Who Can File Form 706-GS(D)？

Taxpayers who receive a taxable distribution coming from a trust must use Form 706-GS(D): Generation-Skipping Transfer Tax Return For Distributions. Specifically, the form should be filled out by the skip distributee, which is the person receiving the benefit from the generation-skipping trust. Taxpayers should file this form between Jan. 1 and April 15 of the year following the distribution of money from the trust. If the form cannot be filed on time, an extension can be requested by filing Form 7004.

How to File Form 706-GS(D)

Part I of the form requires general information including the name and Social Security number of the distributee, the name and address of the person filing the return (if different from the distributee), and the employer identification number of the trust distributee. In Part II, the filer outlines the nature of the distributions. This is followed by Part III, where the amount of tax is calculated. The form must be signed and dated by the filer as well as the individual preparing the return if any.

Form 706-GS(D) vs. Form 706-GS(D-1) vs. Form 706

Form 706-GS(D-1), which is filed by trustees when a trust has transferred assets to them, is part of the larger tax Form 706. This form is used for filing estate taxes in general. The section on generation-skipping transfers is included on Form 706-GS(D).

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