Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 89 - Fiduciary Income Tax › Rule 701-89.2 - Confidentiality

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Confidential information.
The state and federal returns and
				accompanying schedules, and the taxpayer's books, records, documents and
				accounts of any person, firm or corporation are held confidential, except the
				information which is deemed a public record by state and federal law. See 26
				U.S.C. Section 6103 of the Internal Revenue Code pertaining to the
				confidentiality and disclosure of federal tax returns and federal tax return
				information. See rules
				701-63.
				(17A) and
				701-386.
				(422) regarding the confidentiality of a decedent's individual income tax
				returns.
(2)
Information
				not confidential.
Copies of wills, probate inventories, trust
				instruments, deeds and other documents which are filed for public record are
				not confidential. The fact alone that a return has or has not been filed with
				the department is not confidential information. 1976 Op. Att'y. Gen.
				679.
(3)
Documents to he
				filed.
a.
Estates of Iowa
				decedents.
A copy of the inheritance tax return and probate inventory
				required by Iowa Code section
				633361. and
				701-subrule 86.2(2) (relating to inheritance tax) and a copy of the decedent's
				will in testate estates shall be filed with the first fiduciary return of
				income, unless previously filed with the department for inheritance tax
				purposes.
b.
Nonresident
				decedents
-
ancillary administration.
If ancillary
				administration has been opened for the estate of a nonresident decedent, a copy
				of the inheritance tax return and probate inventory and a copy of the
				decedent's will in testate estates shall be filed with the department, subject
				to the same conditions and requirements in estates of resident decedents. If
				ancillary administration has not been opened for a nonresident decedent with
				Iowa taxable income, a copy of the inventory filed in the primary estate, or
				the portion of the inventory listing the property generating the Iowa income
				and the decedent's will in testate estates, must be filed with the department
				with the first fiduciary return of income.
c.
Inter vivos trusts.
Inter vivos trusts with a situs in Iowa and inter vivos trusts with a situs
				outside Iowa with Iowa taxable income shall submit to the department with the
				first fiduciary return the following:
(1) a
				copy of the trust instrument;
(2)
				a list of the trust assets (those generating Iowa taxable income in case of
				trusts with a situs outside Iowa); and
(3) an estimate of the fair market value of
				each asset. If the trust instrument is amended or additional assets are added
				to the trust corpus (additional assets which generate Iowa taxable income in
				case of trusts with a situs outside Iowa), a copy of the amended items must be
				submitted to the department with the first fiduciary return of income following
				the change.
d.
Testamentary trusts.
If the estate was not reported for inheritance
				tax purposes, a copy of the decedent's will and a list of assets in the trust
				corpus in testamentary trusts with a situs both within and without Iowa must be
				submitted to the department with the first fiduciary return of
				income.
e.
Safe deposit
				box.
Effective July 1, 1998, there is no longer a requirement for safe
				deposit boxes to be inventoried and reported to the department prior to the
				delivery of the assets to the personal representative, transferee, joint owner
				or beneficiary.