rleecpa, you are confusing 408(a), which defines individual retirement accounts in general, with 408A, which defines Roth IRAs. IRAs, both traditional and Roth, are reported on Form 706 Schedule I, Annuities.

When to use Form 706 for estate tax?

The executor of a decedent’s estate uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code. Form 706 is also used to compute the generation-skipping transfer (GST) tax imposed by Chapter 13 on direct skips.

How is an IRA subject to estate tax?

Is an IRA Subject to Estate Tax? 1 Gross Estate. Your gross estate includes anything you own at your death that has value — including your IRAs. 2 Estate Tax Deductions. Depending on who receives your IRA, all or a part of the value might be deductible from the gross estate. 3 No Basis Step-Up. 4 Deduction for Estate Taxes. …

Do you need to file a schedule A-1 for Form 706?

You must file Schedule A-1 and its required attachments with Form 706 for this election to be valid. You may make the election on a late-filed return so long as it is the first return filed. The total value of the property valued under section 2032A may not be decreased from FMV by more than $1,180,000 for decedents dying in 2020.

What does F mean on Estate Tax Form 706?

Use Schedule F: Other Miscellaneous Property Not Reportable Under Any Other Schedule, when filing federal estate tax returns (Form 706), to report property that doesn’t belong on any other schedule. Be able to demonstrate the value of each item listed on this schedule.

When do you need to file a separate Form 706?

Separate returns are required for husband and wife even if death occurs (near-) simultaneously in the same calendar year, since Form 706 may be used to report the estate of only one decedent and each spouse has his own lifetime exclusion.

What does schedule R-1 ( Form 706 ) serve as?

Schedule R-1 (Form 706) serves as a payment voucher for the Generation-Skipping Transfer. (GST) tax imposed on a direct skip from a trust, which you, the trustee of the trust, must pay. The executor completes the Schedule R-1 (Form 706) and gives you two copies.