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Frequently Asked Questions about Estate and Inheritance Tax

1 - What is the Maryland estate tax? What is the tax rate?

The Maryland estate tax is a transfer tax imposed on the transfer of assets from an estate. It is based on the maximum credit for state death taxes allowable under § 2011 of the Internal Revenue Code. The credit used to determine the Maryland estate tax cannot exceed 16% of the amount by which the decedent's taxable estate exceeds the Maryland estate tax exemption amount for the decedent’s year of death. Note: For decedents dying after December 31, 2001, the maximum allowable credit for state death taxes will not be reduced, for purposes of the Maryland estate tax, by any act of Congress enacted on or after January 1, 2001.

If the inheritance tax paid is equal to or exceeds Maryland's determination of the credit for state death taxes, no Maryland estate tax is due. See also Calculation Method.



 
Links for Estate-Inheritance-Fiduciary Tax FAQs
Taxpayer Assistance
Frequently Asked Questions
Individual Tax FAQs
Estate-Inheritance-Fiduciary Tax FAQs
  q1 - What is the Maryland estate tax? What is the tax rate?
  q2 - Who is responsible for filing the Maryland estate tax return?
  q3 - What are the requirements for filing a Maryland estate tax return?
  q4 - How do I file the Maryland estate tax return? And when?
  q5 - Can I get an extension to file the Maryland return or pay the Maryland estate tax?
  q6 - What legislative changes affect the Maryland estate tax?
  q7 - What about the inheritance tax?
  q8 - What if Maryland inheritance and estate taxes are both due? Isn't that double taxation?
  q9 - Are there interest or penalty charges for late payment of the tax?
  q10 - Can I get a refund if I overpay?
  q11 - What are fiduciaries and must they file fiduciary tax returns?
  q12 - How are personal representatives affected by state income tax?
  q13 - If I open and close the estate in the same year, am I required to file a Maryland income tax fiduciary return?
  q14 - What Maryland forms are needed to meet these fiduciary filing requirements?
 
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