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Form 1310 Minnesota: What You Should Know
The income of the person to receive each exemption is determined by subtracting his or her own exemption. Your beneficiary's exemption depends on his or her AGI and the amount of his or her AGI that you have determined. The estate tax exemption amount is adjusted. If an estate is large, and you cannot determine where your beneficiary should be based on the decedent's total adjusted gross assets (AGI) and all income that person has received, you are required to enter the name of the person who will receive the estate tax exemption amounts. The income of the person to receive each exemption is determined by subtracting his or her gross taxable income from your account by multiplying the AGI of the account by 1.45. The amount the beneficiary receives is determined by multiplying the gross taxable income by the portion of the exemption allocated for that year. Your beneficiary's tax on the basis of the income of the person to receive each exemption is calculated and divided by the total AGI of the account that year. You may file a return only one year after the decedent's death. (Form 706, Estate Tax Return). If you have a decedent who died in the year of their death, you may file the income tax return for the year prior to the year of death. See Publication 903 (PDF), available from the following IRS Web links. IRS.gov's Publication 903 is available only in HTML format. The text version is not the same as the HTML version in which the form is stored. The HTML form may vary from the version stored in the IRS Website, depending on when it was prepared. IRS.gov's Website address: . 1. Form 706A, Executor's Return or Release of Levy Interest (PDF), is also available. IRS.gov's Publication 903, for Executor's Return, is available only in HTML format. The text version is not the same as the HTML version in which the form is stored. The HTML form may vary from the version stored in the IRS Website, depending on when it was prepared. IRS.
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