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Pennsylvania Free Printable Instructions for REV-1647 Schedule M - Future Interest Compromise for 2024 Pennsylvania Schedule M - Future Interest Compromise (Instructions)

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Schedule M - Future Interest Compromise (Instructions)
Instructions for REV-1647 Schedule M - Future Interest Compromise

Instructions for REV-1647 Schedule M Future Interest Compromise REV-1647 EX (02-15) GENERAL INFORMATION PURPOSE OF SCHEDULE Use REV-1647 Schedule M to report all future interests where the rate of tax which will be applicable when the future interest vests in possession and enjoyment cannot be established with certainty. FORM INSTRUCTIONS Estate of Enter the complete name of the estate as shown on REV-1500, Pennsylvania Inheritance Tax Return. File Number Enter the file number of the estate assigned by the Register of Wills as shown on REV-1500, Pennsylvania Inheritance Tax Return. GENERAL INSTRUCTIONS IMPORTANT: This schedule is appropriate only for estates of decedent dying on or after Dec. 13, 1982. I. Beneficiaries List the name, relationship, date of birth and age to nearest birthday of each beneficiary indicated in the instrument which created the future interest compromise. II. Right of Withdrawal For decedents dying on or after July 1, 1994, if a surviving spouse exercised or intends to exercise a right of withdrawal within nine months of the decedent’s death, check the appropriate block. www.revenue.pa.gov III. Explanation of Compromise Offer Section 9116(e) of the Inheritance and Estate Tax Act of 1991 [72 P.S. § 9116(e)] effective Oct. 3, 1991 authorizes the Department of Revenue to compromise the amount of tax payable on a future interest when the rate of tax cannot be established with certainty. NOTE: This schedule is applicable only if a contingency makes it impossible on the date of death of a decedent to determine the rate of tax which will apply when a future interest vests in possession and enjoyment. A compromise request is not necessary if all potential beneficiaries are taxable at the same rate, and the only uncertainty is the identity of the ultimate beneficiary of a future interest. REV-1647, Schedule M must accompany the return if a compromise determination is requested. All information having a direct or indirect effect on the compromise portion of the estate should be presented with the return. The estate is encouraged to provide any information that is deemed to have an impact on the possible future benefit to the respective beneficiaries so that the department may make informed judgments. This may include, but would not be limited to: the health and lifestyle of the respective beneficiaries, individual wealth of the beneficiary, average expenses, expected income, etc. The estate’s compromise offer should be supported by as much factual data and explanatory information as possible. The Department of Revenue will review the information presented to deter- mine if a compromise determination is appropriate and to evaluate the suggested compromise tax amount submitted by the taxpayer. The department’s review may be based on actuarial computation, subjective analysis, or a combination of both. If the facts presented on REV-1647, Schedule M do not reveal any extraordinary circumstances, the determination of the department will be made by an actuarial formula without any subjective review. NOTE: If a contingency makes it impossible on the date of death to determine the rate of tax which will apply when a future interest vests and a compromise determination is not requested by the taxpayer, the department will assess tax at the highest rates which would apply at all points of uncertainty in the chain of distribution. NOTE: To request a compromise determination, the person responsible for filing the return must fill in oval 5 “Future Interest Compromise” of REV-1500. The Inheritance Tax Division, upon written request, will provide the probability factor in the case of an actual decedent prior to the filing of the tax return. Inquiries should be addressed to: PA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES INHERITANCE TAX DIVISION PO BOX 280601 HARRISBURG, PA 17128-0601 The request for a probability factor must identify the estate, date of death, file number, and must be accompanied by a copy of any relevant instrument. 1
Extracted from PDF file 2023-pennsylvania-rev-1647-instructions.pdf, last modified February 2015

More about the Pennsylvania REV-1647 (Instructions) Individual Income Tax TY 2023

Schedule M is used to report all future interests where the tax rate will be applicable

We last updated the Schedule M - Future Interest Compromise (Instructions) in February 2024, so this is the latest version of REV-1647 (Instructions), fully updated for tax year 2023. You can download or print current or past-year PDFs of REV-1647 (Instructions) directly from TaxFormFinder. You can print other Pennsylvania tax forms here.

Related Pennsylvania Individual Income Tax Forms:

TaxFormFinder has an additional 174 Pennsylvania income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Pennsylvania REV-1647 (Instructions).

Form Code Form Name
Form REV-1647 Schedule M - Future Interest Compromise

Download all PA tax forms View all 175 Pennsylvania Income Tax Forms


Form Sources:

Pennsylvania usually releases forms for the current tax year between January and April. We last updated Pennsylvania REV-1647 (Instructions) from the Department of Revenue in February 2024.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Pennsylvania REV-1647 (Instructions)

We have a total of two past-year versions of REV-1647 (Instructions) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 REV-1647 (Instructions)

Instructions for REV-1647 Schedule M - Future Interest Compromise

2022 REV-1647 (Instructions)

Instructions for REV-1647 Schedule M - Future Interest Compromise


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