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Official form guide
Form 706-SM: 706 (Schedule M)
IRS Form 706 (Schedule M) is used to report bequests, etc., to a surviving spouse and attaches to Form 706. The form allows an election out of QTIP treatment for joint and survivor annuities under section 2056(b)(7)(C)(ii).
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IRS Form 706-SM - 706 (Schedule M)
IRS Form 706 (Schedule M) is used to report bequests, etc., to a surviving spouse and attaches to Form 706. The form allows an election out of QTIP treatment for joint and survivor annuities under section 2056(b)(7)(C)(ii).
Risk Radar
Scan points- 1If reporting is not required by law, ensure you still identify the property but make no entry in the last column (line 1).
- 2Failing to attach a copy of the written disclaimer if property passed via qualified disclaimer (line 1).
- 3Not entering the surviving spouse's date of birth or country of birth on line 2.
- 4Forgetting to check 'Yes' for any property passing to the surviving spouse as a result of a qualified disclaimer (line 1).
- 5Incorrectly classifying an asset as QTIP when it should be non-QTIP, or vice versa (lines 4/8).
Plain English
This form helps detail how assets from the deceased person's estate are distributed, especially when they go to a surviving spouse. It ensures that certain property interests are correctly valued for federal estate tax purposes and can allow you to opt out of specific tax treatments for joint annuities.
Submission Date
- Filing date: 2025-08-27 22:10:19
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when reporting bequests, etc., made by a decedent to a surviving spouse that attaches to Form 706.
- Do not use it when the value of the gross estate and adjusted taxable gifts are less than the basic exclusion amount and you are *not* filing solely to elect portability of the DSUE amount (consider if you must report asset values).
- Check Schedule(s) W (Form 706) instead when detailing specific property interests passing to the surviving spouse.
Form selector
Use this form or another form?
Property passes via qualified disclaimer
A copy of the written disclaimer required by section 2518(b) must be attached.
✓ Check Part 2, Line 1
Electing out of QTIP for annuities
This election is made under section 2056(b)(7)(C)(ii).
✓ Check Part 3, Line 4
Reporting other property not listed on line 4
Use lines 8 and 9 to list non-QTIP interests.
✓ Check Part 2, Lines 8 & 9
Schedule(s) W (Form 706) or statements
Deadline or filing window
The form attaches to Form 706. While a specific filing deadline isn't stated on this schedule, it must be filed when the estate tax return is due. If electing portability, special consideration applies regarding asset reporting.
Checklist
What you need before filling it out
Decedent’s name
The decedent's name as it appears on Form 706 · Part 1 (Top)
QTIP Property Interest Amount
The amount of QTIP property passing to the surviving spouse · Line 4(iv)
Total Non-QTIP Property
Sum of amounts from lines 8 through 10 · Line 11
Net Amount of Property Interests
Total property interest minus total death taxes paid out of the estate · Line 14
Federal Estate Taxes Payable
The amount designated for federal estate taxes · Line 13a
Before you submit
- 1Confirm the Decedent’s name matches exactly as it appears on Form 706.
- 2Enter the Decedent’s social security number on line 1 of Schedule M (Form 706).
- 3If property passed to the surviving spouse resulted from a qualified disclaimer, ensure you have checked 'Yes' in box 1 and attached the required written disclaimer copy.
- 4Complete section 2 by answering if the surviving spouse is a U.S. citizen and entering the relevant details (Date of Birth, Country of Birth, etc.).
- 5If electing out of QTIP treatment for annuities under section 2056(b)(7)(C)(ii), ensure you have checked box 3.
- 6Add all amounts listed in column (iv) on line 4 to calculate the total QTIP property interest on line 5.
- 7Ensure the final Net amount of property interests is correctly calculated by subtracting line 13d from line 12, and entering it on Part V, item 21.
How to file this form
- 1Complete Part 1 by entering the decedent’s name and social security number.
- 2Detail all QTIP interests passing to the surviving spouse on Line 4, including description and amount in column (iv).
- 3List all other property not listed on line 4 on Lines 8 through 10, providing description and amount in column (iv).
- 4Calculate totals for both QTIP (Line 7) and Non-QTIP (Line 11), then determine the Grand Total of Property Interest on Line 12.
- 5Enter all applicable death taxes (Lines 13a through 13c) to calculate the total tax deduction on Line 13d, which then yields the Net Amount on Line 14.
- 6Attach copies of any Schedule(s) W (Form 706) or additional statements used in the calculations.
- 7Sign and date the form before sending it to the IRS.
Known limitations
- 1If the value of the gross estate plus adjusted taxable gifts is less than the basic exclusion amount and Form 706 is filed solely to elect portability, consideration should be given as to whether the value of assets eligible for the marital or charitable deduction must be reported on Schedule M (Form 706).
- 2If an asset does not pass to the surviving spouse, the filer can identify the property but make no entry in the last column.
- 3The form allows election out of QTIP treatment only for joint and survivor annuities that are included in the gross estate and would otherwise be treated as Qualified Terminable Interest Property (QTIP) under section 2056(b)(7)(C)(ii).
Field map
Compact field-by-field guide
Decedent Info
2 items
Full legal name and date of death of the deceased individual.
Employer Identification Number assigned to the estate.
Executor
1 items
Name, address, and contact information of the appointed executor.
Assets
1 items
Total value of all assets owned by the decedent at time of death.
Deductions
1 items
Funeral expenses, debts, administrative costs, and charitable bequests.
Tax
1 items
Tax calculated on taxable estate exceeding the applicable exemption amount.
Signatures
1 items
The appointed executor must sign under penalty of perjury.
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Fillable formOpen in Editor->The current edition of IRS Form 706 (Schedule M) is dated August 2025, and the form directs users to www.irs.gov/Form706 for the latest information.
What changed or needs a fresh check
- Edition date — confirm the revision reads August 2025.
- Form number — confirm the form is IRS Form 706 (Schedule M).
- OMB Number — confirm it reads 1545-0015.
- Creation Date — confirm this schedule was created on 4/17/25.
Quick Facts
Downloads
After you file
- 1Keep a copy of the filed IRS Form 706 (Schedule M) for record-keeping.
- 2If reporting an asset that did not pass to the surviving spouse, identify the property but make no entry in the last column on Schedule M (Form 706).
- 3If answering 'Yes' to whether any property passed to the surviving spouse as a result of a qualified disclaimer, attach a copy of the written disclaimer required by section 2518(b).
- 4The total amount of all other property not listed on line 4 must be added to lines 7 (Total QTIP property) and 11 (Total of all other property not listed on line 4) to arrive at the Total amount of property interest listed on Schedule M (Form 706).
- 5The net amount of property interests listed on Schedule M is calculated by subtracting the total death taxes payable (Line 13d) from the total property interest (Line 12), and this amount must be entered on Part V, item 21.
Sources
- SRCForm 706 (Schedule M) (August 2025) — The official title and revision date are provided.
- SRCInstructions p.1 — Bequests, etc., to Surviving Spouse is the purpose of Schedule M (Form 706).
- SRCInstructions p.1 — If you are not required to report the value of an asset, identify the property but make no entry in the last column on Schedule M (Form 706).
- SRCInstructions p.1 — Line 2a asks if the surviving spouse is a U.S. citizen.
- SRCInstructions p.1 — Line 4 requires entering QTIP property interest passing to the surviving spouse, and lines 5/6 total this amount.
- SRCInstructions p.1 — Line 8 requires entering other property passing to the surviving spouse (non-QTIP), and lines 9/10 total this amount.
- SRCInstructions p.2 — Line 12 is the Total amount of property interest listed on Schedule M, calculated by adding Lines 7 and 11.
- SRCInstructions p.2 — Line 14 is the Net amount of property interests listed on Schedule M, which must be entered on Part V, item 21.
Common confusion points
What do I enter if an asset passed to the surviving spouse but isn't QTIP?
Enter the description of non-QTIP interests passing to the surviving spouse in column (ii) on Line 8, and then list its value in column (iv).
Do I need to report property even if it didn't pass to the surviving spouse?
Identify the property but make no entry in the last column of Schedule M (Form 706) if you are not required to report the asset’s value.
How do I calculate the total amount of property interest listed on Schedule M?
Total QTIP property is calculated by adding Line 5 (QTIP amounts) and Line 6 (Total from attached Schedules W), then this sum is added to Line 11 (Total other property) to get Line 12.
Workflow map
Related forms and next steps
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Often used with
⚠ If something goes wrong
- The instructions for Form 706 provide further guidance regarding Schedule M (Form 706).
Questions about IRS Form 706-SM
What is IRS Form 706-SM used for?
This form helps detail how assets from the deceased person's estate are distributed, especially when they go to a surviving spouse. It ensures that certain property interests are correctly valued for federal estate tax purposes and can allow you to opt out of specific tax treatments for joint annuities.
Who must file IRS Form 706-SM?
The filer must be someone responsible for reporting the value of assets passing from the decedent to the surviving spouse, as required by Form 706.
What information does IRS Form 706-SM require?
The form collects identifying information such as the decedent's name and SSN. It details property in Part I (lines 4-8), including QTIP property, and other non-QTIP property in Part II (lines 9-12).
When is IRS Form 706-SM due?
The source does not specify a filing deadline date or period; however, the form is used to attach to Form 706.
Where do I file IRS Form 706-SM?
The instructions direct users to www.irs.gov/Form706 for further guidance on where to send it.
How do I complete IRS Form 706-SM?
First, complete lines 1-3 with identification and spouse details. Next, list all QTIP property on line 4, providing descriptions and amounts (lines 5-7). Then, list other non-QTIP property on line 8, totaling it on line 12 before calculating the net amount on line 14.
What happens if IRS Form 706-SM is filed incorrectly?
If the value of the gross estate, together with the amount of adjusted taxable gifts, is less than the basic exclusion amount and Form 706 is filed solely to elect portability, consideration must be given as to whether reporting assets eligible for marital or charitable deduction is required on this schedule.
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