s life [attach Form(s) 712]
Schedule E—Jointly owned property [attach Form(s) 712 for life insurance]
Schedule F—Other miscellaneous property [attach Form(s) 712 for life insurance] ....
Schedule G—Transfers during decedent’s life [attach Form(s) 712 for life insurance] ...
7
Schedule H—Powers of appointment
Schedule I—Annuities
Total gross estate (add lines 1 through 9)
Schedule U—Qualified conservation easement exclusion
Total gross estate less exclusion (subtract line 11 from line 10). Enter here and
on line 1 of part 2
Deductions
Amount
...........................Schedule J—Funeral expenses and expense incurred in administering property subject to claims
Schedule K—Debts of the decedent
Schedule K—Mortgages and liens
16.
Total of items 13 through 15
16
Allowable amount of deductions from item 16 (see instructions on page 13)
Schedule L—Net losses during administration
Schedule L—Expenses incurred in administering property not subject to claims
Schedule M—Bequests, etc., to surviving spouse
Schedule O—Charitable, public, and similar gifts and bequests
Schedule T—Qualified family-owned business interest deduction
.............................Total allowable deductions (add lines 17 through 22). Enter here and on page 1, part 2, line 2
PART 6
Under penalties of false swearing, I declare that I have examined this return, including accompanying schedules and statements. To the best of my knowledge and belief it is true, correct, and complete. If prepared by a person other than executor, this declaration is based on all information of which the preparer has any knowledge.
Signature of Executor
X
Title
Executor’s Social Security Number
Date
Check the box to authorize the following individual(s) to receive and provide confidential tax information relating to the decedent and the estate:
Name of Preparer
Telephone Number
( )
Mailing Address
PLEASE ATTACH A COMPLETE COPY OF YOUR FEDERAL FORM, SCHEDULES, AND SUPPORTING DOCUMENTS
Mail to: Oregon Department of Revenue, PO Box 14110, Salem OR 97309-0910
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