Virginia Estate Tax Return - For Deaths From January 1, 2005 Through June 30, 2007

Estate Tax Return - For Deaths From January 1, 2005 Through June 30, 2007
EST80 web120705.pmd
	

            Virginia Estate Tax Return
  Form EST-80	
VA Dept of Taxation
3101027 3/07

For dates of death from January 1, 2005 through June 30, 2007

A	 Resident Return
B	 Nonresident Return
C	 Alien Return	
D	 Amended Return
E	 Amended - Fed Audit
F	 Extension - Filing
G	 Extension - Payment
H	 IRC 6166 Extension

*VAET80107888*

IMPORTANT: A copy of the federal estate tax return,                
	

Form 706, must be filed with this return.

Offical use only

Decedent’s Name
Amount Received

Social Security Number
Domicile at Date of Death

Date Received

Date of Death
Personal Representative
Address

1.	 Total gross estate (from Line 1, Form 706) ...............................................................................................1.	__________________
2. 	 Allowable deductions (from Line 2, Form 706)...........................................................................................2.	__________________
3a.	Tentative Taxable Estate ( Line 1 less Line 2 )...........................................................................................3a._________________
3b.	State death tax deduction (see instructions)..............................................................................................3b._________________
3c.	Taxable Estate (Line 3a less Line 3b)........................................................................................................3c.__________________
4.	 Adjusted taxable gifts from Line 4, Form 706............................................................................................4.	__________________
5.	 Add Lines 3 and 4.....................................................................................................................................5.	__________________
6a. Enter amount from Line 12 of Federal Form 706......................................6a.___________________ 	
6b.	Enter Tax from Tax Table.............................................................................6b.___________________
6.	 Virginia Estate Tax (enter the lesser of Line 6a or Line 6b).......................................................................6.	__________________
	

Resident Return (Box A above)

7a.	If Box A above is checked, enter value of real and tangible personal
	 property included in Line 1 located outside Virginia....................................7a.__________________
%
7b.	Divide Line 7a by Line 1 (Enter % two places past decimal. Ex: 47.35% )... 7b.__________________

	

7c.	Multiply Line 7b by Line 6............................................................................7c.__________________ 		
7d.	Death taxes paid to other states (do not include penalty or interest) ......... 7d.__________________ 	
7.	 Enter lesser of Line 7c or Line 7d..............................................................................................................7.	__________________
8.	 Virginia Estate Tax (Virginia Residents) Line 6 less Line 7........................................................................8.	__________________
	

Nonresident or Alien Return (Box B or C above)

9a.	If Box B or C above is checked, enter value of
	
property included in Line 1 located in Virginia . .........................................9a.___________________
% 	
9b.	Divide Line 9a by Line 1 (Enter % two places past decimal. Ex: 47.35%) ... 9b.___________________
9.	 Virginia Estate tax (Nonresidents) Multiply Line 9b by Line 6....................................................................9.	__________________
10.	Total tax (Enter tax from Line 8 or 9 as applicable)................................................................................. 10.	__________________
11.	Payment Credits:	

Extension Payments............................11a.___________________

		

Other Payments ..................................11b.___________________

		

Less Previous Refunds........................11c.___________________

	

Total Payment Credits (Line 11a +11b - 11c) .................................................................. 11.	 __________________

12.	Tax due (Line 10 less Line 11. Do not enter an amount less than zero)................................................. 12.	__________________
13.	Penalty, if applicable (see instructions)................................................................................................... 13.	__________________
14.	Interest, if applicable (see instructions)................................................................................................... 14.	__________________
15.	Total tax, penalty and interest due ( Line 12 + 13 +14)........................................................................... 15.	__________________
16.	Overpayment (if Line 11 is larger than Line 10, enter overpayment)...................................................... 16.	__________________
Under penalty of law, I declare that I have examined this return and, to the best of my knowledge and belief, it is a true, correct and complete return.

I authorize the Dept. of Taxation to discuss this return with my preparer.

Signature of personal representative						

Signature of preparer if other than personal representative			

Address		

		

	

Date	

Telephone Number

Date	

Telephone Number

FILING REQUIREMENTS

§58.1-900
	 Code
	 of Virginia
	
	
	 et seq. imposes the estate

tax on estates of decedents whose date of death
occurred from January 1, 2005 through June 30, 2007
in an amount equal to the maximum amount of the
credit for state death taxes allowable under Section
2011 of the Internal Revenue Code as it existed on
January 1, 1978. The Virginia estate tax requirements
have been repealed for decedents whose date of
death occurred on or after July 1, 2007. If a federal
return is required to be filed for a decedent whose

date of death occurred prior to July 1, 2007, a Virginia
return must also be filed even if there is no tax due.
For information or assistance with completing Form
EST- 80, contact the Virginia Department of Taxation
at (804) 367-8031. Additional information can also
be obtained from Title 23 Virginia Administrative
Code (VAC) 10-300-10 through 10-300-90. Mail the
return to Virginia Department of Taxation, Processing
Operations, P. O. Box 1500, Richmond, VA 23218-1500.

FILING THRESHOLDS
	

     date of death	

gross value exceeding	

Through December 31, 1997		
January 1, 1998 - December 31, 1998			
January 1, 1999 - December 31, 1999			
January 1, 2000 - December 31, 2001			

	

	

	

	

	

$600,000	
$625,000	
$650,000		
$675,000		

		 	

	

date of death	

	 FORM INSTRUCTIONS		

Check appropriate box in the upper left hand corner of the
return. Fill in Decedent’s Name, SSN, Date of Death and State
of Domicile at Date of Death. Fill in the name and address
of the Personal Representative to whom all correspondence
will be addressed. A continuation sheet may be attached if
there are more than one.

gross value exceeding

January 1, 2002 - December 31, 2003		
January 1, 2004 - December 31, 2005		
January 1, 2006 - June 30, 2007		

	

	

	

$1,000,000
$1,500,000
$2,000,000

	

	

for Estate Taxes paid to another state must be
documented — attach a copy of the other state’s
closing letter certifying the amount of tax paid or
a copy of the tax	return filed in the other state(s).
Line 7	Enter the Lesser of Line 7c or Line 7d		
Line 8	Line 6 less Line 7. This is the amount of estate tax
due to the Commonwealth of Virginia for Virginia
residents.	
		
Line 1	From Line 1, Federal Form 706		
Line 9a	If Box B is checked, enter value of nonresident’s
Line 2	From Line 2, Federal Form 706
real and tangible personal property located in
Line 3a	Subtract Line 2 from Line 1
Virginia. If Box C is checked, enter value of alien
Line 3b	From Line 3b, Federal Form 706. See “New
decedent’s real and tangible/intangible personal
Federal Deduction” section on next page for more
property located in Virginia.			
information on the federal deduction for state death
Line 9b	Divide Line 9a by Line 1 (carry the calculation
taxes. 		
to 4 decimal places, expressed as a percentage
Line 3c	Subtract Line 3b from 3a		
with two decimal places, e.g, 47.35%)	
Line 4	From Line 4, Federal Form 706		
Line
9	
Multiply Line 9b by Line 6.			
Line 5	Line 3c plus Line 4			
Line
10	Enter
tax from line 8 or line 9 as applicable.	
Line 6a	Enter amount from Line 12 of Federal Form 706.
Line
11a	Enter
amount of extension payments made with
Line 6b	Compute tax on Line 3c using tax table on next
	
extension
request.			
page.
Line
11b	Enter
amount
of other payments made	
Line 6	Enter lesser of Line 6a or 6b.		
	
Line
11c	Enter
amount
of refunds issued		
Line 7a	If Box A is checked, enter value of the Virginia
Line
11	Line
11a
+
Line
11b - Line 11c		
resident’s real and tangible personal property
Line 12	Line 10 less line 11 (do not enter an amount less
located outside of Virginia.			
than zero)			
Line 7b	Divide Line 7a by Line 1 (carry the calculation
Line 13	 Penalty. If payment is made later than the due
to 4 decimal places, expressed as a percentage
date or extended due date (for payment), enter
with two decimal places, e.g, 47.35%)		
5% of Line 12.			
Line 7c	 Multiply Line 7b by Line 6 (maximum credit for
Line 14	Compute interest, as established below, for all
	
tax paid to other states)		
payments not made by the original due date.	
Line 7d	Enter amount of estate tax actually paid to other
Line 15	Add lines 12, 13 and 14			
states. Do not include penalty or interest. Credits
Line 16	If line 11 is larger than line 10, enter refund
amount.	
		
Adjusted Taxable Estate Worksheet
	
1.	Taxable estate (Line 3c from Form EST-80)...................................................... 	 _
60,000
	
2. Adjustment......................................................................................................... 	 _ ________________
	
3.	Adjusted taxable estate (Subtract line 2 from line 1).
		Use this amount to compute tax from Tax Table below...................................... 	 _ ________________

Tax Table — Virginia Estate Tax

Based on Adjusted Taxable Estate (Line 3c - Form EST-80 less $60,000)
(1)		

(2)		

Adjusted Taxable Estate

Taxable amount
equal to or over
	

Taxable amount
not over

(3)		
Tax on amount in
Column (1)

(1)		

(4)
Rate of tax on excess
over amount
in Column (1)

0	
40,000	
90,000	
140,000	
240,000	

40,000	
90,000	
140,000	
240,000	
440,000	

0
0	
400	
1,200	
3,600	

0.8%
1.6%
2.4%
3.2%

440,000	
640,000	
840,000	
1,040,000	
1,540,000	
2,040,000	

640,000	
840,000	
1,040,000	
1,540,000	
2,040,000	
2,540,000	

10,000	
18,000	
27,600	
38,800	
70,800	
106,800	

4.0%
4.8%
5.6%
6.4%
7.2%
8.0%

				

(2)	

Adjusted Taxable Estate
Taxable amount
equal to or over

Taxable amount
not over

(3)	

(4)

Tax on amount in Rate of tax on excess
Column (1)
over amount
in Column (1)

2,540,000	
3,040,000	
3,540,000	
4,040,000	
5,040,000	

3,040,000	
3,540,000	
4,040,000	
5,040,000	
6,040,000	

146,800	
190,800	
238,800	
290,800	
402,800	

8.8%
9.6%
10.4%
11.2%
12.0%

6,040,000	
7,040,000	
8,040,000	
9,040,000	
10,040,000	

7,040,000	
8,040,000	
9,040,000	
10,040,000	
---------------

522,800	
650,800	
786,800	
930,800	
1,082,800	

12.8%
13.6%
14.4%
15.2%
16.0%

NEW FEDERAL DEDUCTION

Effective for decedents dying on and after January 1, 2005, federal
law allows estates to deduct the inheritance and estate taxes paid
to the states. Because the Virginia estate tax will reduce the federal
taxable estate, which is the starting point for calculating Virginia tax,

it will be necessary to use simultaneous equations to calculate the
Virginia tax. Additional information is available on the Department of
Taxation website to assist you in calculating Virginia tax. See www.
tax.virginia.gov.

PENALTY AND INTEREST
The penalty for late payment of the tax is 5% of the tax due on Line 13
of the return. There is no penalty for late filing. Interest is accrued on
the tax owed, from the due date through the date the tax is paid.

In accordance with § 58.1-15 of the Code of Virginia, interest is
assessed at the federal underpayment rate established by the
Internal Revenue Service, plus 2%.

EXTENSIONS
Virginia law allows an extension of time for filing Form EST-80 and/
or paying the tax due only if a federal extension has been granted.
The Department of Taxation accepts any extension granted by the
Internal Revenue Service, as long as a true copy of the approved
federal extension is attached to the Virginia return when filed. If a
federal extension is requested for filing only, the Virginia tax is still
due to be paid within nine months from the date of death. To pay the
tax (estimated payment), use Form EST-80, check Box F and enter

amount of tax on line 15, leave lines 1-14 blank. If the tax is not
paid by the due date, penalty and interest will be assessed. Estates
requesting a payment extension under Internal Revenue Code
§6166 must attach a copy of the letter requesting such extension
and check Box H on page 1. Interest on the Virginia Estate Tax under
this extension will NOT be reduced to correspond with the Internal
Revenue Service reductions.

AMENDED RETURNS
If filing an amended return to report changes to the original return,
check Box D and attach a copy of the amended Federal Form 706.
If this return is requesting a refund, include federal acceptance. To

file an amended return due to a federal change, check Box E and
attach a copy of the federal audit.

IMPORTANT
A COPY OF THE FEDERAL ESTATE TAX RETURN, FORM 706
MUST BE FILED WITH THIS RETURN. Be sure to include all
schedules and continuation pages, approved payment extensions
and/or a copy of the letter to the IRS requesting an extension under

Section 6166 of the Internal Revenue Code. Do not include a copy
of the will or copies of real and personal property appraisals. This
information will be requested if needed.