Form 706-GS(D): Generation-Skipping Transfer Tax Return For Distributions

AAA

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.

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.

RELATED TERMS
  1. Generation-Skipping Transfer Tax ...

    A tax incurred when there is a transfer of property by gift or ...
  2. Estate Tax

    A tax levied on an heir's inherited portion of an estate if the ...
  3. Trust

    A fiduciary relationship in which one party, known as a trustor, ...
  4. Irrevocable Trust

    A trust that can't be modified or terminated without the permission ...
  5. Trustee

    A person or firm that holds or administers property or assets ...
  6. Revocable Trust

    A trust whereby provisions can be altered or canceled dependent ...
RELATED FAQS
  1. How is maintenance of standard of living for survivors accomplished in estate planning?

    Estate planning is an integral component of comprehensive financial planning, as it allows individuals and couples to maintain ... Read Full Answer >>
  2. What is the difference between an intervivos trust and a testamentary trust?

    Estate planning offers tools to establish and maintain effective control over cash, investment and real estate assets during ... Read Full Answer >>
  3. What is an IRS letter audit / audit by correspondence?

    Every year, the Internal Revenue Service (IRS) sends numerous notices to taxpayers. Letter audit, or audit by correspondence, ... Read Full Answer >>
  4. When might an abatement be granted by the IRS?

    The Internal Revenue Service (IRS) frequently imposes interest and penalties due to the late filing of a tax return, underpayment ... Read Full Answer >>
  5. What should I do to prepare for an IRS audit?

    IRS audits have declined steadily since the 1980s, but there are still some 1.5 million annual tax audits as of 2014. You ... Read Full Answer >>
  6. What is the difference between revocable and irrevocable intervivos trusts?

    Within estate planning, individuals have a myriad of options for maintaining control over assets beyond the grave. A tool ... Read Full Answer >>
Related Articles
  1. Retirement

    How To Choose The Right Executor For Your Estate

    Making a careful choice now can save your heirs from a lot of problems later.
  2. Retirement

    Establishing A Revocable Living Trust

    This arrangement allows you to have more control over your estate - both before and after your death.
  3. Options & Futures

    Getting Started On Your Estate Plan

    With some preparation, you can save your heirs from paying a hefty estate tax. Here are some tips.
  4. Taxes

    A Look At The Generation-Skipping Transfer Tax

    For those who encounter this tax, it can be costly. Find out how to navigate this complicated tax arrangement.
  5. Taxes

    Estate Planning for a Surviving Spouse

    Estate planning for surviving spouses can be difficult for a number of reasons, so it's important to have good support and financial advice.
  6. Retirement

    Roth 401(k) Vs. Roth IRA: Which One Is Better?

    It all depends on your age, your income - and your plans for your retirement nest egg.
  7. Taxes

    IRS Refund Lost? Here's What to Do

    Don't panic. There are a number of reasons your refund might be delayed – and solutions for each.
  8. Retirement

    How To Set Up A Trust Fund In The U.K.

    A guide to the whys and wherefores of setting up this most versatile of estate-planning instruments in the United Kingdom.
  9. Retirement

    How To Set Up A Trust Fund In Australia

    No, they're not just for the super-rich. But you need to know the rules.
  10. Retirement

    Understanding Revocable Trusts

    A revocable trust is a legal arrangement whereby a grantor transfers property to a trustee who holds the property in trust for the grantor’s benefit.

You May Also Like

Hot Definitions
  1. National Currency

    The currency or legal tender issued by a nation's central bank or monetary authority. The national currency of a nation is ...
  2. Treasury Yield

    The return on investment, expressed as a percentage, on the debt obligations of the U.S. government. Treasuries are considered ...
  3. Bund

    A bond issued by Germany's federal government, or the German word for "bond." Bunds are the German equivalent of U.S. Treasury ...
  4. European Central Bank - ECB

    The central bank responsible for the monetary system of the European Union (EU) and the euro currency. The bank was formed ...
  5. Quantitative Easing

    An unconventional monetary policy in which a central bank purchases private sector financial assets in order to lower interest ...
  6. Current Account Deficit

    A measurement of a country’s trade in which the value of goods and services it imports exceeds the value of goods and services ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!