Form 706 Gs T PDF Details

Understanding the nuances of estate planning and tax obligations can be complex, especially when it comes to generation-skipping transfers. The Form 706-GS(T), specifically designed for terminations that occur after December 31, 2012, serves as a critical document for trustees and fiduciaries handling such matters. Administered by the Department of the Treasury’s Internal Revenue Service, this form aims to calculate and report the generation-skipping transfer (GST) tax associated with the termination of property interests held in trust. Essential information about the trust, such as the name and employer identification number, along with detailed trustee information, must be accurately reported. Additionally, the form delves into contributions to the trust, any exemptions due to the deemed allocation rules, and specific elections like the QTIP, which significantly impact tax computations. A comprehensive tax computation section, accompanied by attached schedules detailing taxable terminations and related deductions, clearly outlines the GST tax due or overpayment eligible for refund. The declaration under penalties of perjury underscores the gravity of the information provided, emphasizing the form's role in ensuring transparency and compliance in the transfer of wealth across generations.

QuestionAnswer
Form NameForm 706 Gs T
Form Length3 pages
Fillable?No
Fillable fields0
Avg. time to fill out45 sec
Other namesf706gst form 706 gst 2011

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Form

706-GS(T) Generation-Skipping Transfer Tax Return For Terminations

Use for terminations made after December 31, 2012.

OMB No. 1545-1145

(Rev. November 2013)

For calendar year

.

 

Department of the Treasury

Information about Form 706-GS(T) and its separate instructions is at www.irs.gov/form706gst.

Internal Revenue Service

Part I

General Information

1a Name of trust

1b Trust’s employer identification number (see instructions)

2a Name of trustee

2b Trustee’s address (number and street or P.O. box; apt. or suite no.; city, town or post office; state and ZIP code) If you have a foreign address, also complete the spaces below (see instructions).

Foreign country name

Foreign province/county

Foreign postal code

Part II

Trust Information (see the instructions)

 

 

 

 

 

 

 

 

Yes No

Sch. A

3 Has any exemption been allocated to this trust by reason of the deemed allocation rules of

number(s)

 

 

 

section 2632? If “Yes,” describe the allocation on the line 7, Schedule A, attachment showing

 

 

how the inclusion ratio was calculated

 

 

4Has property been contributed to this trust since the last Form 706-GS(T) or 706-GS(D-1) was

filed? If “Yes,” attach a schedule showing how the inclusion ratio was calculated . . . . . .

5Have any terminations occurred that are not reported on this return because of the exceptions in section 2611(b)(1) or (2) relating to medical and educational exclusions and prior payment of

Generation-Skipping Transfer (GST) tax? If “Yes,” attach a statement describing the termination .

6Have any contributions been made to this trust that were not included in calculating the trust’s inclusion ratio? If “Yes,” attach a statement explaining why the contribution was not included . .

7 Has the special QTIP election in section 2652(a)(3) been made for this trust? . . . . . . .

8If this is not an explicit trust (see the instructions under WHO MUST FILE), check here and attach a statement describing the

 

trust arrangement that makes its effect substantially similar to an explicit trust

.

. .

 

. . . . .

 

 

 

Tax Computation

 

 

 

 

 

 

 

 

 

Part III

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9a Summary of attached Schedules A (see instructions for line 9b)

 

 

 

 

 

 

 

GST tax

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule A No.

 

 

 

 

 

 

 

 

(from Sch. A, line 10)

 

 

 

 

 

 

 

 

 

 

 

1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

9a1

 

 

 

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

9a2

 

 

 

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

9a3

 

 

 

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

9a4

 

 

 

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

9a5

 

 

 

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

9a6

 

 

 

9b

Total from all additional Schedules A, in excess of six, attached to this form

 

9b

 

 

 

10

Total GST tax (add lines 9a1 through 9b)

.

 

10

 

 

 

11

Payment, if any, made with Form 7004

.

 

11

 

 

 

12

Tax due. If line 10 is larger than line 11, enter the amount owed

.

 

12

 

 

 

13

Overpayment. If line 11 is larger than line 10, enter amount to be refunded

.

 

13

 

 

 

 

 

 

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my

Sign

 

 

knowledge and belief, it is true, correct, and complete. Declaration of preparer other than fiduciary is based on all information of which preparer has any

 

 

knowledge.

 

 

 

 

 

 

 

 

 

Here

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature of fiduciary or officer representing fiduciary

 

 

 

 

Date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid

 

 

Print/Type preparer’s name

Preparer's signature

 

Date

 

Check

 

if

PTIN

 

 

 

 

 

 

 

 

 

 

Preparer

 

 

 

 

 

 

self-employed

 

 

 

 

 

 

 

 

 

 

 

 

Firm’s name

 

 

 

Firm's EIN

Use Only

 

 

 

Firm's address

 

 

 

Phone no.

 

 

 

 

 

 

 

 

 

 

 

 

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 10329M

 

Form 706-GS(T) (Rev. 11-2013)

Form 706-GS(T) (Rev. 11-2013)

Page 2

Name of trust

EIN of trust

Schedule A No.

Note. Make copies of this schedule before completing it if you will need more than one Schedule A.

Schedule A—Taxable Terminations

(See the instructions before completing this schedule.)

a

b

c Item no. from line 4 below in

Name of skip persons

SSN or EIN of skip person

which interest held

1

2Describe the terminating power or interest. If you need more space, attach an additional sheet.

3 If you elect alternate valuation, check here (see the instructions) . . . . . . . . . . . . . . . . . . .

4Describe each taxable termination below (see the instructions)

a

b

c

d

e

Item no.

Description of property subject to termination

Date of termination

Valuation date

Value

 

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

 

5

Total deductions applicable to this Schedule A (from attached Schedule B, line 5)

5

 

6

Taxable amount (subtract line 5 from line 4)

6

 

7

Inclusion ratio (attach separate schedule showing computation)

7

 

8

Maximum federal estate tax rate (see Table in the instructions)

8

%

9

Applicable rate (multiply line 7 by line 8)

9

 

10

GST tax (multiply line 6 by line 9) (enter here and on page 1, Part III, line 9)

10

 

Schedule A (Form 706-GS(T)) (Rev. 11-2013)

Form 706-GS(T) (Rev. 11-2013)

Page 3

Name of trust

Schedule A No.

EIN of trust

Note. Make copies of this schedule before completing it if you will need more than one Schedule B.

Schedule B(1)—General Trust Debts, Expenses, and Taxes

(Section 2622(b)) (Enter only items related to the entire trust; see the instructions.)

a

Item no.

b

Description

c

Amount

1

Total of Schedule B(1)

. . . . . . . . . . . . . . . . . . . . . . . . . .

2

Percentage allocated to corresponding Schedule A

3

Net deduction (multiply line 1 by line 2)

1

2

3

%

Schedule B(2)—Specific Termination-Related Debts, Expenses, and Taxes

(Section 2622(b)) (Enter only items related solely to terminations appearing on corresponding Schedule A; see the instructions.)

a

Item no.

b

Description

c

Amount

4

Total of Schedule B(2)

5

Total. Add lines 3 and 4 (enter here and on line 5 of the corresponding Schedule A)

4

5

Schedules B(1) and B(2) (Form 706-GS(T)) (Rev. 11-2013)

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This form will need particular info to be typed in, so ensure you take your time to fill in what is requested:

1. Complete the Form 706 Gs T with a selection of necessary fields. Consider all of the required information and make sure nothing is forgotten!

Filling out section 1 in Form 706 Gs T

2. When this part is filled out, go to enter the relevant information in all these - Has property been contributed to, filed If Yes attach a schedule, Have any terminations occurred, Have any contributions been made, inclusion ratio If Yes attach a, Has the special QTIP election in, If this is not an explicit trust, Part III, Tax Computation, a Summary of attached Schedules A, Schedule A No, b Total from all additional, Total GST tax add lines a through, GST tax, and from Sch A line.

Form 706 Gs T completion process explained (portion 2)

3. Within this step, examine b Total from all additional, Total GST tax add lines a through, Sign Here, Paid Preparer Use Only, Under penalties of perjury I, Signature of fiduciary or officer, PrintType preparers name, Preparers signature, Date, Firms name, Firms address, Date, Check if selfemployed, PTIN, and Firms EIN. Each one of these need to be taken care of with highest precision.

Firms EIN, Check if selfemployed, and Under penalties of perjury I inside Form 706 Gs T

4. Filling out Form GST Rev, Name of trust, Schedule A No, EIN of trust, Page, Note Make copies of this schedule, Schedule ATaxable Terminations, See the instructions before, c Item no from line below in, Name of skip persons, SSN or EIN of skip person, which interest held, and Describe the terminating power or is vital in the fourth section - don't forget to devote some time and fill in each and every blank area!

Form 706 Gs T completion process described (part 4)

A lot of people generally make some errors while completing Schedule A No in this part. Ensure you read again what you type in here.

5. To conclude your document, the particular section includes a number of extra fields. Filling in If you elect alternate valuation, Describe each taxable, Item no, Description of property subject to, Date of termination, Valuation date, Value, Total, Total deductions applicable to, and Maximum federal estate tax will wrap up the process and you will be done in the blink of an eye!

Step no. 5 of filling out Form 706 Gs T

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