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How to fill out generation skipping transfer tax

How to fill out generation skipping transfer tax

1. Gather all necessary information, including the assets and their values that will be subject to the generation skipping transfer tax.
2. Determine the Generation Skipping Transfer Tax exemption amount that is available.
3. Complete Form 706-GS(T), Generation-Skipping Transfer Tax Return, providing all required information.
4. Include any applicable schedules and attachments with Form 706-GS(T) if necessary.
5. Calculate the amount of Generation Skipping Transfer Tax due, if any, based on the exemption amount and the taxable transfers.
6. Pay the Generation Skipping Transfer Tax by the due date, if applicable.
7. File Form 706-GS(T) with the Internal Revenue Service (IRS) by the required deadline.
8. Keep copies of all relevant documents and supporting records in case of future audits or inquiries by the IRS.

Who needs generation skipping transfer tax?

1. Individuals or estates that have made or plan to make transfers to skip persons, which are typically grandchildren or individuals at least two generations younger than the transferor.
2. Trusts that hold assets for the benefit of skip persons.
3. Anyone who wishes to preserve their estate tax exemption for future generations.
4. Those who want to avoid or minimize the tax burden on future generations by utilizing the generation skipping transfer tax rules.

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