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Blank Ohio Et 2 PDF Form

The Ohio ET 2 form is the official estate tax return required for estates with dates of death on or after January 1, 2002, that have a gross value exceeding $338,333. This form must be completed accurately to ensure compliance with Ohio tax regulations, and it includes various schedules to report the estate's assets and deductions. For guidance on filling out the form, please refer to the instructions provided, and click the button below to start the process.

Article Guide

The Ohio Estate Tax Return, commonly referred to as the ET 2 form, is an essential document for managing the estate of a deceased individual whose gross estate exceeds $338,333 and who passed away on or after January 1, 2002. This form serves as a comprehensive report detailing the assets and liabilities of the estate, allowing the Ohio Department of Taxation to assess any applicable estate taxes. Executors or administrators must carefully complete various sections, including schedules that outline the estate’s gross value, deductions, and the calculation of taxes owed. The form requires specific information such as the decedent’s name, date of death, and social security number, as well as a declaration of the accuracy of the information provided. It is important to note that estates with dates of death prior to January 1, 2001, must use a different version of the estate tax form. Additionally, the ET 2 form includes sections for tax computation, elections by the executor, and a declaration of preparer, ensuring that all necessary details are captured for a thorough review. Proper completion and submission of this form are critical to fulfilling legal obligations and ensuring a smooth estate administration process.

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ET 2

Rev. 12/01

OHIO ESTATE TAX

RETURN AND

INSTRUCTIONS

For estates with dates of death on or after

January 1, 2002 with a gross value of more than $338,333.

For completing the Ohio estate tax return for estates with dates of death on or after January 1, 2002, please review the following:

Read the General Information section located on pages 6 and 7 for in- structions.

Complete only the applicable schedules of the return, which are available through our web site (tax.ohio.gov) or by contacting the Ohio Department of Taxation. See pages 4 and 5 for listing of schedules.

Check your computation.

Follow the instructions in the General Information section, page 6, for where to file and pay.

Note: Estates with dates of death January 1, 2001–December 31, 2001 are re- quired to file an Ohio estate tax form 2, revised 1/2001.

Estates with dates of death prior to January 1, 2001 are required to file an

Ohio estate tax form 2, revised 7/2003.

For further information, please contact the Estate Tax Division’s

toll-free information and assistance line

1 (800) 977-7711

(Ohio Relay Service)

1 (800) 750-0750

Ohio Estate Tax Return for all Resident Filings for Dates of Death on or after January 1, 2002

File in duplicate with the Probate Court

Check one:

Taxable

Nontaxable

ET 2

Rev. 12/01

Estate of: Decedent’s last name	Decedent’s first name and initial	Date of death

Date of birth	Cause of death	Occupation
		Decedent retired Yes	No

Address of decedent at time of death (number and street, city, state and ZIP code)		Decedent’s social security number

County in Ohio where probate court located, will probated or estate administered		Case number

	Tax Computation

1.	Total gross estate (if less than $338,333, return is not required) (from page 2)	$

2.	Total deductions (from page 2)	$	(	)

3.	Net taxable estate (line 1 minus line 2)	$

4.	Tentative tax based on line 3 (use table on page 2)	$
5.	Less: Estate tax credit	$	( 13,900	)

6.	Tax (subtract line 5 from line 4; if line 5 is more than line 4, enter -0-)	$

7.	Less: Previous payments	$	(	)

8.	Balance due(ifamountonline7islessthantaxamountonline6,enterdifferenceasbalancedue)	$

9.	Overpayment (ifamountonline7isgreaterthantaxamountonline6,enterdifferenceasarefund)	$	(	)

Executor/Administrator Waiver to Receive Correspondence

I/we do not wish to receive further correspondence from the Ohio Department of Taxation regarding this estate, and hereby authorize all such communication to be directed only to the estate’s legal representative named below.

Signature of executor/administrator

Declaration

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete. Declaration of preparer other than the deceased’s personal representative or person in possession of property is based on all information of which preparer has any knowledge.

Name of attorney representing the estate

Address (number and street, city, state and ZIP code)

Telephone

Name of executor/administrator(s)

Address (number and street, city, state and ZIP code)

Telephone

Signature of executor/administrator(s)

Date

Signature of preparer

Date

Date Filed with Probate Court

Distribution of Subdivision’s Share of Tax

(Ohio Revised Code Section 5731.48 and 5731.50)

Percentage	City, Village or Township

Date Received by

Ohio Department of Taxation

- 1 -

ET 2

Rev. 12/01

Page 2

Recapitulation of Assets

Schedule

Alternate Value

Value at Date of Death

A. Real property

B. Stocks and bonds

C. Mortgages, notes and cash

D. Insurance

E. See Schedule E, Part I

Joint and Survivorship Property, Part II

F. Other miscellaneous property

G. Transfers during lifetime

H. Powers of appointment

I. Annuities, pensions, retirement plans

Total gross estate (enter on line 1, page 1)

Recapitulation of Deductions

Schedule

Amount

J. Debts and administration expenses

.......................................................................................................................K. Charitable bequests

............................................................................................................................L. Marital deduction

T. Qualified family-owned business interest deduction

Total deductions (enter on line 2, page 1)

Elections by the Executor

Pleasecheckthe“yes”or“no”boxforeachquestion(seeexplanationofelectionsonpages8and9).

Yes

1. Do you elect alternate valuation? R.C. section 5731.01(A) and (D)

2. Do you elect qualified farm property valuation? R.C. section 5731.011

3. Do you elect to claim a marital deduction for qualified terminable interest property (QTIP)?

R.C. section 5731.15(B)(2)

4. Do you elect to claim a deduction for a qualified family-owned business interest?

R.C. section 5731.20

Tax Table

Net Taxable Estate (from line 3, page 1)

More than $338,333, but not more than $500,000

More than $500,000

Tax Rate

$13,900 + 6% of excess more than $338,333

$23,600 + 7% of excess more than $500,000

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ET 2

Rev. 12/01

Page 3

Information

Yes

1.Did the decedent die testate? ..............................................................................................................................

If yes, please attach a copy of the will.

2.During the decedent’s lifetime, were there any trusts created (by the decedent or others for the decedent)? ..

If yes, please attach a copy of the trust.

3.Were any disclaimers filed or elections to take against the will made? .............................................................

If yes, please attach copies of the disclaimer or election.

4.Have federal gift tax returns ever been filed? .......................................................................................................

If yes, please attach copies of the returns.

5.Was a federal estate tax return required? ............................................................................................................

If yes, please attach pages 1, 2 and 3 of federal form 706.

6.Did the decedent own any real property? .............................................................................................................

If yes, please attach copies of any appraisals.

7.Marital status of the decedent at time of death:

Married

Name of surviving spouse (if applicable )

Social security number of surviving spouse

Single

Legally separated

Divorced

Widowed

Name of deceased spouse

Social security number of deceased spouse

Date of death of deceased spouse

Case number of deceased spouse’s estate

County of deceased spouse’s estate

8. If widow or widower, was a QTIP deduction elected in the predeceased spouse’s estate? .............................

If yes, please read information below and complete Schedule F.

Yes

R.C. section 5731.131 requires the estate to include property in which the decedent had an income interest for life for which a marital deduction was allowed with respect to the transfer of that property under any of the following:

a. R.C. section 5731.15(A)(1) (for dates of death on or before June 30, 1993) b. R.C. section 5731.15(B) R.C. (for dates of death on or after July 1, 1993)

c. Internal Revenue Code (I.R.C.) section 2523(f) (lifetime QTIP gift tax election)

d. Where the decedent’s predeceased spouse was not a resident of the state of Ohio but was permitted a marital deduction under I.R.C. section 2056(b)(7).

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Schedules of Assets

Jointly owned property must be listed on Schedule E.

Schedule A – Real Estate

Schedule B – Stocks and Bonds

Schedule C – Mortgages, Notes and Cash

Schedule D – Insurance

Schedule E – Joint and Survivorship Assets (R.C. Section 5731.10)

Part I – Interest Held By the Decedent and Spouse as the Only Joint Tenants

Schedule E – Joint and Survivorship Assets (R.C. Section 5731.10)

Part II – All Other Joint Interests

Schedule F – Miscellaneous Property

Schedule G – Transfers During Decedent’s Life

Schedule H – Powers of Appointment

Schedule I – Annuities, Pensions, Retirement and Other Employer Death Benefit Plans

- 4 -

Schedules of Deductions

Schedule J – Debts and Administration Expenses Schedule K – Charitable Deduction

Schedule L – Marital Deduction Reconciliation

Schedule M – Bequests to Surviving Spouse

Part I – Property Interests that are not subject to a QTIP election

Schedule M – Bequests to Surviving Spouse

Part II – Property Interests that are subject to a QTIP election

Please visit our web site at

tax.ohio.gov

to download these schedules.

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General Information

When an estate tax return is required (R.C. section 5731.21)

Estates with a gross value of more than $338,333 are required to file an estate tax form 2 (revised 12/2001). Executors and administrators are responsible for filing the estate tax re- turn.

Returns are not required to be filed for gross estates with a value of $338,333 or less. How- ever, if the estate consists of real estate and has a value of $338,333 or less, an estate tax form 22 should be filed with probate court to expedite the release of the real estate lien.

What estate tax form is required to be completed (R.C. section 5731.21)

If the date of death was prior to January 1, 2001, Ohio estate tax form 2, revised 3/2000, is required to be filed.

If the date of death was between January 1, 2001-December 31, 2001, Ohio estate tax form 2, revised 1/2001, is required to be filed.

If the date of death is on or after January 1, 2002, Ohio estate tax form 2, revised 12/2001, is required to be filed.

When and where to file (R.C. section 5731.21)

Returns are required to be filed within nine months from decedent’s date of death (see Exten- sion of Time to File, below). All filings must be made in duplicate with the probate court where will is probated or estate is administered.

When and where to pay (tax and interest) (R.C. section 5731.23)

Tax and interest are paid at the county auditor’s office, with the check drawn to the order of the county treasurer. Interest begins to accrue at variable rates nine months from decedent’s date of death. The county auditor will calculate any interest owing.

Extension of time	Estates of decedents with a date of death on or after January 1, 2000 are granted an auto-
to file (R.C. section	matic six-month extension, allowing them a total of 15 months to file the estate tax return.
5731.21)	Any additional six-month extensions must be requested in writing directly to the Estate Tax
	Division on estate tax form 24 before the due date of the return.
	Interest on any estate tax due will be calculated from nine months from date of death
	regardless if the estate utilizes the automatic or additional extensions. To stop the
	accrual of interest, an estimated payment of tax may be made. (See Estimated Pay-
	ments on page 7.)

Extension of time	Estates of decedents with a date of death on or after July 24, 1986 may request to extend the
to pay (R.C. section	time for payment of tax for undue hardship. Specific examples of undue hardship are listed in
5731.25)	the Ohio Revised Code and include, but are not limited to, the following: (1) insufficient liquid
	funds despite efforts to convert assets to cash; (2) a substantial portion of the assets of the
	gross estate consisting of rights to receive payments in the future; and (3) the inability to
	accurately determine the size of the gross estate because a substantial portion of the
	decedent’s assets is subject to litigation.
	The estate must request this extension on the estate tax form 41 no later than forty-five (45)
	days prior to the due date of the estate tax return. This form must be filed directly with the
	Estate Tax Division. Additional extensions must be filed not less than thirty (30) days before
	the expiration of the previous extension. Each extension is granted for no more than one year
	per request.Additional extensions may be granted annually up to a maximum of 14 years. For
	further information, please refer to estate tax Bulletin 3A.

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Estimated payments (R.C. section 5731.23)

An estimated payment can be made prior to the filing of the estate tax return, by using an estate tax form 17. This payment will stop the accrual of interest on the amount of tax paid.

Estimated payments are collected in the same manner as stated on page 6 in When and Where to Pay. If the tax ultimately assessed is more than the estimated payment, interest on the excess will accrue nine months from decedent’s date of death. If the tax ultimately as- sessed is less than the estimated payment, the estate may be eligible for a refund.

Penalties

(R.C. section 5731.22)

Failure to timely file the estate tax return (determined with regard to any approved extension) results in a penalty assessment.

The penalty is five (5) percent per month or any fraction of a month, not to exceed twenty-five

(25)percent of the tax as finally determined. Interest does not accrue on penalty assess- ments.

Nonresident estates (R.C. section 5731.19)

The estate of a nonresident decedent must file estate tax forms 2 and 4 if the decedent owned the following types of property: real property situated in Ohio; tangible personal property having an actual situs in Ohio; and intangible personal property employed in carrying on a business within Ohio (unless exempted under R.C. section 5731.34). The filing requirements are the same as for a resident decedent, except the return may be filed directly with the county probate court where the Ohio property is located.

Additional tax

(R.C. sections 5731.18, 5731.19 and 5731.24)

An additional tax is due when the federal state death tax credit exceeds the Ohio tax paid. If an estate (resident or nonresident) falls into the federal estate tax category, estate tax forms 3 or 3N (additional tax returns) may be required to be filed. The return and payment are due sixty (60) days after the date of the final determination of the federal estate tax liability (closing letter or equivalent as issued by the I.R.S.). The additional tax shall be paid, without notice or demand by the tax commissioner, with the return, and shall be filed and paid in the same manner as the estate tax, except that interest begins to accrue sixty (60) days after the date of the final determination of the federal estate tax liability.

Distribution of tax (R.C. sections 5731.48 and 5731.50)

For dates of death on or after January 1, 2002, eighty (80) percent of the tax is distributed to the municipal corporation, village or township in which the tax originates and twenty (20) percent to the state of Ohio.

Marital deduction (R.C. section 5731.15)

A marital deduction may be taken for certain property interests that pass from the decedent to the surviving spouse. Property interests that should be listed include the following: (1) survivor of tenancy by the entirety or joint tenancy; (2) appointee under decedent’s exercise of a power; (3) statutory interests passing to a spouse as a result of a right of election to take against the will; and (4) bequests from decedent pursuant to will.

Property interests that should not be listed include: (1) property that does not pass from decedent to surviving spouse; (2) qualified terminable interests for which QTIP election is not made; and (3) property that has been disclaimed by a surviving spouse under R.C. section 1339.68.

- 7 -

Explanation of Elections

Alternate Valuation Date [R.C. Section 5731.01(A) and (D)]

The gross estate may be valued on the decedent’s date of death or on an alternate valuation date. The alternate valuation date is six months from date of death unless the property item is sold, disposed of or distributed within that six months.

The executor must make an election by checking “yes” in the Elections section of the return. This election is mutually ex- clusive of the federal election. However, it must be elected

within one year and nine months from the date of decedent’s death or within one year from any extensions granted by the tax commissioner. Once made, this election is irrevocable.

If alternate valuation is elected, please list both date of death values and alternate values, and the alternate valuation date on the applicable schedules.

Qualified Farm Property Valuation (R.C. Section 5731.011)

The estate may elect Qualified Farm Property Valuation for determining the value of farm property as an alternative to its fair market value. To have qualified farm property valued at this special valuation, certain conditions must be met.* This elec-

tion must be made on a timely filed return determined with regard to any approved extensions of time to file.

To help expedite the audit, please attach the following:

1.A complete estate tax form 34;

2.Most recent county auditor real estate propertyrecord;

3.Current agricultural use valuation (CAUV) cards (from county auditor);

4.Fair market value appraisal (broken down into one acre homesite, improvements and bare land only).

If the qualified farm property valuation is elected, use the quali- fied farm property value column in Schedule A or identify the qualified property under Schedule E or G.

*Please refer to estate tax Bulletin 5.

Qualified Terminable Interest Property (QTIP)

(R.C. Section 5731.15)

The Qualified Terminable Interest Property (QTIP) election al- lows certain life estates held for the surviving spouse to qualify for the marital deduction.

The requirements for QTIP are the following:

1.Surviving spouse must receive all the income for life pay- able annually or at more frequent intervals; and

2.No one can have a power to appoint the property to any person other than the surviving spouse during surviving spouse’s life; and

3.The executor must make an election by checking “yes” in the Elections section of the return. Once the election is

made, it is irrevocable. This election must be made on a timely filed return determined with regard to any approved extensions of time to file.

The executor may make a partial QTIP election only if it is in the form of a fraction or percentage of available QTIP property. The specific interest should be clearly identified as QTIP.

The surviving spouse’s estate must include all QTIP property claimed in the first spouse’s estate, to the extent not con- sumed or given away, at the value on the date of death of the surviving spouse.

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➤ PDF File

Form Specifications

Fact Name	Details
Form Purpose	The Ohio ET 2 form is used to report estate taxes for estates with a gross value exceeding $338,333 for deaths on or after January 1, 2002.
Governing Law	The form is governed by Ohio Revised Code Sections 5731.01 through 5731.50.
Filing Requirement	Estates with a gross value below $338,333 are not required to file this form.
Schedules	Applicable schedules must be completed and can be found on the Ohio Department of Taxation website.
Filing Location	Instructions on where to file and pay the tax are detailed in the General Information section of the form.
Duplicate Filing	Filers must submit the ET 2 form in duplicate to the Probate Court.
Executor Responsibilities	The executor or administrator must declare the accuracy of the information under penalties of perjury.
Tax Computation	The form includes a detailed computation section to determine the taxable estate and any tax due.
Contact Information	For assistance, filers can contact the Estate Tax Division at 1 (800) 977-7711.
Election Options	Executors can make various elections, such as alternate valuation or marital deductions, as specified in the form.

Ohio Et 2: Usage Guidelines

Filling out the Ohio ET 2 form is an essential step for estates with a gross value exceeding $338,333 and with dates of death on or after January 1, 2002. Completing this form accurately ensures compliance with state regulations. After filling out the form, it will need to be submitted in duplicate to the Probate Court, along with any applicable schedules and supporting documents.

Obtain the Ohio ET 2 form from the Ohio Department of Taxation website or by contacting their office.
Indicate whether the estate is taxable or nontaxable by checking the appropriate box at the top of the form.
Fill in the decedent’s last name, first name, and middle initial.
Provide the date of death and date of birth of the decedent.
State the cause of death and the decedent's occupation.
Indicate whether the decedent was retired by checking "Yes" or "No."
Enter the decedent's address at the time of death, including the street number, city, state, and ZIP code.
Provide the decedent’s social security number.
Specify the county in Ohio where the probate court is located, along with the case number.
Complete the Tax Computation section by entering the total gross estate, total deductions, and calculating the net taxable estate.
Determine the tentative tax based on the net taxable estate and apply any estate tax credits.
Calculate the final tax amount due or any overpayment.
Fill out the Executor/Administrator Waiver section if applicable, signing to authorize communication only with the estate’s legal representative.
Complete the Declaration section by signing and dating the form, ensuring all information is accurate.
Attach any necessary schedules and supporting documents as required.
Make copies of the completed form and all attachments for your records.
File the completed form in duplicate with the Probate Court.

Your Questions, Answered

What is the Ohio ET 2 form?

The Ohio ET 2 form is the Ohio Estate Tax Return, required for estates with a gross value exceeding $338,333 for individuals who passed away on or after January 1, 2002. This form is essential for reporting the estate's value, deductions, and calculating any estate tax owed to the state. It ensures compliance with Ohio tax laws and helps facilitate the proper administration of the estate.

Who needs to file the Ohio ET 2 form?

If the decedent's estate has a gross value greater than $338,333 and the date of death is on or after January 1, 2002, the executor or administrator must file the Ohio ET 2 form. Estates valued below this threshold do not require filing. Additionally, different forms apply for estates with dates of death before this date, so it's crucial to ensure you're using the correct version.

How do I complete the Ohio ET 2 form?

Completing the Ohio ET 2 form involves several steps. First, gather all relevant information about the decedent's estate, including the total gross estate and deductions. You’ll need to fill out applicable schedules, which can be found on the Ohio Department of Taxation's website or by contacting them directly. Be sure to double-check your calculations and follow the instructions carefully to avoid errors.

What schedules are included with the Ohio ET 2 form?

The Ohio ET 2 form includes various schedules to capture different aspects of the estate. These may cover real property, stocks, bonds, insurance, and any debts or deductions. Each schedule is designed to provide a comprehensive view of the estate's value and liabilities, ensuring that all necessary information is reported accurately.

Where do I file the Ohio ET 2 form?

The completed Ohio ET 2 form must be filed in duplicate with the Probate Court in the county where the decedent's estate is being administered. It's important to check the specific filing requirements and deadlines with the Probate Court to ensure compliance. Proper filing helps avoid penalties and ensures that the estate is settled in a timely manner.

What happens if the estate tax is owed?

If the estate tax is owed, the form will help calculate the tax amount due. After determining the taxable estate and applying any credits, the executor will need to submit payment along with the form. If there are previous payments made on the estate tax, these should be deducted from the total owed. If the estate has overpaid, a refund can be requested.

Can I receive assistance with the Ohio ET 2 form?

Yes, assistance is available for those who need help completing the Ohio ET 2 form. The Ohio Department of Taxation has a toll-free information line at 1 (800) 977-7711, where individuals can ask questions and get guidance. Additionally, consulting with a tax professional or attorney specializing in estate matters can provide valuable insights and support.

What are the penalties for not filing the Ohio ET 2 form?

Failing to file the Ohio ET 2 form when required can lead to penalties and interest on any unpaid estate taxes. The state takes compliance seriously, and delays in filing can complicate the estate administration process. It is always best to file on time to avoid these potential issues and ensure the estate is settled correctly.

Are there any deductions available on the Ohio ET 2 form?

Yes, the Ohio ET 2 form allows for various deductions, including debts, administration expenses, charitable bequests, and marital deductions. These deductions can significantly reduce the taxable estate amount, potentially lowering the estate tax owed. It's essential to gather documentation for all deductions claimed to support your calculations and ensure accuracy.

Common mistakes

Incorrectly determining the estate's gross value. Many people fail to accurately calculate the total gross estate, which must exceed $338,333 for the form to be required.
Neglecting to complete applicable schedules. It is crucial to fill out only the necessary schedules for the estate. Missing or irrelevant schedules can lead to delays or complications.
Inaccurate deductions. Some filers overlook the deductions available, such as debts and charitable bequests, which can significantly affect the taxable estate.
Failing to check computations. Double-checking all calculations is essential. Errors in tax computations can result in incorrect tax amounts owed.
Ignoring filing deadlines. Timely submission is critical. Missing deadlines can lead to penalties or interest on unpaid taxes.
Not including required documentation. Attachments, such as the will or trust documents, must be included if applicable. Omitting these can cause significant delays in processing the return.

Documents used along the form

The Ohio ET 2 form is an essential document for filing an estate tax return in Ohio for estates with a gross value exceeding $338,333 and with dates of death on or after January 1, 2002. In addition to the ET 2 form, several other forms and documents are often required to ensure compliance with estate tax regulations. Below is a list of these documents, along with a brief description of each.

Ohio Estate Tax Form 2 (Revised 1/2001): This form is required for estates with dates of death between January 1, 2001, and December 31, 2001. It serves a similar purpose as the ET 2 form but applies to a different time frame.
Ohio Estate Tax Form 2 (Revised 7/2003): For estates with dates of death prior to January 1, 2001, this form must be filed. It captures the necessary information for calculating estate taxes applicable to those earlier dates.
Federal Form 706: This federal estate tax return is required if the gross estate exceeds the federal exemption limit. Pages 1, 2, and 3 of this form must be attached if a federal estate tax return is necessary.
Will: If the decedent died with a will, a copy must be submitted with the estate tax return. This document provides insight into the decedent's wishes regarding asset distribution.
Trust Documents: If any trusts were created by the decedent or for the decedent's benefit during their lifetime, copies of these documents need to be included. They can affect the estate's tax liability and distribution of assets.
Appraisals: If the decedent owned real property, appraisals may be required to establish the fair market value of the property at the time of death. These documents help in accurately reporting the estate's total gross value.
Disclaimers or Elections: If any disclaimers were filed or elections made against the will, copies of these documents must be attached. They can significantly influence the estate's tax obligations and the distribution of assets.

Ensuring that all relevant forms and documents are submitted accurately and on time is crucial for the proper handling of estate taxes in Ohio. Each document plays a specific role in the overall process, contributing to a clear understanding of the estate's value and the applicable tax obligations.

Similar forms

The Ohio ET 2 form is a specific document used for estate tax purposes in Ohio. Several other documents serve similar functions in estate management and tax reporting. Below is a list of five documents that share similarities with the Ohio ET 2 form:

Federal Form 706: This is the United States Estate (and Generation-Skipping Transfer) Tax Return. Like the Ohio ET 2 form, it is used to report the value of an estate and calculate the estate tax owed at the federal level. Both forms require detailed information about the decedent's assets and liabilities.
Ohio Estate Tax Form 2 (Revised 1/2001): This form is for estates with dates of death between January 1, 2001, and December 31, 2001. Similar to the ET 2, it is used to report estate values and compute taxes, but it applies to a different time frame.
Ohio Estate Tax Form 2 (Revised 7/2003): For estates with dates of death prior to January 1, 2001, this form serves a similar purpose as the ET 2 form. It also reports estate values and computes taxes, but is tailored for older estates.
IRS Form 709: This is the United States Gift (and Generation-Skipping Transfer) Tax Return. While primarily focused on gifts, it shares similarities with the ET 2 form in that it requires detailed reporting of asset values and applicable deductions, particularly for estate planning purposes.
Probate Court Filing: In many states, including Ohio, a probate court filing is required to validate a will and manage the distribution of an estate. This process is similar to the ET 2 form as it involves reporting the estate's value and ensuring compliance with state laws regarding estate administration.

Dos and Don'ts

Filling out the Ohio ET 2 form can seem daunting, but with a little guidance, you can navigate it successfully. Here’s a list of things to do and avoid when completing this important document.

Do read the General Information section on pages 6 and 7 before you begin. Understanding the requirements will save you time and effort.
Do complete only the applicable schedules. These schedules are available on the Ohio Department of Taxation website or by contacting them directly.
Do double-check your computations. Errors can lead to delays or issues with your filing.
Do follow the instructions for where to file and pay, as outlined in the General Information section.
Don't forget to check the date of death. Only estates with dates of death on or after January 1, 2002, need to use this form.
Don't skip the signature section. Your declaration under penalties of perjury is crucial for the validity of the return.
Don't hesitate to reach out for help if you're unsure. The Estate Tax Division has a toll-free information line for assistance.

By keeping these tips in mind, you can approach the Ohio ET 2 form with confidence. Remember, preparation is key to a smooth filing process!

Misconceptions

Understanding the Ohio ET 2 form is crucial for ensuring compliance with estate tax regulations. However, several misconceptions exist that can lead to confusion. Below is a list of common misconceptions and clarifications regarding the Ohio ET 2 form.

Misconception 1: The Ohio ET 2 form is required for all estates.

In reality, only estates with a gross value exceeding $338,333 are required to file this form if the date of death is on or after January 1, 2002.

Misconception 2: The form must be filed immediately after the decedent's death.

The form must be filed within nine months of the decedent's death. Extensions may be available under certain circumstances.

Misconception 3: Only the executor can complete the Ohio ET 2 form.

While the executor typically prepares the form, anyone with knowledge of the estate's financial situation can assist in its completion.

Misconception 4: All debts and expenses can be deducted from the gross estate.

Only specific debts and administration expenses that qualify under Ohio law can be deducted.

Misconception 5: There is no need to check calculations.

It is essential to check all computations carefully. Errors can lead to penalties or delays in processing the return.

Misconception 6: The Ohio ET 2 form is the same as the federal estate tax return.

The Ohio ET 2 form is distinct from federal forms. It is important to complete both if applicable, as they serve different jurisdictions.

Misconception 7: Filing the form is optional if there is no estate tax owed.

Even if no tax is owed, filing the form may still be required to report the estate's value and deductions.

Misconception 8: The estate tax credit is automatically applied.

The estate tax credit must be calculated and applied correctly. Failure to do so may result in an incorrect tax liability.

Key takeaways

The Ohio ET 2 form is required for estates with a gross value exceeding $338,333 and dates of death on or after January 1, 2002.
Only complete the applicable schedules of the return. These schedules can be found on the Ohio Department of Taxation's website or by contacting their office directly.
Check all computations carefully. Ensure that the correct amounts are reported and that any applicable deductions are included.
File the completed form in duplicate with the Probate Court. Be sure to indicate whether the estate is taxable or nontaxable.