Federal Estate Tax Calculator
FIRST ESTATE
Prepared for Sample Aaaaa for tax year 1998
Prepared by Tested on Nov 29, 1998
Present value of First Estate
$ 1,147,750
Projected Value of Estate At Death ...................$
1,147,750
Funeral Expenses
7,500
* Administration Expenses
74,604
Indebtedness
259,250
Unpaid Taxes Due
3,800
Thefts and Losses
0
TOTAL DEDUCTIONS.............$ 345,154
ADJUSTED GROSS ESTATE.................................$
802,596
Marital Deduction
$ 500,000
Charitable Deduction
7,500
TOTAL DEDUCTIONS................$ 507,500
TAXABLE ESTATE.........................................$
295,096
Post 1976 Adjusted Taxable Gifts
$ 0
TOTAL TAX BASE (Taxable Estate + Adjusted Gifts).......$
295,096
TENTATIVE ESTATE TAX...................................$
86,133
Gift Taxes Paid (on Post 1976
Gifts) $
0
ESTATE TAX PAYABLE BEFORE CREDITS......................$
86,133
Estate tax percentage rate is 34%
CREDITS:
Unified Credit
$ 202,050
* State Death Tax (Maximum Credit)
3,482
Foreign Death Taxes
0
Prior Transfers Credit
0
TOTAL CREDITS
$ 205,532
=======================================================================
NET FEDERAL ESTATE TAX DUE AND PAYABLE.................$
0
=======================================================================
TOTAL ESTATE SHRINKAGE.................................$
348,636
=============
* NET ESTATE BALANCE (Gross Estate less Shrinkage).......$
799,114
=============
* Estimated
This is an illustration. Actual taxes and
costs may be more or less.
Federal Estate Tax Calculator Second Estate
SECOND ESTATE
Subsequent estate of Sample Aaaaa for tax year:
2002
Prepared by Tested on Nov 29, 1998
** Marital Deduction of First Estate $
500,000
+ Growth of Marital Deduction
$ 218,830 (9.50% for 4 years)
+ Separate Property of Beneficiary $
45,000
+ Growth of Separate Estate
$ 19,695 (9.50% for 4 years)
= GROSS ESTATE VALUE OF...............................$
783,525
Funeral Expenses
7,000
* Administration Expenses
50,929
Indebtedness
0
Unpaid Taxes Due
0
Thefts and Losses
0
TOTAL DEDUCTIONS.............$ 57,929
ADJUSTED GROSS ESTATE.................................$
725,596
Marital Deduction
$ 0
Charitable Deduction
0
TOTAL DEDUCTIONS................$
0
TAXABLE ESTATE.........................................$
725,596
Post 1976 Adjusted Taxable Gifts
$ 0
TOTAL TAX BASE (Taxable Estate + Adjusted Gifts).......$
725,596
TENTATIVE ESTATE TAX...................................$
239,271
Gift Taxes Paid (on Post 1976
Gifts) $
0
ESTATE TAX PAYABLE BEFORE CREDITS......................$
239,271
Estate tax percentage rate is 37%
CREDITS:
Unified Credit
$ 229,800
* State Death Tax (Maximum Credit)
19,229
Foreign Death Taxes
0
Prior Transfers Credit
0
TOTAL CREDITS
$ 249,029
=======================================================================
NET FEDERAL ESTATE TAX DUE AND PAYABLE.................$
0
=======================================================================
TOTAL ESTATE SHRINKAGE.................................$
77,158
=============
* NET ESTATE BALANCE (Gross Estate less Shrinkage).......$
706,367
=============
* Estimated
This is an illustration. Actual taxes and
costs may be more or less.
Prior transfer credits decline by 20 % for
every two years the
beneficiary survives a prior decedent. No
credit after 10 years.
**Assumes $299,114 of first estate passed to others
by a will
or trust or paid out in state or foreign taxes
as applicable.
