Form 706-GS(D): Generation-Skipping Transfer Tax Return For Distributions
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Definition of 'Form 706-GS(D): Generation-Skipping Transfer Tax Return For Distributions'A tax form distributed by the Internal Revenue Service (IRS) that is used to calculate taxes due on trust distributions that are subject to a generation-skipping tax (GST). Form 706-GS(D) is used by any taxpayer who receives a taxable distribution coming from a trust. Specifically, the form is to be filled out by the skip distributee - the person who received the benefit from the generation-skipping trust. |
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Investopedia explains 'Form 706-GS(D): Generation-Skipping Transfer Tax Return For Distributions'Taxpayers should file Form 706-GS(D) between January 1st and April 15th of the year following the distribution. If the form cannot be filed on time, an extension can be requested by filing Form 7004. |
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