February 20, 2012
Authored by: Letitia Maxfield
The Internal Revenue Service announced that it was extending the portability election deadline for certain estates of married individuals. For qualifying estates, the deadline for making the election is now automatically extended until 15 months from the decedent’s date of death. Typically, the portability election must be made no later than nine months after a date of death unless the executor files a timely Form 4768 requesting an automatic six-month extension. Notice 2012-21 extends the election deadline only for the estates of married individuals who died after December 31, 2010, and before July 1, 2011, with a gross estate that does not exceed $5,000,000. Qualifying estates must make the portability election by filing the Form 706 and Form 4768 no later than 15 months after the decedent’s date of death. The Form 4768 must include a notation that notifies the Service that the Form 4768 is being filed pursuant to Notice 2012-21.