Instructions for IRS Form 706-GS(T) Generation-Skipping Transfer Tax Return for Terminations

IRS Form 706-GS(T) Generation-Skipping Transfer Tax Return for Terminations

This document contains official instructions for IRS Form 706-GS(T) , Generation-Skipping Transfer Tax Return for Terminations - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 706-GS(T) is available for download through this link.

FAQ

Q: What is IRS Form 706-GS(T)?A: IRS Form 706-GS(T) is the Generation-Skipping Transfer Tax Return for Terminations.

Q: Who needs to file IRS Form 706-GS(T)?A: Individuals who are subject to the generation-skipping transfer tax and have made certain distribution or termination transfers need to file IRS Form 706-GS(T).

Q: What is the purpose of IRS Form 706-GS(T)?A: The purpose of IRS Form 706-GS(T) is to calculate and report the generation-skipping transfer tax liability for certain distribution or termination transfers.

Q: When is IRS Form 706-GS(T) due?A: IRS Form 706-GS(T) is generally due nine months after the close of the calendar year in which the distribution or termination transfer was made.

Q: Are there any penalties for not filing IRS Form 706-GS(T)?A: Yes, there can be penalties for not filing or filing IRS Form 706-GS(T) late, including interest on any tax owed.

Q: Is there any fee associated with filing IRS Form 706-GS(T)?A: There is no fee associated with filing IRS Form 706-GS(T).

Q: Can IRS Form 706-GS(T) be filed electronically?A: No, IRS Form 706-GS(T) cannot be filed electronically. It must be filed by mail or hand-delivered to the appropriate IRS processing center.