Ohio Estate – The Department of Taxation

What is the Ohio Estate Tax?

The Ohio Estate Tax is reported and calculated on the Ohio Estate Tax Return (E.T. Form 2). The estate tax includes assets owned by a decedent solely or in conjunction with another person. The tax is based upon the date of death value of all assets less any debts and expenses. The estate tax return booklet is available from the probate court or the Ohio Department of Taxation Estate Tax Division.

Estate Tax Return Filing Requirements: When do file?

An estate tax return is due nine months from the date of death. Extensions to the filing deadline may be obtained, if timely requested, through the Department of Taxation, Estate Tax Division. For dates of death on or after January 1, 2000 an automatic 6 month extension will be granted, allowing you to file a return within 15 months from the date of death.    

Who must file?                                                   

The Ohio Estate Tax Return must be filed if the following minimum filing requirements are met:

However,  the estate representative feels the requirement to file where there is real estate involved, a modified Certificate of Estate Tax Payment and Real Property Disclosure form 22 revised 12/00 can be obtained from Probate Court or the Ohio Estate Tax Division. A tax release is required by all financial institutions for the transfer of assets held in the name of the decedent. Financial institutions are required to freeze all accounts on the death of the accountholder until a tax release is presented.

How are employer death benefits and annuities released?

In order for death benefit proceeds to be transferred, an approved E.T. Form 13 must be submitted to the institution holding the asset. Examples of the types of benefits released by this form are: annuities, KEOGH, 401K plans, bonuses, profit sharing plans, or other contracts administered by insurance companies or employers.

When is the estate tax due, and to whom is it paid?

Estate taxes are due nine months from the date of death. Interest will accrue for any late payments and can be computed at the County Fiscal Office. Checks should be made payable to the Cuyahoga County Treasurer and are paid at the Cuyahoga County Fiscal Office, 1219 Ontario Street, Cleveland, Ohio 44113    

Where Do File?

The estate tax return must be filed in duplicate at the probate court in the county where the decedent was domiciled at date of death.    

What if you need additional information?

You can visit “http://www.cusacklawoffice.com” Estate Tax Division Answer line at (937) 412-0080

Author bio:-

Cusack law office provides you full information about estate planning. We guide the client from beginning to end of the administration of the estate.If you want to know about living trustsandif you have will& you need to learn about trusts. We invite you to schedule an appointment for a FREE consultation to review your estate plan.