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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16559
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I am a widow trying to fill out form 706. Im not sure where

Customer Question

I am a widow trying to fill out form 706. I'm not sure where to list my husbands IRA and 401k. Do they go on schedule I and if so, do I have to list each security or can I just list the total value on each account at DOD.

Thank you.
Submitted: 3 years ago.
Category: Tax
Expert:  Megan C replied 3 years ago.

MyVirtualCPA :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

I'm sorry to hear about your loss!

MyVirtualCPA :

The preparer of the estate tax return can “look through” this type of plan and determine exactly what securities and other assets the plan held in the participant’s account on the date of death. Preparers typically value a self-directed individual account plan by (1) submitting a list of the securities held in the account and (2) adding up the values of each of these securities, determined in the same manner as the value of securities not held in retirement plans. See Reg. § 20.2031-2 and instructions for IRS Form 706,Schedule B.

MyVirtualCPA :

So, these go on schedule B, not schedule I as they are not annuities

MyVirtualCPA :

And so the answer to the second part of your question is yes, you would list each security separately.

MyVirtualCPA :

http://www.irs.gov/pub/irs-pdf/i706.pdf

MyVirtualCPA :

There are the instructions to the form 706

MyVirtualCPA :

Is there anything else that you need assistance with today? If not, please take a moment to rate my response as "excellent" so that I may receive credit for assisting today

Expert:  Megan C replied 3 years ago.
Hello, Jodie,

I see you were unable to join our chat. I hope you have found our answer informative and useful to your situation. If you would, please let me know if I can be of any further assistance. If not, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today.

Thanks again!
Expert:  Megan C replied 3 years ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer