Get Nj Form O 71

NJ Taxation What is an Inheritance or Estate Tax Waiver (Form 0-1)? Form 0-1 is a “waiver" that represents the written consent of the Director of the Division of Taxation to transfer or release certain property in the name of a decedent.

The executor, administrator, or heir-at-law of the estate must file an Inheritance Tax return (if required) within eight (8) months of the date of the decedent's death.

How long does it take to get an inheritance tax waiver in NJ? The entire process can take from three months to a year before the waivers are released, much to the exasperation of the executors, administrators and the estate beneficiaries, she said.

New Jersey law puts inheritors into different groups, based on their family relationship to the deceased person. Class A beneficiaries are exempt from the inheritance tax; they pay no inheritance tax. This group includes the deceased person's: spouse, domestic partner, or civil union partner.

New Jersey law puts inheritors into different groups, based on their family relationship to the deceased person. Class A beneficiaries are exempt from the inheritance tax; they pay no inheritance tax. This group includes the deceased person's: spouse, domestic partner, or civil union partner.

Waivers (Form 0-1) can only be issued by the Inheritance Tax Branch of the NJ Division of Taxation. It is not a form you can obtain online or fill out yourself. In most circumstances, some kind of return or form must be filed with the Division in order to have a waiver issued.

It is important to note that life insurance paid to a named beneficiary, regardless of the class, as defined by the State of New Jersey, is exempt from New Jersey inheritance tax.

Form 0-71 must be submitted in all cases where: 1. Payment is made as a result of the death of a resident decedent under the terms of a life insurance policy, endowment policy, or an annuity contract owned by the decedent or; 2.