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SCHEDULE R1 (Form 706) Generation Skipping Transfer Tax OMB No. 15450015 (Rev. August 2012) Department of the Treasury Internal Revenue Service Direct Skips From a Trust Payment Voucher Executor:
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How to fill out form 706
How to fill out form 706
01
Step 1: Gather all the necessary information and documents required to fill out Form 706. This includes details about the deceased person's assets, debts, and estate.
02
Step 2: Start with Part 1 of Form 706, which requires basic information about the decedent and the estate, such as name, Social Security number, date of death, and the executor's information.
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Step 3: Move on to Part 2, where you will report the decedent's gross estate, including real estate, bank accounts, investments, and any other assets. Fill out the appropriate schedules as per the instructions provided.
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Step 4: Proceed to Part 3, which deals with deductions and credits. Here, you can claim deductions for funeral expenses, debts, and certain property losses. It is important to carefully follow the instructions for each deduction or credit item.
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Step 5: Complete the remaining parts of the form, including Part 4 (Tax computation), Part 5 (Computation of tax), and Part 6 (Generation-skipping transfer tax). Make sure to double-check all the calculations and enter the correct values.
06
Step 6: Attach any necessary schedules and supporting documents as required by the IRS. This may include appraisals, documentation for any claimed deductions, and other relevant paperwork.
07
Step 7: Review the completed form thoroughly for accuracy and completeness. Make any necessary corrections before signing and dating the form.
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Step 8: Keep a copy of the filled-out Form 706 for your records, and submit the original to the Internal Revenue Service (IRS) along with any required payments. Remember to file within the specified deadline to avoid penalties.
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Step 9: If you have any questions or need further assistance, consider consulting a tax professional or contacting the IRS directly.
Who needs form 706?
01
Form 706 is required for any executor or administrator of an estate if the gross value of the decedent's estate is equal to or exceeds the filing threshold set by the IRS. The filing threshold can change annually, so it is important to check the latest guidelines.
02
Additionally, if there is a surviving spouse and they want to elect portability of the deceased spouse's unused estate tax exemption, Form 706 must also be filed regardless of the estate's value.
03
Furthermore, anyone who is making taxable transfers under the generation-skipping transfer tax rules needs to file Form 706. This tax applies to transfers that skip a generation, such as gifts or bequests made directly to grandchildren or more remote descendants.
04
It is advisable to consult with a tax professional or refer to the IRS instructions for Form 706 to determine if you meet the criteria for filing.
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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 a decedent's estate is required to file form 706 if the estate's gross assets and prior taxable gifts exceed the filing threshold.
How to fill out form 706?
Form 706 must be filled out by providing detailed information about the decedent, their assets, and any applicable deductions or credits.
What is the purpose of form 706?
The purpose of form 706 is to calculate and report the estate tax liability on the transfer of a decedent's assets.
What information must be reported on form 706?
Information including the decedent's personal information, asset values, deductions, and credits must be reported on form 706.
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