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SCHEDULE R1 (Form 706) Generation Skipping Transfer Tax (Rev. November 2001) Department of the Treasury Internal Revenue Service Direct Skips From a Trust OMB No. 15450015 Payment Voucher Executor:
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How to fill out form 706
How to fill out form 706
01
Read the instructions carefully.
02
Gather all the necessary information and documents.
03
Start with the decedent's personal information, such as name, date of birth, and social security number.
04
Provide information about the executor or administrator of the estate.
05
Fill out the Schedule A-1 to report the value of the decedent's gross estate.
06
Include any deductions on Schedule A-2.
07
Complete the computations on Schedule A-3 to determine the tentative tax.
08
Attach additional schedules if necessary, such as Schedule A-4 for valuation details or Schedule A-5 for specific property.
09
Calculate the tax liability and report it on Form 706.
10
Sign and date the form.
11
Submit the completed Form 706 to the appropriate tax authority.
Who needs form 706?
01
Individuals who are appointed as an executor or administrator of an estate.
02
If the decedent's gross estate exceeds the estate tax exemption amount set by the IRS.
03
If the decedent made gifts during their lifetime and wants to apply the unified credit against estate tax.
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What is form 706?
Form 706 is the United States Estate (and Generation-Skipping Transfer) Tax Return.
Who is required to file form 706?
The executor of an estate must file Form 706 if the gross estate plus adjusted taxable gifts exceeds the basic exclusion amount.
How to fill out form 706?
Form 706 should be filled out by providing detailed information regarding the decedent's assets, liabilities, and various deductions and credits.
What is the purpose of form 706?
The purpose of Form 706 is to calculate the estate tax liability owed by the decedent's estate.
What information must be reported on form 706?
Information reported on Form 706 includes the decedent's assets, liabilities, deductions, credits, and tax calculation.
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