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Who must file 1310 Form: What You Should Know
For more information, go to Form 1320 — Taxpayer Relief From a Deceased Taxpayer Who Should File Federal Form 1320 What Does Form 1320 Do? Your Form 1320 form must be filed if there is any tax (such as tax on interest or dividends paid, tax on qualified education loan interest, tax on certain capital gains, tax on certain property, tax for qualified funeral expenses, tax on qualified charitable contributions, or tax on certain employee salaries, wages, tips, or other compensation) that the taxpayer claimed as a separate income for any taxable year after the death of the decedent. You can use Form 1320 if: Who Should File Federal Form 1320? What Does Form 1320 Do? Claim a Tax Credit on Your Tax Return. You can claim a credit of as much as 100 for each qualified student loan you made to your child or grandchildren as a student. Estate Tax. If your estate includes property that was owned by the decedent, including some type of property that was owned before the date of death, that property will be subject to the estate tax that applies to transfers after the effective date of law. If You Make a Donation of Property to a Charity or a Qualified Endowment, Include the Property in the Gift As soon as the decedent's estate is established, designate the beneficiary for the property. In most cases, the decedent will be the designated beneficiary. You can file Form 706 with your Federal income tax return if you donate property of a type that is subject to Gift Tax (unless the decedent's spouse or designated beneficiary designated the decedent as the beneficiary of the property, in which event your designation is not required). You can also use Form 713 to designate beneficiaries for property you gave as a gift to your decedent. How to File Form 706 — Federal Income Tax Form 706 is designed to facilitate the transfer of property to recipients whose names you know. It must be used after January 15, 2004. However, you do not need to file Form 706 or 713 to get the benefit of the gift tax. You do not need a separate Form 706 or 713 to designate the successor in interest for property or other property you donated to the decedent if the beneficiary named in the Form 706 or 713 is the designated beneficiary.
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