Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Pinging Martha - Minn Estate Tax Rates......
Old 08-16-2006, 07:40 PM   #1
 
Posts: n/a
Pinging Martha - Minn Estate Tax Rates......

I have been trying to find out Minnesota Estate Tax Rates. I have Googled this and it seems to be pretty much a mystery for some reason (which you may know). I know that for 2006 the first $1 Million is exempt, but for the life of me, I cannot find what the tax would be on the 2nd Million or 3rd Million?

Do you know?
__________________
  Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Pinging Martha - Minn Estate Tax Rates......
Old 08-16-2006, 08:45 PM   #2
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Pinging Martha - Minn Estate Tax Rates......

This is why there is no simple rate table. Here is the statute which says how the rate is calculated:

291.03 Rates.

Subdivision 1. Tax amount. The tax imposed shall be an amount equal to the proportion of the maximum credit for state death taxes computed under section 2011 of the Internal Revenue Code, as amended through December 31, 2000, but using Minnesota adjusted taxable estate instead of federal adjusted taxable estate, as the Minnesota gross estate bears to the value of the federal gross estate. The tax determined under this paragraph shall not be greater than the amount computed by applying the rates and brackets under section 2001(c) of the Internal Revenue Code to the Minnesota adjusted gross estate and subtracting the federal credit allowed under section 2010 of the Internal Revenue Code of 1986, as amended through December 31, 2000. For the purposes of this section, expenses which are deducted for federal income tax purposes under section 642(g) of the Internal Revenue Code as amended through December 31, 2002, are not allowable in computing the tax under this chapter.


Mud. Mud. Mud.

The rates range from a low of 5.6% to a high of 16%. Sorry, I can't give you cut offs. I'll ask the estate planners at work the next time I go.
__________________

__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Pinging Martha - Minn Estate Tax Rates......
Old 08-16-2006, 08:58 PM   #3
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Pinging Martha - Minn Estate Tax Rates......

Here is a link to a worksheet to calculate what your "tentative" estate tax is in Minnesota: http://www.ramsey.courts.state.mn.us.../EstateTax.doc

When the form says it calculates what should appear on line 1 form 706, that is the tentative tax. Here is Minnesota form 706: http://www.taxes.state.mn.us/forms/m706_05.pdf
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Taxes tryan Other topics 0 12-08-2006 08:45 AM
What Real Estate Bubble? Art FIRE and Money 76 11-09-2006 03:33 PM
Texas Real Estate Tax Rustic23 FIRE and Money 29 02-28-2006 07:27 PM
real estate purchase and tax implications question vicky FIRE and Money 10 02-15-2005 07:50 AM
estate tax question m trunk Other topics 3 09-13-2004 07:16 AM

 

 
All times are GMT -6. The time now is 06:28 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.