Report an Election for Alternate Valuation of Prop 2024-2026

Report an election for alternate valuation of property by entering a check mark in the appropriate box on the front page of the Maryland estate tax return and by reporting the same on the pro forma Form 706 filed with the MET 1. Refund of Excess Payment If an adjustment results in a decrease in the Maryland estate tax the person responsible for filing the Maryland estate tax return shall file an amended return Form MET 1 to claim a refund of previously paid Maryland estate tax. After the date of death of the decedent even if the federal estate tax return IRS Form 706 is not required to be filed with the Who must file Form MET 1 The duly appointed personal personal representative the return must be made jointly by all. If there is no personal representative appointed every person in actual or constructive possession of any property of the decedent is required to make and file a return. Where to file return The Maryland estate tax return is filed directly with the Comptroller. Federal total gross estate from line 1 federal Form 706. 2. Property for which a QTIP election was previously made on a form MET 1 filed for the estate of the decedent s pre-deceased spouse to the extent not included in line 1 from line 1 of Schedule C. 3. Augmented gross estate add lines 1 and 2. 5. Maryland QTIP election this return from line 1 of Schedule D. Form MET 1 Rev. 07/18 DO NOT WRITE IN THIS AREA USE THIS AREA FOR DATE STAMPS Reference Numbers Revenue Administration Division P. O. Box 828 Annapolis MD 21404-0828 Comptroller Register MARYLAND ESTATE TAX RETURN To be used for decedents dying after December 31 2017 and before January 1 2019 Attach the Federal Estate Tax Return Form 706. Enter on Line 5 Section IV of the Maryland Estate Tax Return. GENERAL INSTRUCTIONS When the Form MET 1 must be filed A Maryland estate tax return Form MET 1 must be filed where the federal gross estate plus adjusted taxable gifts plus property for which a filed for the estate of the decedent s predeceased spouse equals or exceeds 4 000 000 and the decedent at the date of death was subsections if there is a surviving spouse. Line 5 If an election for Maryland Qualified Terminable Interest Property QTIP is being made in the current return complete Schedule D and enter the total amount of Maryland QTIP on line 5 of the Maryland estate tax return. Note Do not attempt to make a Maryland QTIP election on the pro forma Schedule M of federal Form 706 all Maryland QTIP elections must be made on Schedule D of the MET 1. 1. a change in the federal gross estate federal taxable estate 2. after-discovered property 3. a correction to the value of previously reported property Extension of time to file The Comptroller may extend the time to file an estate tax return up to 6 months or if the person required to file the estate tax return is out of the United States up to 1 year. or 5. any other correction to a previously filed return. An application form MET 1E must be filed with the Comptroller on or before the statutory due date and should include a copy of the federal extension request Form 4768 if applicable remittance of the estimated Maryland estate tax or a request for an alternative payment schedule.