US Legal Forms
Pennsylvania REV-1514 -- Schedule K - Life Estate...

Pennsylvania REV-1514 -- Schedule K - Life Estate, Annuity & Term Certain

Name: Pennsylvania REV-1514 -- Schedule K - Life Estate, Annuity & Term Certain
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.57 (385 reviews)

Category:

Pennsylvania Local County - York - Register of Wills

State:

Pennsylvania

Control #:

PA-SKU-2986

Format:

Instant download

This website is not affiliated with any governmental entity

Public form

Description

REV-1514 -- Schedule K - Life Estate, Annuity & Term Certain Pennsylvania REV-1514 -- Schedule K — Life Estate, Annuity & Term Certain is a form used by taxpayers to report and remit taxes on life estate, annuity and term certain payments received from a trust, estate or will in the state of Pennsylvania. This form is used to report and pay the Inheritance Tax imposed by Pennsylvania on transfers of the above-mentioned payments. There are three types of Pennsylvania REV-1514 -- Schedule K — Life Estate, Annuity & Term Certain: “Life Estate”, “Annuity” and “Term Certain”. The Life Estate form is used when the taxpayer is the life tenant of a trust or estate and is receiving payments from the trust or estate. The Annuity form is used when the taxpayer is the beneficiary of an annuity or other payment for life. The Term Certain form is used when the taxpayer is the beneficiary of a term certain payment from a trust or estate.

Pennsylvania REV-1514 -- Schedule K — Life Estate, Annuity & Term Certain is a form used by taxpayers to report and remit taxes on life estate, annuity and term certain payments received from a trust, estate or will in the state of Pennsylvania. This form is used to report and pay the Inheritance Tax imposed by Pennsylvania on transfers of the above-mentioned payments. There are three types of Pennsylvania REV-1514 -- Schedule K — Life Estate, Annuity & Term Certain: “Life Estate”, “Annuity” and “Term Certain”. The Life Estate form is used when the taxpayer is the life tenant of a trust or estate and is receiving payments from the trust or estate. The Annuity form is used when the taxpayer is the beneficiary of an annuity or other payment for life. The Term Certain form is used when the taxpayer is the beneficiary of a term certain payment from a trust or estate.

View Waiver Consent

View this form

View Notice of Hearing

View this form

View Waiver and Consent

View this form

View Notice of Hearing

View this form

View Publication of Notice of Hearing

View this form

How to fill out Pennsylvania REV-1514 -- Schedule K - Life Estate, Annuity & Term Certain?

Preparing official paperwork can be a real burden unless you have ready-to-use fillable templates. With the US Legal Forms online library of formal documentation, you can be confident in the blanks you find, as all of them comply with federal and state laws and are checked by our experts. So if you need to complete Pennsylvania REV-1514 -- Schedule K - Life Estate, Annuity & Term Certain, our service is the perfect place to download it.

Getting your Pennsylvania REV-1514 -- Schedule K - Life Estate, Annuity & Term Certain from our library is as easy as ABC. Previously registered users with a valid subscription need only log in and click the Download button once they locate the correct template. Afterwards, if they need to, users can take the same document from the My Forms tab of their profile. However, even if you are new to our service, registering with a valid subscription will take only a few minutes. Here’s a brief guideline for you:

Document compliance check. You should attentively review the content of the form you want and check whether it satisfies your needs and meets your state law regulations. Previewing your document and reviewing its general description will help you do just that.
Alternative search (optional). Should there be any inconsistencies, browse the library through the Search tab above until you find an appropriate template, and click Buy Now when you see the one you need.
Account creation and form purchase. Sign up for an account with US Legal Forms. After account verification, log in and select your preferred subscription plan. Make a payment to proceed (PayPal and credit card options are available).
Template download and further usage. Choose the file format for your Pennsylvania REV-1514 -- Schedule K - Life Estate, Annuity & Term Certain and click Download to save it on your device. Print it to complete your paperwork manually, or use a multi-featured online editor to prepare an electronic version faster and more efficiently.

Haven’t you tried US Legal Forms yet? Sign up for our service today to obtain any official document quickly and easily whenever you need to, and keep your paperwork in order!

Form Rating

4.57

Satisfied(385)

Form popularity

FAQ

The responsible party is the person named in the will as executor or, if the person dies without a will, the individual who is approved as administrator by the register of wills after a petition is filed.

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.

Many people do not realize that there are certain types of assets that are exempt from inheritance tax. As an example, life insurance proceeds which are paid directly to a beneficiary or are paid to the estate of the decedent are exempt.

Annuities are taxed as ordinary income when inherited. The proceeds of inheritance are taxable. If a beneficiary opts to receive the money all at once, they must pay taxes immediately.

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.

The purpose of REV-1543 is to make sure that the tax on a joint bank account is paid regardless of whether an estate files a REV-1500. The purpose of checkbox E on the REV- 1543 is to deflect tax collection efforts away from the surviving joint owner toward the estate, so that the tax is not being collected twice.

An inheritance tax return must be filed for every decedent (or person who died) with property that may be subject to PA inheritance tax. The tax is due within nine months of the decedent's death. After nine months, the tax due accrues interest and penalties.

Annuities typically do not go through probate when they are inherited because most annuity owners name a designated beneficiary. However, they may still be subject to probate if there is no named beneficiary, or if the beneficiary is no longer alive.

More info

This schedule should be used for all single-life, joint or successive life estate and term-certain calculations. For dates of death prior to 5-1-89,.This schedule should be used for all singlelife, joint or successive life estate and termcertain calculations. This 1-page document is available for download in PDF;; Actual and applicable for the current year;; Complete, printable, and free. Schedule K Life Estate, Annuity and Term Certain . Passthrough AMT adjustment from an estate or trust reported on Schedule K1 (541). Yes Get and complete Schedule P (540NR) , Alternative. Passthrough AMT adjustment from an estate or trust reported on Schedule K1 (541). Yes Get and complete Schedule P (540NR) , Alternative. Tax Credit Recap Schedule Instructions .

Pennsylvania REV-1514 -- Schedule K - Life Estate, Annuity & Term Certain

Description

Related forms

How to fill out Pennsylvania REV-1514 -- Schedule K - Life Estate, Annuity & Term Certain?

Show more info

Form Rating

Form popularity

FAQ

Who pays PA inheritance tax?

How is PA inheritance tax calculated?

Is life insurance payable to an estate taxable in Pennsylvania?

Are annuities exempt from PA inheritance tax?

Is there a way to avoid PA inheritance tax?

What is a PA rev 1543?

Who needs to file a PA inheritance tax return?

Are annuities subject to probate in Pennsylvania?

More info

Trusted and secure by over 3 million people of the world’s leading companies