IRS Form 712 is used to report the value of life insurance policies when a person passes away or transfers the policy as a gift.
If you are an insurance professional and need to prepare a life insurance statement, our fillable Form 712 and online editor make it quick and straightforward.
IRS Form 712 is used to report the value of life insurance policies when a person passes away or transfers the policy as a gift.
If you are an insurance professional and need to prepare a life insurance statement, our fillable Form 712 and online editor make it quick and straightforward.
Form 712 is used to report the value of life insurance policies as part of an estate or gift tax return. As such, it’s never filed as a standalone; you only complete it if you need to file Forms 706, 706-NA, or 709.
Note that IRS Form 712 must be completed and signed by the life insurance company, not the executor or donor. The executor or donor requests the completed form from the insurer and attaches it to the applicable tax return.
Form 712 is used and filled out by the life insurance company at the request of the executor or donor. Executors filing an estate tax return request it from the insurer to report policy values, while donors use it when transferring a policy as a gift.
Form 712 is due on the same date as the form it’s attached to. In other words, if you’re filing it with Forms 706 or 706-NA, it should be submitted within nine months after the decedent’s death. However, the deadline is different when it’s sent with Form 709; typically, it’s April 15th.
Also, executors can request a six-month extension for Form 706 using Form 4768, which extends the submission deadline accordingly.
If Form 712 isn’t submitted, the IRS is more likely to conduct an estate audit, and the entire assessment process becomes more complicated. Furthermore, failure to submit tax information can lead to penalties and interest.
Also, keep in mind that if the decedent or donor held multiple life insurance policies, a separate Form 712 must be completed by the insurer for each individual policy.
You should attach Form 712 to Forms 706, 706-NA, or 709 and submit the package to the designated IRS addresses. This form generally has to be filed by mail, as e-filing is currently unavailable.
You can get a blank Form 712 from pdf.net or from the official IRS website. Either way, you can easily fill it out online with our PDF editor.
No, you can’t submit Form 712 electronically. You have to use one of the addresses provided on the official IRS website. The exact filing address depends on the principal form to which you will attach your document.
If your Form 712 is missing information, you should contact the insurance company to request a properly completed one. However, if the insurer doesn’t respond on time, it’s best to estimate the policy amounts and provide evidence for your estimations to avoid late submission or incomplete returns.
Yes, you can fill out your Form 712 online with pdf.net. Our PDF editor allows you to type information directly into the designated fields.
This form is free to view and edit, but you can’t download it without a subscription plan. Check out our pricing page for more information.
Yes, you can correct mistakes on Form 712, but you need to file it with an amended 706 or 709 return. If you spot errors in the Form 712 received from the insurer before submission, contact them and request a corrected version. Cross-check the form you receive from the insurer with a Form 712 example to ensure everything’s in place.
Form 712 is processed with the estate or gift tax return, so its processing time depends on theirs. Typically, this means it might take several months to process it.