An IRS form used by the executor of a decedent’s estate to calculate the federal estate tax. For a US citizen or resident who has died, Form 706 must be filed by the executor of the decedent’s estate if the gross estate, plus adjusted taxable gifts and specific exemption, is worth more than $12.92 million in 2023 ($12.06 million in 2022). For information on estate-planning issues with nonqualified deferred compensation, see the section Financial Planning: Estate Planning.