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Blank Kentucky Inheritance Tax Form

The Kentucky Inheritance Tax form is a document required by the Commonwealth of Kentucky for reporting inheritance taxes due on estates. This form is applicable when assets are transferred to beneficiaries following the death of an individual. Proper completion and submission of this form ensure compliance with state tax laws.

Outline

The Kentucky Inheritance Tax form is a crucial document for the administration of estates in the Commonwealth of Kentucky. It is designed to ensure compliance with state tax laws following the death of a resident or nonresident. This form is applicable for dates of death occurring on or after January 1, 2005, and it includes several variations based on the specifics of the estate. The primary forms include the Inheritance Tax Return (Form 92A200), the Short Form (Form 92A205), and the No Tax Due Return (Form 92A201). Each form serves a distinct purpose: the Inheritance Tax Return is required when taxable assets are involved, while the Short Form is available for smaller estates that meet specific criteria. Notably, if all taxable assets pass to exempt beneficiaries, an Affidavit of Exemption can be submitted instead of filing an Inheritance Tax Return. This affidavit is particularly useful when no inheritance tax is due and no federal estate tax return is required. The Kentucky Department of Revenue provides clear instructions and guidelines for each form, including information on exemptions and the types of beneficiaries eligible under state law. Understanding the nuances of these forms is essential for fiduciaries and beneficiaries alike, as compliance can significantly impact the estate settlement process.

Sample - Kentucky Inheritance Tax Form

Kentucky

Inheritance and Estate Tax

Forms and Instructions

COMMONWEALTH OF KENTUCKY

DEPARTMENT OF REVENUE

For Dates of Death on or After January 1, 2005

(Revised February, 2018)

Kentucky Department of Revenue

Mission Statement

As part of the Finance and Administration Cabinet, the mission of the Kentucky Department of Revenue is to administer tax laws, collect revenue, and provide services in a fair, courteous, and efﬁcient manner for the beneﬁt of the Commonwealth and its citizens.

* * * * * * * * * * * * *

The Kentucky Department of Revenue does not discriminate on the basis of race, color, national origin, sex, age, religion, disability, sexual orientation, gender identity, veteran status, genetic information or ancestry in employment or the provision of services.

NOTICE

If all taxable assets pass to exempt beneﬁciaries and a Federal Estate and Gift Tax Return is not required, it is not necessary to ﬁle an InheritanceTax Return with the Kentucky Department of Revenue. An afﬁdavit of exemption will be accepted for the ﬁnal settlement and closing of the administration of an estate. If inheritance tax is due the Commonwealth of Kentucky, Form 92A200 or 92A205 should be used.

The afﬁdavit of exemption is to be ﬁled only with the court. Do not send a copy of the afﬁdavit to the Kentucky Department of Revenue.

Sample Afﬁdavit of Exemption

AFFIDAVIT OF EXEMPTION

Afﬁant ____________________________ , being ﬁrst duly sworn, states that he/she is ﬁduciary or beneﬁciary of the

estate of _______________________________ , who died on the _______ day of __________________ , _______ , a resident

of _________________________ County, Kentucky.

Afﬁant states that all assets of the estate pass to exempt beneﬁciaries pursuant to Kentucky Revised Statute 140.080* or exempt organizations pursuant to Kentucky Revised Statute 140.060** either by virtue of the decedent’s will, the intestate laws of this state, or by contract (survivorship, payable on death, trust, etc.).

Afﬁant further states that a Kentucky Inheritance Tax Return will not be ﬁled since no death tax is due the state and a Federal Estate and Gift Tax Return (Form 706) is not required to be ﬁled because the gross estate is less than the required amount set out in Section 2010(c) of the Internal Revenue Code. This afﬁdavit is being submitted to satisfy the requirements of Kentucky Revised Statute 395.605.

__________________________________________________________

Signature

Witness my hand this ________ day of __________________________ , __________ .

Sworn and subscribed to before me by _____________________________________

this _______ day of ____________________________________________ , __________ .

______________________________________________________ Notary Public

My commission expires______________________________________

*Exempt beneﬁciaries under KRS 140.080 include spouse, children, stepchildren, grandchildren, parent, brother, and sister.

**Exempt organizations include educational, religious or other institutions, societies, or associations, whose sole purpose is to carry on charitable, educational, or religious work. Also, cities, towns or public institutions in this state qualify as exempt organizations provided that any transfer to such an organization is for public purposes.

WHAT’S INCLUDED

INHERITANCE AND ESTATE TAX FORMS

No Tax Due Return (resident and nonresident) and Instructions (Form 92A201) Inheritance Tax Return (resident and nonresident) (Form 92A200)

Inheritance Tax Return (short form) (resident and nonresident) (Form 92A205) Real Estate Valuation Information Form (Form 92A204)

Election to Qualify Terminable Interest Property and/or Power of Appointment Property (Form 92A936) Election to Defer the Payment of Inheritance Tax Through Installments (Form 92A928)

Afﬁdavit of Exemption (Form 92A300) Inheritance Tax Table for Resident Decedent Inheritance Tax Table for Nonresident Decedent Blanket Consent

GENERAL INFORMATION
Supplemental Documents	1
Payment of Tax
Discount	1
Installment Payments	1
Interest	1
Penalties	1
Property to be Included on the Return	1
Valuation of Property—Fair Cash and Agricultural	2
Deductions	2
Federal Estate Tax	2
Qualiﬁed Terminable Interest Property (QTIP) and/or Powers of Appointment (POA)	2
Property Previously Taxed	2
Example of Credit for Previously Taxed Property	3
Distribution	4
Exemptions for Beneﬁciaries of a Resident Decedent	4
Exemptions for Beneﬁciaries of a Nonresident Decedent	5
Bequest of Tax	5
Property Set Aside Under KRS 391.030(1)(c)	5
Estate Tax	5 & 6
Value of a Life Estate	6
Amended Return	7
Acceptance Letter	7
Protest and Appeal	7
Helpful Hints
Where to Obtain Assistance	7
Reporting of Intangible Property Tax	7
Fiduciary Return	7
Ofﬁce of the Taxpayer Ombudsman	7
Website for Forms	7
Deﬁnitions	8 & 9
Taxpayer Service Centers Locations and Phone Numbers	10
Kentucky Taxpayers Bill of Rights	inside back cover

INHERITANCE AND ESTATE TAX FORMS IN THIS PACKET

The forms in this packet should only be used if the date of death occurred on or after January 1, 2005.The forms may be dupli- cated on a computer and the space allocated for each item may be decreased or increased depending on the amount of space required. The forms may be used for a decedent who was a resident or a nonresident of Kentucky.

If all taxable assets pass to exempt beneﬁciaries and a Federal Estate and Gift Tax Return is not required, it is not neces- sary to ﬁle an Inheritance Tax Return with the Kentucky Department of Revenue (DOR). An Afﬁdavit of Exemption will be accepted for the ﬁnal settlement and closing of the administration of an estate. If inheritance tax or estate tax is due the Commonwealth of Kentucky, Form 92A200 or 92A205 should be used.

If the date of death occurred prior to January 1, 2005, contact the Financial Tax Section, Department of Revenue, Station 61, 501 High Street, Frankfort, KY 40601-2103, (502) 564-4810, fax (502) 564-2695.

Three forms are included in this booklet. Choose one unless an Afﬁdavit of Exemption is used.

1.No Tax Due Return (Form 92A201)

This return may be used for an estate (Kentucky resident or nonresident) if: (1) there is no Kentucky inheritance tax due, (2) the date of death is on or after January 1, 2005, and (3) the entire estate passes to beneﬁciaries listed in the following group either by contract (survivorship, payable on death, trust, etc.), the decedents will, or the intestate laws of this state:

(1)Surviving spouse, parent

(2)Child (adult or infant)

child by blood, stepchild, child adopted during infancy, or child adopted during adulthood who was reared by the decedent during infancy

(3) Grandchild

issue of child, stepchild, child adopted during infancy, or of a child adopted during adulthood who was reared by decedent during infancy

(4) Brother, sister (whole or half)

฀ Refer to KRS 140.080 for (1) through (4) above

(5) Exempt organizations—Refer to KRS 140.060

Exempt organizations include educational, religious or other institutions, societies, or associations, whose sole purpose is to carry on charitable, educational, or religious work. Also, cities, towns or public institutions in this state qualify as exempt organizations provided that any transfer to such an organization is for public purposes.

2.Inheritance Tax Return (Form 92A200)

This return must be used for an estate (resident or nonresident) when: (1) the date of death is on or after January 1, 2005, and (2) any assets of the estate pass to taxable beneﬁciaries or taxable organizations, or when Forms 92A201 and 92A205 do not apply.

Instructions are on the back of each schedule.

3.Inheritance Tax Return (Short Form) (Form 92A205)

This return may be used for an estate (Kentucky resident or nonresident) when : (1) a federal estate tax return is not re- quired to be ﬁled, (2) the assets of the estate consist of 10 items or less, (3) no gifts or transfers where made within three years of death without full consideration, (4) no real or personal property was transferred with a retained life interest, (5) the decedent did not possess any power to appoint any real or personal property or have the use of any qualiﬁed terminable interest property, and (6) the decedent had not received any real or personal property from another decedent within ﬁve years and paid inheritance tax on the property.

92A201 (6-16)

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

Kentucky Inheritance

Tax Return

NO TAX DUE

FOR DEPARTMENT USE ONLY

	4	6
__ __ __ __ __ __ / __ __ / __ __ / __ __ __ __
Account Number	Tax		Mo	Year

This return may be used if: (1) there is no Kentucky inheritance tax due, (2) the date of death is on or after January 1, 2005, and

(3)the entire estate passes to beneﬁciaries listed in the following groups either by contract (survivorship, payable on death, trust, etc.), the decedent’s will, or the intestate laws of this state:

(1)Surviving spouse, parent

(2)Child (adult or infant)

child by blood, stepchild, child adopted during infancy,

or a child adopted during adulthood who was reared by decedent during infancy

(3)Grandchild

issue of child by blood, stepchild, child adopted during infancy,

or of a child adopted during adulthood who was reared by decedent during infancy

(4)Brother, sister (whole or half)

฀Refer to KRS 140.080 for (1) through (4) above

(5)Exempt organizations—Refer to KRS 140.060

Decedent’s Name Last	First		Middle Initial	Date of Death

Social Security Number	Occupation (If decedent was retired	Age at Death	Cause of Death	HR Code Number (if known)
	at death, state occupation prior to
	retirement.)

Residence (Domicile) at Time of Death

	Number and Street	City		State	ZIP Code	County

Name and Address of Executor/Administrator/Beneﬁciary			Name and Address of Preparer

 Exec			 Atty
 Admr			 CPA
 ________			 ________

Did the decedent have a will?  No  Yes If Yes, attach a copy of the will.

Did the decedent have a trust agreement?  No		 Yes If Yes, attach a copy of the trust agreement.
Filing status of Federal Estate and Gift Tax Return for this estate (check one):
 Not Required	 Required (enclose copy)	 Not Required, but ﬁled for Portability (enclose copy)

Schedules for listing property (real and personal) and beneﬁciaries are on the reverse side of this form. Listing of property is optional. Listing of beneﬁciaries and their relationship is required.

Total Value of Property from Reverse Side	(optional) $

฀Under criminal penalties, I declare that this return, including accompanying documents, has been examined by me, and is, to the best of my knowledge and belief, true, correct and complete.

		 (	)
Signature of Executor/Administrator/Beneﬁciary	Date	Telephone Number		E-mail Address
		 (	)

Signature of Preparer	Date	Telephone Number		E-mail Address

Mail to: Kentucky Department of Revenue, Frankfort, Kentucky 40620

92A201 (6-16)

PART I—PROPERTY (Optional Listing)

Description and Location

of Real or Personal Property

Fair Cash Value at Date of Death

Total Value of Property

฀

PART II—BENEFICIARIES (Must be completed)

Name of Beneﬁciary

Relation to Decedent (Required)

If all taxable assets pass to exempt beneﬁciaries and a Federal Estate and Gift Tax Return is not ﬁled, it is not necessary to ﬁle an InheritanceTax Return with the Kentucky Department of Revenue. An afﬁdavit of exemption will be accepted by the courts for the ﬁnal settlement and closing of the administration of an estate. If inheritance tax is due the Commonwealth of Kentucky, Form 92A200 or 92A205 should be used.

92A200 (6-16)	KENTUCKY
Commonwealth of Kentucky	INHERITANCE TAX RETURN
Commonwealth of Kentucky
DEPARTMENT OF REVENUE

FOR DEPARTMENT USE ONLY

	4	6
__ __ __ __ __ __ / __ __ / __ __ / __ __ __ __
Account Number	Tax		Mo	Year

Requirements for use of this return—This return is to be ﬁled when (1) the date of death is on or after January 1, 2005, (2) any assets of the estate pass to taxable beneﬁciaries or taxable organizations, (see page 4 of general information) and (3) Forms 92A201 and 92A205 do not apply. Pursuant to KRS 140.190, the beneﬁciaries as well as the personal representative(s) may be held personally liable for the tax.

Return Status (check one):

Original Return

Amended Return—Refund

Amended Return—Tax Due

Decedent’s Name

Last

First

Middle Initial

Occupation (If decedent was

Age at Death

Date of Death

retired at death, state occu-

pation prior to retirement.)

Social Security Number

Cause of Death

HR Code Number

Residence (Domicile) at Time of Death

Number and Street

City

State

ZIP Code

County

Name and Address of Executor/Administrator/Beneﬁciary

Name and Address of Preparer

 Exec

 Atty

 Admr

 CPA

 ________

Did the decedent have a will?  No

 Yes

If Yes, attach a copy of the will.

Did the decedent have a trust agreement?  No

 Yes

If Yes, attach a copy of the trust agreement.

Filing status of Federal Estate and Gift Tax Return for this estate (check one):

 Not Required

 Required (enclose copy)

 Not Required, but ﬁled for Portability (enclose copy)

Gross Estate

Individually owned assets

Jointly owned assets

Qualiﬁed terminable interest property

and/or powers of appointment

Previously taxed property

Gifts and transfers

Total Gross Estate

Deductions

Funeral expenses

Administration expenses

......................................................................

Debts of decedent

...................................Federal estate tax— paid or  estimated

Total Deductions

Net Estate (Total Gross Estate less Total Deductions)

Total Tax Due from Tax Computation Form 92A200

Interest and Penalty

10.

Interest for late payment (see general information)

....................................................................

11.

Late ﬁling penalty (see general information)

12.

Late payment penalty (see general information)

13.

Total Due (tax plus interest and penalties, if applicable)

14.

Total previously paid

15.

Balance due/Refund

Attach check payable to “Kentucky State Treasurer” to this return and mail to Kentucky Department of Revenue, Frankfort, KY 40620

฀Under criminal penalties, I declare that this return, including accompanying documents, has been examined by me, and is, to the best of my knowledge and belief, true, correct and complete.

( )

Signature of Executor/Administrator/Beneﬁciary

Social Security Number

Date

Telephone Number

E-mail Address of Executor/Administrator/Beneﬁciary

( )

Signature of Preparer

Date

Telephone Number

E-mail Address

Estate of:	92A200 (6-16)
Estate of:

Individually Owned Assets	Page ____ of ____

List in this schedule all items individually owned by the decedent including life insurance payable to the estate.

(Please review instructions on reverse side for details.)

Item	Description of Property/Name of Corporation	Accrued Rents/	Number	Fair Cash Value
Number	or Obligor/ Name of Bank or Debtor	Interest/Dividends	of Shares	on Date of Death

Total (including continuation page(s)) (enter on page 1, line 1)	฀

If additional space is needed, duplicate this page and attach as a continuation page(s).

INSTRUCTIONS

INDIVIDUALLY OWNED ASSETS

All real proper t y individually owned must b e lis ted in this schedule . For re por ting agricultural or horticultural land, see General Information—Valuation of Property—Fair Cash and Agricultural.

Stocks and bonds individually owned are includable in this schedule. Stock values are determined by using an average of the high and low quoted selling price on the decedent’s date of death. In case of inactive stock such as closely held corporations, explain the method used in computing the value at the date of death. A balance sheet, at a date nearest the decedent’s death, together with a statement of net earnings and dividends paid for the five-year period immediately preceding the date of death, must be supplied in support of these valuations (ex. ﬁnancial institution’s monthly statement.)

Dividends declared and of record in the decedent’s name but not paid prior to death must be included in this schedule. Provide statements, lists, etc. supporting valuation of these assets.

United States bonds individually owned as well as those payable upon death to another should be included in this schedule. Indicate series, maturity value and date of purchase of all United States bonds.

In some instances, the estate will include stocks and bonds listed on a stock exchange that did not make sales on the date of the decedent’s death. When this occurs, their value must be determined by averaging the high and low for the last working day preceding the date of death and the ﬁrst working day subsequent to the date of death. For reporting stock of a corporation owning qualiﬁed real estate passing to a qualiﬁed person(s), see General Information—Valuation of Property—Fair Cash and Agricultural.

Mortgages, notes and cash individually owned must be listed in this schedule. List accrued interest to date of death. The description of mortgages and notes must include interest rate, the date the last payment of interest was made preceding the date of the decedent’s death, and the due date

of the mortgages or notes. If an account is held out of state, show name and address of ﬁnancial institution on the tax return.

List life insurance payable to the insured or to the estate. Life insurance payable to a designated beneﬁciary, including a testamentary or inter vivos trustee, is tax-free.

List in this schedule other individually owned items of the gross estate, such as debts due decedent; business or partnership (attach balance sheet showing capital accounts); claims, exclusive of those claimed under KRS 411.130 (wrongful death); rights; royalties; leaseholds; judgments; shares in trust funds; contracts; household goods and personal effects, including antiques, jewelry and collections of any type; farm products and growing crops; livestock; farm machinery; automobiles; etc.

The value of an annuity or other payment made to a beneﬁciary of a deceased employee (other than the executor or equivalent) under (1) an exempt trust or qualified nontrusted annuity plan as described by the Internal Revenue Code or (2) a contract purchased by an educational or charitable organization as referred to in Section 170(b)(1)(A)(ii) or (vi) of the Internal Revenue Code or a religious organization exempt from tax under Internal Revenue Code Section 501(a), is taxable in the proportion that the total contributions made by the decedent bears to the total contributions made. The proceeds from a Retired Serviceman’s Family Protection Plan or Survivor Beneﬁt Plan are exempt under KRS 140.015(2). Refer to KRS 140.063(3) and (4) regarding the taxation of individual retirement accounts and annuities as described in Section 408(a) and (b) of the Internal Revenue Code. Lump-sum distributions of an IRA are taxable.

All other annuities, including deferred compensation plans, or payments other than those described in the preceding paragraph made to a beneﬁciary, executor or equivalent, are fully taxable if the decedent retained ownership at death such as the right to name or change the beneﬁciary and must be listed in this schedule.

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Form Information

Fact Name	Description
Governing Laws	The Kentucky Inheritance Tax is governed by Kentucky Revised Statutes (KRS) 140.060 and KRS 140.080.
Filing Requirement	If all taxable assets pass to exempt beneficiaries and a Federal Estate and Gift Tax Return is not required, an Inheritance Tax Return is not necessary.
Forms Available	Multiple forms are available, including Form 92A200 (Inheritance Tax Return) and Form 92A205 (Short Form).
Affidavit of Exemption	An Affidavit of Exemption can be filed to satisfy the requirements for final settlement if no inheritance tax is due.

Detailed Guide for Filling Out Kentucky Inheritance Tax

Filling out the Kentucky Inheritance Tax form is an important step in managing the estate of a deceased individual. This process requires accurate information about the decedent, their assets, and the beneficiaries. Follow these steps carefully to ensure the form is completed correctly.

Obtain the correct form. Choose either the Inheritance Tax Return (Form 92A200), the Short Form (Form 92A205), or the No Tax Due Return (Form 92A201) based on the estate's situation.
Fill in the decedent's information. Provide the decedent’s full name, date of death, social security number, occupation, age at death, cause of death, and residence at the time of death.
Enter executor or administrator details. Include the name and address of the executor, administrator, or beneficiary responsible for filing the form.
Indicate whether there was a will or trust. Check the appropriate box for "Yes" or "No" and attach copies of the will or trust agreement if applicable.
Determine federal estate tax filing status. Indicate if a federal estate tax return is required, not required, or not required but filed for portability, and attach a copy if necessary.
List beneficiaries. Provide names and relationships of all beneficiaries receiving assets from the estate. This information is mandatory.
Complete property valuation (optional). If desired, list the total value of property from the reverse side of the form, though this is optional.
Sign and date the form. The executor or administrator must sign and date the form, along with the preparer if applicable.
Mail the completed form. Send the filled-out form to the Kentucky Department of Revenue at the address provided on the form.

Obtain Answers on Kentucky Inheritance Tax

What is the Kentucky Inheritance Tax form?

The Kentucky Inheritance Tax form is a document required by the Kentucky Department of Revenue to report and pay any inheritance tax due on the estate of a deceased person. This form is necessary when the estate includes taxable assets and the decedent passed away on or after January 1, 2005.
Who needs to file the Inheritance Tax Return?

Individuals must file the Inheritance Tax Return if the decedent's estate includes assets that pass to taxable beneficiaries or organizations. If all assets go to exempt beneficiaries, and no federal estate tax return is required, then filing is unnecessary.
What forms are available for the Kentucky Inheritance Tax?
- No Tax Due Return (Form 92A201)
- Inheritance Tax Return (Form 92A200)
- Inheritance Tax Return (Short Form) (Form 92A205)
- Affidavit of Exemption (Form 92A300)
Each form serves a specific purpose based on the details of the estate and the beneficiaries involved.
What is an Affidavit of Exemption?

The Affidavit of Exemption is a declaration that all assets of the estate pass to exempt beneficiaries. It is used when no inheritance tax is due and is filed only with the court, not the Kentucky Department of Revenue.
What are exempt beneficiaries?

Exempt beneficiaries include the decedent's spouse, children, stepchildren, grandchildren, parents, and siblings. Certain organizations, such as educational or religious institutions, may also qualify as exempt. These beneficiaries do not incur inheritance tax on the assets they receive.
When is the Inheritance Tax due?

The Inheritance Tax is generally due within 15 days of the decedent's date of death. If tax is owed, the appropriate forms must be filed, and payment should be made to avoid penalties and interest.
Can the Inheritance Tax be paid in installments?

Yes, the Kentucky Department of Revenue allows for the payment of inheritance tax through installments. To qualify, the executor must file Form 92A928 and meet specific criteria outlined by the Department.
Where can I obtain assistance with the Kentucky Inheritance Tax form?

Assistance is available through the Kentucky Department of Revenue. You can contact them directly or visit their website for resources and additional information. Taxpayer Service Centers are also available for in-person help.

Common mistakes

Filling out the Kentucky Inheritance Tax form can be a complex task, and many individuals make common mistakes that can lead to delays or complications. One frequent error is failing to determine whether an Inheritance Tax Return is necessary. If all taxable assets pass to exempt beneficiaries and a Federal Estate and Gift Tax Return is not required, it is not necessary to file an Inheritance Tax Return. This oversight can result in unnecessary paperwork and confusion.

Another mistake involves not providing complete information about the decedent. Accurate details, such as the decedent's full name, date of death, and Social Security number, are essential. Incomplete information may lead to processing delays or even rejection of the form. Additionally, individuals often forget to attach required documents, such as a copy of the will or trust agreement. These attachments are crucial for verifying the estate's details and ensuring compliance with state requirements.

Many people also misclassify beneficiaries. It is important to clearly distinguish between exempt and taxable beneficiaries. Misunderstanding who qualifies as an exempt beneficiary can lead to incorrect calculations of the tax due. For example, a surviving spouse or child may be exempt, while other relatives may not be. This mistake can significantly impact the amount of tax owed.

Another common error is neglecting to check the appropriate filing status for the Federal Estate and Gift Tax Return. Individuals may mistakenly indicate that a return is not required when it actually is, or vice versa. This can complicate the filing process and lead to potential penalties. It is essential to understand the requirements and accurately reflect them on the form.

Some filers overlook the importance of listing beneficiaries and their relationships to the decedent. While listing property is optional, detailing beneficiaries is required. Omitting this information can lead to further inquiries from the Kentucky Department of Revenue, prolonging the settlement process.

Additionally, individuals sometimes fail to sign the form or provide the necessary contact information. A missing signature can result in the form being considered invalid. Providing accurate contact details ensures that the Department of Revenue can reach the appropriate person for any questions or clarifications.

Another mistake is not keeping copies of the submitted forms and documents. It is essential to maintain records for future reference, especially if any issues arise or if there is a need for amendments. This oversight can create challenges in tracking the status of the inheritance tax return.

Finally, some individuals do not seek assistance when needed. The Kentucky Department of Revenue offers resources and guidance for completing the forms. Failing to utilize these resources can lead to errors that could have been easily avoided. Seeking help can save time and reduce the likelihood of mistakes in the filing process.

Documents used along the form

When dealing with the Kentucky Inheritance Tax, several other forms and documents may be necessary to ensure compliance with state regulations. Understanding these documents can help streamline the process and clarify any obligations that may arise following the passing of a loved one. Below are some commonly used forms alongside the Kentucky Inheritance Tax form.

No Tax Due Return (Form 92A201): This form is utilized when there is no Kentucky inheritance tax owed. It is applicable if the estate passes entirely to exempt beneficiaries, such as a spouse or children, and the date of death is on or after January 1, 2005.
Inheritance Tax Return (Form 92A200): This return is mandatory when any assets of the estate pass to taxable beneficiaries or organizations. It must be filed if the date of death is on or after January 1, 2005, and other specific conditions are met.
Inheritance Tax Return (Short Form) (Form 92A205): This simplified return is available for estates with ten items or fewer. It is suitable when a federal estate tax return is not required and certain conditions regarding gifts and property are met.
Real Estate Valuation Information Form (Form 92A204): This form provides necessary information regarding the valuation of real estate within the estate. Accurate valuation is crucial for determining any potential tax liabilities.

Filing the correct forms is essential to meet the legal requirements associated with inheritance tax in Kentucky. By familiarizing yourself with these documents, you can navigate the process more effectively and ensure that all necessary obligations are fulfilled. Remember, seeking guidance from a knowledgeable professional can also provide valuable support during this challenging time.

Similar forms

The Kentucky Inheritance Tax form shares similarities with several other legal documents. Each serves a specific purpose related to estate and inheritance matters. Below is a list detailing these documents and their similarities:

No Tax Due Return (Form 92A201): This form is used when no inheritance tax is owed. It requires basic information about the estate and beneficiaries, similar to the Inheritance Tax form.
Inheritance Tax Return (Form 92A200): Required when any assets pass to taxable beneficiaries. It collects detailed information about the estate, akin to the Inheritance Tax form.
Inheritance Tax Return (Short Form) (Form 92A205): This form is for simpler estates with fewer assets. It shares the same purpose as the Inheritance Tax form but is designed for less complex situations.
Federal Estate and Gift Tax Return (Form 706): Used to report the value of an estate for federal tax purposes. It is similar in that it assesses tax obligations related to the estate, just like the Kentucky Inheritance Tax form.
Afﬁdavit of Exemption (Form 92A300): This document certifies that no inheritance tax is due. It functions similarly to the Inheritance Tax form by providing necessary estate information.
Election to Defer the Payment of Inheritance Tax (Form 92A928): This form allows for installment payments of inheritance tax. It relates to the Inheritance Tax form by addressing tax payment options.
Election to Qualify Terminable Interest Property (Form 92A936): This form is used to elect special tax treatment for certain properties. It is similar in that it deals with specific estate assets and their tax implications.

Dos and Don'ts

When filling out the Kentucky Inheritance Tax form, it is essential to follow specific guidelines to ensure accuracy and compliance. Below is a list of things you should and shouldn't do during this process.

Do ensure that you use the correct form based on the estate's circumstances, such as Form 92A200 or Form 92A205.
Do verify the date of death to confirm that it falls on or after January 1, 2005, as this affects the form's applicability.
Do include all required information about the decedent, including their name, date of death, and Social Security number.
Do check if an Affidavit of Exemption is applicable to avoid unnecessary filing if all assets pass to exempt beneficiaries.
Don't send the Affidavit of Exemption to the Kentucky Department of Revenue; it should only be filed with the court.
Don't neglect to attach any required documents, such as a copy of the will or trust agreement, if applicable.
Don't assume that the estate is exempt from tax without confirming the beneficiary status against Kentucky Revised Statutes.

Misconceptions

Misconceptions about the Kentucky Inheritance Tax form can lead to confusion and potential issues in estate administration. Here are six common misconceptions:

All estates must file an Inheritance Tax Return. Many believe that every estate is required to file a return. However, if all taxable assets pass to exempt beneficiaries and a Federal Estate and Gift Tax Return is not required, filing is unnecessary.
Only residents of Kentucky are subject to the Inheritance Tax. This is not accurate. Both residents and nonresidents may be subject to the Kentucky Inheritance Tax depending on the assets involved and their beneficiaries.
An Affidavit of Exemption must be filed with the Kentucky Department of Revenue. Some individuals think that the Affidavit of Exemption needs to be submitted to the Department of Revenue. In fact, it should only be filed with the court.
The Inheritance Tax applies to all beneficiaries equally. Not all beneficiaries are taxed the same. Exempt beneficiaries, such as spouses and children, may not owe any tax, while other beneficiaries may be subject to different tax rates.
The Inheritance Tax Return is the same for all estates. There are different forms for different situations. For example, Form 92A200 is used for estates with taxable beneficiaries, while Form 92A201 is for estates with no tax due.
Filing deadlines are the same for all estates. This misconception overlooks the fact that deadlines may vary based on the date of death and the specific circumstances of the estate. It is essential to check the relevant deadlines for each case.

Key takeaways

Understanding the Kentucky Inheritance Tax form is crucial for managing estate matters effectively. Here are five key takeaways to keep in mind:

If all taxable assets pass to exempt beneficiaries, you do not need to file an Inheritance Tax Return.
Use Form 92A200 or 92A205 if inheritance tax is due. These forms cater to different situations based on the estate's specifics.
Exempt beneficiaries include spouses, children, and certain organizations. Familiarize yourself with KRS 140.080 and KRS 140.060 for a complete list.
Filing an Affidavit of Exemption can simplify the process if no tax is owed. This affidavit is submitted only to the court, not the Kentucky Department of Revenue.
Ensure accurate completion of the chosen form, as any errors may lead to delays or penalties. Double-check all information before submission.