Fillable Tennessee Inheritance Tax Return (Form INH 301)


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Understanding Your Tennessee Inheritance Tax Return

One essential document you'll likely encounter when settling an estate is the Tennessee Inheritance Tax Return. Traditionally known as Form INH 301, it is brought to you by the Tennessee Department of Revenue. This document can be complex and confusing, but we aim to make it simple and straightforward for you. With this guide, filing your inheritance tax return will be easier than it seems.

Importance of Tennessee inheritance tax return short form

There is also the Tennessee short form inheritance tax return, a simplified version of the inheritance tax return. It is designed for estates that meet certain criteria and it is less tedious to process. However, the ease of filling out this form attracts extra scrutiny from the Department of Revenue. As such, it is crucial to fill out the form accurately. 

How to Fill Out Tennessee Short Form Inheritance Tax Return

The question about filling out this Tennessee form often presents a challenge for many. However, here's a simplified guide:

  1. Begin the form by entering the date of death, Social Security Number, and decedent's last residence in the space provided at the top.
  2. Complete the 'Decedent' section by providing the full name of the decedent along with their residence and dates of death.
  3. In the 'Executor or Personal Representative' section, provide your information as the executor or representative such as name, residence details, and contact information.
  4. In the section labeled "Computation of Amount Due," write the amount of Inheritance Tax.
  5. In the "Deduct: Applicable Credits" section, list all the credits that can be applied.
  6. Compute "Inheritance Tax Payable." Subtract applicable credits from inheritance tax and enter the amount.
  7. Fill in "Tennessee Estate Tax," "Total Taxes Due," "Deduct: Extension Payments," "Balance of Tax Due" sections as needed.
  8. If late, calculate and enter the penalty, which is 5% for each 30-day period of delinquency, with a maximum of 25% of the tax due. 
  9. Compute any interest due and enter the provided field. 
  10. Add all amounts to compute the "Total Amount Due."
  11. In the "General Information" section, enter the decedent's date of birth, place of birth, cause of death, physician(s) (name and address), business or occupation, and marital status at the time of death.
  12. Fill in details of the heirs, next of kin, or devisees of the decedent, including their names, ages, addresses, relationships, and their share value in the estate.
  13. Complete "Recapitulation - Gross Estate" section by entering gross estate assets and deductions. 
  14. In the "Inheritance Tax Computation" section, calculate the tax based on net taxable estate.
  15. If needed, provide any "Supplemental Information" there is space for at the end of the form. 

When to submit the Tennessee form

Remember that the Tennessee Department of Revenue short form inheritance tax return, whether standard or short form, should be filed within nine months after the decedent's death. The Tennessee Department of Revenue may provide extensions, but they are not granted automatically and must be requested.

Mistakes to avoid

While it's tempting to rush the process given the circumstances, take time to ensure accuracy when filing the forms. Be diligent when it comes to reporting all inherited assets. Omitting any can lead to penalties. Also, underestimating the value of inherited property is another common mistake that can result in troubles with the state's Department of Revenue.

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Fillable online Tennessee Inheritance Tax Return (Form INH 301)
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