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Form 5495 ND: What You Should Know
Form 5495 only permits the IRS to initiate the process for relief from imminent anticipation. This means that any amount that the IRS believes to be owed will need to be paid in full within that nine-month period or your application will be denied. Form 5495 can be used by estate executors to determine if the estate is eligible for a partial refund for underpayment of estate taxes. It can also be used by decedent estates to determine if the decedent's taxable estate was fully payable under the decedent's power of attorney, if the estate is insolvent, if any debts are due, or if any of the decedent's assets were subject to a tax lien at the time of death. I received a copy of Form 5495 on my return, so I wanted to give it a look to see if it contains anything I want to add or change. The form is about one page long. It has a single section for information, instructions, and a couple of charts. The instructions for filing Form 5495 read in part: On page 1, enter a statement signed (either by you, your executor, the legal representative, or any person to whom you are serving as an executor) identifying your identity and mailing address. Also enter the name, address, signature, and signature of your estate tax account supervisor. This may be helpful when answering some questions, When will I receive my tax refund? This can be found on either the front or back of Form 5495 (usually shown on the right side). Notice on a Notice To Claim Refund will be mailed if you have an amount due. When will my estate taxes be paid? This is usually found on the back side of Form 5495 (sometimes shown on the left side). The amount of tax due is usually listed along with a statement that you are the (payer) of the estate tax and that you owe the amount now due. Once it is paid you will receive another notice of the tax due.
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