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[Company Logo Image]

 

Home Up Contents SEARCH 

IRS Enrolled Agent Logo

Home
Location
Services
Why an Enrolled Agent
Certifying Acpt Agent
Free Services
Email Advice
Track Your Tax Refund
Organizer
QuickBooks
Tax Glossary
Newsletters
Neat Facts & Stats
1913 US Form 1040
Calculators
Questions & Library
Partner Profiles
Tax Calendar
Reasons to Call Us
Links Of Interest
Privacy & Disclosure

Estate Tax Calculator 2000 to 2001

Note, this calculator uses the tax law in place prior to the 2001 Tax Act.  The Estate tax under the 2001 tax act is scheduled to be eliminated in 2011 but after 2011 will return to 2000 tax law meaning estates over $675,000 will be subject to estate tax.

We have developed a fast and easy web calculator so you can figure out your estate tax whenever you want. Fill in the amounts below and see instant results.

 

Step One: Check one
(Definition of Resident and Non-resident)

 

Resident
Non-Resident
  
Step Two: Enter your estate information
  
$

 

  Total value of your real estate
$

  

Value of total investments (stocks, bonds, mutual funds, CD)
$

  

Other
$

Gross Estate
(Do not input anything. This is the sum of the above inputs.)
Step Three: Enter your liabilities and deductions
  
$

Real estate
$

Personal
$

Other
$

Total Liabilities (Do not input anything. This is the sum of the above inputs.)
 
  

R E S U L T S
$

Total taxable estate
$

Estimated estate tax before credit
$

Tax credit
$

Estimated estate tax after credit
Click here for the Unified Gift and Estate Tax Table and Rates

   

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Notes

(1) Definitions

Resident: (a) U.S. citizens and, (b) foreign nationals who meet the definition of resident. A resident is an individual who enters the U.S. with the intent to stay for indefinite period of time. Residence for U.S. gift and estate tax purposes is linked to one's domicile. The U.S. has negotiated gift and estate tax treaties with several countries. Such treaties may impact one's status as a resident.

Nonresident: A foreign national who is not defined as a resident.

Taxable Estate

Resident: residents are taxed on their "gross estate" or assets held worldwide, defined as "the value at the time of death of all property, real or personal, tangible or intangible, wherever situated (IRC Section 2031).

Nonresident: nonresidents are taxed on assets which are defined as property "situated in the United States" at the time of death (IRC Section 2103).

Special rules may apply for up to 10 years after a U.S. citizen or resident expatriates. (see IRC Sections 877, 2107 and 2501

Taxable Estate: Generally defined as the gross estate less deductions, as provided by the Internal Revenue Code (IRC Section 2051)

(2) Tax credits are available, as follows:

Exemption for Residents: Exemption and Tax Credit

. . . . . . . . . . . . . . . . . . . . . . Exemption . . . .Tax Credit
2000 and 2001 . . . . . . . . . . . $ 675,000 . . . . . $ 220,550
2002 and 2003 . . . . . . . . . . . $ 700,000 . . . . . $ 229,800
2004 . . . . . . . . . . . . . . . . . . $ 850,000 . . . . . $ 287,300
2005 . . . . . . . . . . . . . . . . . . $ 950,000 . . . . . $ 326,300
2006 or thereafter . . . . . . . $ 1,000,000 . . . . . $ 345,800

Nonresidents: Exemption of $60,000 -- Tax Credit of $13,000 (IRC Section 2102(c))

(3) The estate tax rate schedule reflects an additional 5% to phase out both the benefit of the rates below 55%, and the exemption credits. The different phase-outs for residents and nonresidents with taxable estates over $10 million reflect the different tax credits shown in (2).

(4) In addition to the basic gift and estate tax rates noted above, a generation-skipping transfer tax may also apply (IRC Section 2601). Taxpayers are entitled to a lifetime exemption of $1 million (IRC Section 2631), indexed for inflation ($1,010,000 for 1999).

All code section references are from the Internal Revenue

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Unified Transfer Tax Rate Schedule for Residents & Nonresidents(1)
space.gif (67 bytes)                    
   

A

 

B

 

C

 

D

 
   

Taxable Amount Over

 

Taxable Amount Not Over

 

Tax (before credits) on Amount in Col. A(2)

 

Tax Rate on Amount between Col. A & B

 
      space.gif (67 bytes)   space.gif (67 bytes)   space.gif (67 bytes)    
    -
10,000
20,000
40,000
60,000
80,000
100,00
150,000
250,000
500,000
750,000
1,000,000
1,250,000
1,500,000
2,000,000
2,500,000
3,000,000
  10,000
20,000
40,000
60,000
80,000
100,00
150,000
250,000
500,000
750,000
1,000,000
1,250,000
1,500,000
2,000,000
2,500,000
3,000,000
10,000,000
  -
1,800
3,800
8,200
13,000
18,200
23,800
38,800
70,800
155,800
248,300
345,800
448,300
555,800
780,800
1,025,800
1,290,800
  18
20
22
24
26
28
30
32
34
37
39
41
43
45
49
53
55
 
                   
  Resident 10,000,000
21,410,000
  21,410,000
---
  5,140,800
11,986,800
  60
55
(3)
(4)
      space.gif (67 bytes)            
  Nonresident 10,000,000
17,444,000
  17,444,000
---
  5,140,800
9,607,200
  60
55
(3)
(4)
 
                   

 

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Disclaimer
We do not offer legal advice. All information provided on this website is for informational purposes only and is not a substitute for proper legal advice. If you have legal questions, we recommend that you seek the advice of legal professionals.

Tax Disclaimer: To ensure compliance with IRS Rules, any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer under the Internal Revenue Code, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein.

Copyright 2017 Wink Tax Services / Wink Inc.
Last modified: January 30, 2017