However, Illinois law allows your executor to make a special election, called a “QTIP” election, to defer the Illinois estate tax on any portion of your estate passing to a credit shelter trust for a surviving spouse so long as the credit shelter trust contains certain provisions.

Does Illinois have unlimited marital deduction?

One exemption is the unlimited marital deduction. As the name implies, you can transfer an unlimited amount of assets to your spouse when you die without incurring any gift and estate taxes. Note that the Illinois estate tax exemption is less, $4 million and is not indexed for inflation.

Can I mail two years of taxes together?

If you are sending in multiple tax returns to the IRS or state, do not stuff them all together in one envelope without properly separating them. Often they get lost or disorganized. Place all the individual tax year envelopes into one larger envelope. Mail the tax returns USPS certified mail with return receipt.

When do you have to file a QTIP tax return?

The spouse must be the only one who has the power to appoint trust property. For Lifetime QTIP Trusts, a federal gift tax return (Form 709) must be timely filed. Form 709 is due on or before April 15 of the year following the year a gift is made to the trust.

When to use il-505-i for tax extension?

These extensions do not grant you an extension of time to pay any tax you owe. If you determine that you will owe tax, you must use Form IL-505-I, Automatic Extension Payment for Individuals, to pay any tax you owe to avoid penalty and interest on tax not paid by April 15, 2019.

Where can I download the Illinois estate tax form?

If you cannot download the PDF, please call Chicago (312) 814-2491 or Springfield (217) 524-5095 with questions or for further assistance. A request for extension of time to file may be made on the form below.

When is the due date to file your Illinois tax return?

The due date for calendar year filers is April 15, 2020. We grant an automatic six-month extension of time to file your return. If you receive a federal extension of more than six months, you are automatically allowed that extension for Illinois. These extensions do not grant you an extension of time to pay any tax you owe.