The IRS Federal Form 712 reports the value of a life insurance policy’s proceeds after the insured dies for estate tax purposes. Because it’s typically the executor who manages the financial affairs of the deceased, it’s the executor’s responsibility to file the form – along with an estate tax return if needed.
What is a 712 form for life insurance?
IRS Form 712 is a gift or estate tax form that may need to be filed with the deceased’s final estate tax return. At the request of the Estate’s administrator/executor, we will complete this form to provide the value of the policy as of the date of death.
Who should prepare Form 712?
This statement must be made, on behalf of the insurance company that issued the policy, by an officer of the company having access to the records of the company. The time needed to complete and file this form will vary depending on individual circumstances. Separate statements. File a separate Form 712 for each policy.
When do I need to use form 712?
The IRS Form 712 is a statement that provides Life Insurance Policy values as of the date of an insured’s or policy owner’s death, or at a time a Life Insurance Policy is transferred as a gift. The IRS requires that this statement be included when an estate (or gift) tax return is filed. Related Questions.
When to include form 712 on estate tax return?
The IRS Form 712 is a statement that provides Life Insurance Policy values as of the date of an insured’s or policy owner’s death, or at a time a Life Insurance Policy is transferred as a gift. The IRS requires that this statement be included when an estate (or gift) tax return is filed.
When to file Form 712, life insurance statement?
Form 712 is filed by executors with Form 706, 706-NA, or 709 for insurance policy or premium amounts. None at this time. About Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return
How to get a protective life form 712?
If your policy is with Protective Life, you can call our customer service number at 1-800-424-1592 and state that there has been a death of one of the parties involved in the policy and that you require an IRS Federal Form 712. To learn more about life insurance claims as well as estate planning, visit the Protective Learning Center.
