Instructions for Form M706 Estate Tax Return - Minnesota

Form M706 Estate Tax Return - Minnesota

This document contains official instructions for Form M706 , Estate Tax Return - a form released and collected by the Minnesota Department of Revenue. An up-to-date fillable Form M706 is available for download through this link.

FAQ

Q: What is Form M706?
A: Form M706 is the Estate Tax Return form specifically for residents of Minnesota.

Q: Who needs to file Form M706?
A: The executor of a deceased person's estate needs to file Form M706 if the estate exceeds the Minnesota estate tax exemption amount.

Q: What is the Minnesota estate tax exemption amount?
A: The Minnesota estate tax exemption amount for 2021 is $3 million.

Q: What information is required on Form M706?
A: Form M706 requires information about the deceased person's assets, liabilities, and beneficiaries.

Q: When is Form M706 due?
A: Form M706 is due within nine months of the date of the deceased person's death.

Q: Is Form M706 the only estate tax return form?
A: No, Form M706 is specific to Minnesota. There is also a federal estate tax return form, called Form 706, that may need to be filed.

Q: What happens if Form M706 is not filed or is filed late?
A: Failing to file Form M706 or filing it late may result in penalties and interest being assessed by the Minnesota Department of Revenue.