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I have some questions about estate tax and how it applies…

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I have some questions...

I have some questions about estate tax and how it applies and how it figured my uncle left me and my two bothers, my dad and one of my bothers kids an uneven amount on an estate valued at $ 1,475,000.00

Lawyer's Assistant: Estate laws vary by state. What state are you in?

This is iowa

Lawyer's Assistant: What documents or supporting evidence do you have?

We had a local attorney in Sidney Iowa preparing the estate and feel there may have been some errors

Submitted: 3 months ago.Category: Estate Law
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Answered in 22 hours by:
3/30/2018
Estate Lawyer: Josie-Mod,
 replied 3 months ago
Josie-Mod
Category: Estate Law
Satisfied Customers: 12
Verified
Hi, I'm Josie, a moderator for this topic.
I've noticed you have not yet received a response to this question.
I wonder whether you're ok with continuing to wait for an answer.
If you are, please let me know. If not, feel free to let me know and I will cancel this question for you.
Thank you!
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Customer reply replied 3 months ago
I will wait this seems to be complicated and need a second opinion
Customer reply replied 3 months ago
Ok thanks
Estate Lawyer: Law Educator, Esq., Attorney replied 3 months ago
Law Educator, Esq.
Category: Estate Law
Satisfied Customers: 125,787
Experience: Experienced in Trust and Succession Law, including Louisiana Laws
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

There is no federal estate tax on estates less than $5.49 million, so the estate you have stated has no estate tax. There is also no inheritance tax under federal law.

Here is the information on the Iowa estate and inheritance tax. There is an inheritance tax return for Iowa at https://tax.iowa.gov/inheritance, if you have not found that already along with instructions.

However, what is your issue with the estate attorney filling out the forms since that would require you sitting with an accountant to review all the numbers.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Customer reply replied 3 months ago
My uncle passed away 2015 and the estate 1.4 million and we were charge $152,000 dollars in estate tax
We had an attorney prepare the paperwork and all was supposedly reviewed by the state
Estate Lawyer: Law Educator, Esq., Attorney replied 3 months ago

Thank you for your reply.

Okay, but there is a whole lot more to a tax calculation than he amount of the inheritance, again, an accountant needs to see ALL of the financial statements of the estate, including assets and debts, to make the calculation. I do not know how you expect anyone to answer you accurately just telling them the amount of the estate. Have you taken all of the financial records to a local accountant, because that is what you need to do if you do not think the amount is accurate.

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Customer reply replied 3 months ago
Ok we had an accountant I did know what all info you needed and was going to ask for your first message said estate under 5 million didn’t have to pay estate tax we know this is complex and was looking for a second opinion to make sure everything was handled correctly
Estate Lawyer: Law Educator, Esq., Attorney replied 3 months ago

Thank you for your reply.

You do not have to pay FEDERAL Tax on an estate under 5.49 million. There is an Iowa estate tax though.

You would still need to bring the records to a local accountant to review the financial records for tax accuracy. We can provide general information and guidance, not review tax returns for pennies I am afraid.

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