Pennsylvania REV-1513 -- Schedule J — Beneficiaries is a form used to report the names and Social Security numbers of beneficiaries of a decedent's estate. It is required to be filed with the Pennsylvania Department of Revenue upon the death of an individual. The form must be signed by the executor, administrator, or personal representative of the decedent's estate. There are two types of beneficiaries listed on the form: primary beneficiaries and contingent beneficiaries. Primary beneficiaries are those who will receive the assets from the decedent's estate if all conditions of the will are met. Contingent beneficiaries are those who will receive the assets from the decedent's estate if certain conditions of the will are not met. Both primary and contingent beneficiaries must be listed on Pennsylvania REV-1513 -- Schedule J — Beneficiaries.
Pennsylvania REV-1513 -- Schedule J - Beneficiaries
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FAQ
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).
The Pennsylvania Estate Inventory The family exemption is available to the surviving spouse or children (if there is no spouse) of a Pennsylvania decedent. The family exemption is a right to retain or claim personal or real property of a decedent in the amount of (currently) $3,500.
Schedule J, REV-1513 - Beneficiaries Report all beneficiaries and their relationship to the dece- dent. Schedule K, REV-1514 - Life Estate, Annuity and Term Certain Report all presently vested life estate, annuities and terms certain created by the decedent for which valuations must be actuarially determined.
PA SCHEDULE J (LINE 7) Report the total income that you received or that the estate or trust credited to you. For PA income tax purposes, an estate or trust cannot distribute a loss. Enter the name, identification number, and amount of PA-taxable income from each PA Schedule RK-1 or NRK-1.
If the decedent and his or her current spouse are their parents, the children are entitled to an inheritance only after the surviving spouse inherits $30,000 and half of the balance of the estate. But if the children were born out of marriage or during a previous relationship, their share shifts to half of the estate.
The family exemption may be claimed by a spouse of a decedent who died as a resident of Pennsylvania. If there is no spouse, or if the spouse has forfeited his/her rights, then any child of the decedent who is a member of the same household as the decedent may claim the exemption.
Pennsylvania inheritance tax rates A 4.5% tax rate applies to assets that go to lineal heirs. These include children, stepchildren and grandchildren. A 12% tax rate applies to collateral beneficiaries such as siblings. A 15% tax rate applies to other heirs such as nieces and nephews.
One way to avoid inheritance tax in PA is to make an asset joint. For example, if you have $30,000 in your name alone, and through your will, you give it to a friend of yours, it would be taxed at 15% or they would owe $4,500 in taxes.
