Pennsylvania REV-1644 -- Schedule L — Remainder Prepayment or Invasion of Trust Corpus is a form used by trustees in the state of Pennsylvania when making a distribution from a trust. It's used to report the trust's remaining assets, the amount distributed, and the method of distribution. There are two types of Pennsylvania REV-1644 -- Schedule L — Remainder Prepayment or Invasion of Trust Corpus: one for a lump-sum distribution, and one for periodic distributions. The lump-sum distribution form is used when the trust's remaining assets are paid out in a single payment. The periodic distributions form is used when the trust's remaining assets are paid out in a series of payments. The form is used to report the trust's remaining assets, the amount distributed, and the method of distribution.
Pennsylvania REV-1644 -- Schedule L - Remainder Prepayment or Invasion of Trust Corpus
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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 tax applies at different rates depending on the beneficiary's relationship to the decedent. A discount is available for pre-payment. There is a 5% discount available if the Pennsylvania inheritance tax is paid within three months of the decedent's death. This referred to as a pre-payment.
The Pennsylvania Department of Revenue states that you must pay inheritance taxes upon the death of the decedent. In fact, the payments become delinquent if they are not paid within nine months following the death. Said simply, inheritance taxes may not be paid in installments in the state of Pennsylvania.
Am I required to pay inheritance tax on an IRA I inherited? The IRA will be subject to inheritance tax if the decedent was over 59 1/2 years old at the time of death (for traditional IRAs). Roth IRAs are always taxable regardless of the decedent's... What is the difference between probate assets and non-probate assets?
In Pennsylvania, all property owned by a resident decedent is subject to inheritance tax unless it is exempt, and only life insurance policy proceeds and real estate located outside of Pennsylvania are exempt from inheritance tax.
If you still wish to keep control of it through a single trustee, you may set up an irrevocable trust that will pass it tax-free. That type of trust should be distinguished from a revocable trust, which is still subject to inheritance tax.
How To Avoid Inheritance Tax. 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.
Generally, a decedent (while alive) does not control an irrevocable trust ? so there's no inheritance tax on an irrevocable trust. Typically, the executor or administrator will complete PA Department of Revenue Form 1500 if the decedent was a Pennsylvania resident.