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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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- Reporting trust distributions to GST on Form 709. Where to enter Grandparent's trust EIN on form 709?
Reporting trust distributions to GST on Form 709. Where to enter Grandparent's trust EIN on form 709?
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KFCPA
Level 2
a month ago
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Based upon my research, distributions to Generation Skipping Trust (GST) from Rev. Trusts (now irrevocable upon 2nd death), must be reported regardless of amount, but can be reported on either 706 or 709 returns. Deceased died in 2022, but trusts distributions to Part 1 and Part 3 beneficiaries occurred in 2023. Entering on tax year 2023 form 709 return as easier and form 706 isn't available in PTO. Also, GS amount is well below GST Lifetime Exemption threshold, therefore no GST tax due.
Where should the Irrevocable trust EIN be entered?
Thank you in advance!
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KFCPA
Level 2
a month ago
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Okay, I found where to enter Irrevocable Trust info; at Miscellaneous Forms/Disclosure Statements/8275 disclosure/scroll down to Information About Passthrough Entity (Part III).
KFCPA
Level 2
4 weeks ago
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My bad. Form 706 must be used for Revocable trust distributions upon death of last grantor decedent. Frustrating that Pro Connect Tax software still doesn't offer form 706.
