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September 11, 2019

Florida Estate Taxes

by Jackson Watson in Estate Planning

Numerous states enacted estate tax programs which supplemented the federal estate earnings tax laws. Called “pick-up” taxes, state estate tax programs normally got where federal taxes left-off. Thus, since many estates did not owe federal earnings taxes, a little number of Floridians paid state pick-up estate taxes.

According to the pick-up tax program, estates with total gross worths listed below federal estate earnings tax limitations were not required to pay Florida estate taxes. The Florida Legislature got rid of most pick-up taxes after Congress modified the federal Internal Income Code to offer state death tax credits to qualified taxpayers. How do these estate tax law modifications affect residents?
Residents who are needed to file federal estate tax returns on the estates of decedents who died prior to Dec. 31, 2004, must likewise submit Florida estate tax returns. For estates needed to file federal estate tax returns for deaths that occurred after this date must submit an “Affidavit of No Florida Estate Tax Due When Federal Return if Needed” if they did not owe federal taxes but simply needed to file them. For individual representatives of estates who are not required to pay or submit federal estate tax returns, Florida law needs them to submit an “Affidavit of No Florida Estate Tax Due.”

This suggests that whether you are needed to file an estate tax return in Florida depends on whether you are needed to file one with the Internal Income Service. Pursuant to the Internal Income Code, you are not required to submit an estate tax return as an individual representative unless the worth of the decedent’s estate surpasses the annual threshold as established by Congress. For the 2011 tax year, the estate tax filing limit is $5 million.