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The CT-706 form is specific to the state of Connecticut and is used for the Estate Tax Return. It is filed by the executor or administrator of a deceased individual's estate to report any taxable assets and calculate the estate tax owed to the state. This form must be filed within six months after the decedent's death.

The person required to file a State of Connecticut Form CT-706, which is the Connecticut Estate and Gift Tax Return, is the executor, administrator, or fiduciary of the deceased individual's estate. This return is used to report any taxable estate or gift in the state of Connecticut.

To fill out the State of Connecticut Form CT-706, you will need to provide information about the deceased and their estate. Follow these steps to complete the form: 1. Download or obtain a copy of Form CT-706 from the official Connecticut Department of Revenue Services (DRS) website. 2. Gather the necessary information: - Decedent's personal information: Name, address, Social Security number, date of death. - Executor/Administrator's information: Name, address, contact details. - Gross estate value: Include the total value of all the decedent's assets, including real estate, bank accounts, investments, vehicles, etc., as of the date of death. - Deductions: Include funeral and burial expenses, outstanding debts, mortgage balances, administrative expenses, etc. - Bequests and transfers: Specify any specific gifts made from the decedent's estate. - Taxes paid or payable: Include any estate taxes or other taxes that were paid or will be paid on behalf of the estate. - Beneficiaries: Provide the name, address, and relationship of each beneficiary and the amount they are entitled to receive. 3. Begin filling out the form: - Start with Section 1: Decedent's Information. Fill in all the required fields. - Move to Section 2: Personal Representative's Information. Again, complete all the necessary information. - Go through Section 3: Calculation of Estate and Gift Tax. Fill in the details related to the decedent's gross estate, deductions, and other information as required. - Continue to Section 4: Final Return. Enter all the relevant data regarding the taxes paid or payable, including estate taxes and other associated taxes. - Proceed to Section 5: Distribution of Bequests and Transfers. Here, provide details about any specific gifts, bequests, or transfers. - Complete Section 6: Beneficiaries. Fill in the beneficiary information, including their relationship to the decedent and the amount they are entitled to receive. - Finally, ensure you sign and date the form. 4. Review and submit the form: - Before submitting the completed form, double-check all the information provided for accuracy and completeness. - Make a copy of the completed form for your records. - Submit the form to the Connecticut Department of Revenue Services as per their instructions. This can usually be done by mail or electronically, depending on the preferred method mentioned on the form or DRS website. Note: Form CT-706 may require additional schedules or attachments depending on the complexity of the estate. Always refer to the instructions provided with the form to complete it accurately.

The State of Connecticut Form CT-706 is used for reporting and calculating the Connecticut Estate Tax. The form is required to be filed by the executor or administrator of an estate when the gross estate exceeds the Connecticut estate tax exemption amount. The purpose of Form CT-706 is to provide the necessary information for the calculation of the Connecticut estate tax liability. This includes detailing the assets and liabilities of the estate, any deductions or exclusions that may apply, and other relevant information. By filing this form, the executor or administrator ensures that the Connecticut Department of Revenue Services can assess the appropriate estate tax and determine if any tax is owed.

The Connecticut Department of Revenue Services requires the following information to be reported on the Connecticut Estate and Gift Tax Return (Form CT-706): 1. General Information: - Decedent's personal information (name, address, Social Security number, date of birth, date of death) - Executor's or administrator's information (name, address, Social Security number) - Purpose of the return (estate and/or gift tax) - Date of fiduciary appointment - Executor certification 2. Gross Estate: - Value of real property located in Connecticut - Value of tangible personal property located in Connecticut - Value of intangible personal property located in Connecticut - Total value of the gross estate - Funeral and administration expenses - Claims against the estate - Available deductions (debts, mortgages, unpaid taxes, etc.) 3. Schedule A - Real Property: - Detailed information about each piece of real property located in Connecticut (description, fair market value, date of death value, etc.) 4. Schedule B - Tangible Personal Property: - Detailed information about each piece of tangible personal property located in Connecticut (description, fair market value, date of death value, etc.) 5. Schedule C - Intangible Personal Property: - Detailed information about each piece of intangible personal property located in Connecticut (description, fair market value, date of death value, etc.) 6. Computations of the Connecticut Estate Tax: - Calculation of the taxable estate - Calculation of the Connecticut estate tax (applicable tax rate, exemptions, etc.) Additionally, the Form CT-706 may require other schedules or attachments, depending on the specifics of the estate. It is recommended to refer to the specific instructions provided by the Connecticut Department of Revenue Services when filling out Form CT-706.

The penalty for the late filing of a Connecticut Form CT-706, also known as the Connecticut Estate Tax Return, can be significant. If the return is filed after the due date without a valid extension, a penalty of 10% of the unpaid tax will be assessed, up to a maximum penalty of 25% of the unpaid tax due. Additionally, interest will also be charged on any unpaid tax from the original due date until the date of payment. It is important to note that penalties and interest may vary depending on the specific circumstances, so it is recommended to consult with a tax professional or refer to the official guidelines from the Connecticut Department of Revenue Services for accurate and up-to-date information.

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