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.

BREAKING DOWN '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. Form 706-NA: United States Estate ...

    A tax form distributed by the Internal Revenue Service (IRS) ...
  2. Generation-Skipping Trust

    A type of legally binding trust agreement in which the contributed ...
  3. Generation-Skipping Transfer Tax ...

    A tax incurred when there is a transfer of property by gift or ...
  4. Form 4506

    A tax form distributed by the Internal Revenue Service (IRS) ...
  5. Form 706: United States Estate ...

    A tax form distributed by the Internal Revenue Service (IRS) ...
  6. 1040 Form

    The standard Internal Revenue Service (IRS) form that individuals ...
Related Articles
  1. 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.
  2. Taxes

    Explaining Tax Returns

    A tax return is the form or forms used to file income taxes with the IRS.
  3. Taxes

    6 Tax Forms for Investors Who Have Money Abroad

    If you're a U.S. citizen or resident, and you own assets in other countries, you might need to file these six forms with the government.
  4. Retirement

    Tax-Saving Advice for IRA Holders

    Be informed about benefits and deductions that may apply to you and avoid costly mistakes on your return.
  5. Taxes

    What's IRS Form 1040 For?

    Most U.S. taxpayers will be familiar with the 1040. By the end of filling it out, you'll know how much tax you owe, or what your refund is.
  6. Retirement

    Retirement Plan Tax Form 5329: When To File

    Read this if you've taken early distributions or owe excess-contribution or excess-accumulation penalties.
  7. Taxes

    Late with Your Taxes? Grab IRS Form 4868

    Fill out this form to get a few more months to file your tax return. But remember, April 15 is still the payment due date if you owe taxes.
  8. Managing Wealth

    How & Where to File Form 1040 (And Which Version)

    All taxpayers need to know three things when filing a 1040: which form to use, how to file and where to file. After reading this, you'll know all three.
  9. Taxes

    Tax-Efficient Wealth Transfer

    Taxpayers with large taxable estates were required to take steps to reduce them before 2011.
  10. Taxes

    Get a 6-Month Tax Extension

    Discover how to get some extra time from the IRS, without paying a hefty penalty for the privilege.
RELATED FAQS
  1. Do beneficiaries of a trust pay taxes?

    Learn how interest income from a trust is taxed, and understand when this money is taxable to the trust and when it is taxable ... Read Answer >>
  2. How are trust fund earnings taxed?

    Trust fund earnings that are distributed are paid by the beneficiary. The trust pays taxes on retained earnings and principal ... Read Answer >>
  3. What’s the difference between IRS Forms 1040 and 1040EZ?

    Though very similar, the differences between the 1040 and 1040EZ Forms are significant when it comes to filing your tax return. ... Read Answer >>
Hot Definitions
  1. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  2. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
  3. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
  4. 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt organizations and certain ministers. Generally, retirement ...
  5. Master Of Business Administration - MBA

    A graduate degree achieved at a university or college that provides theoretical and practical training to help graduates ...
  6. Liquidity Event

    An event that allows initial investors in a company to cash out some or all of their ownership shares and is considered an ...
Trading Center