I received a K-1 and Form 706 and I just want to make sure I am filling everything out correct in Turbo Tax. I feel I am good with the K-1 but I didn't put the numbers from Form 706 in my tax return or is this form just for my information?
K-1 is entered on the Federal return. Form 706-GS(D) is a completely separate return which include figures from the 706-GS(D-1).
@jskauwell wrote:
......but I didn't put the numbers from Form 706 in my tax return or is this form just for my information?
Who Must File
In general, any skip person who receives a taxable distribution from a trust must file Form 706-GS(D). Trustees are required to report taxable distributions to skip person distributees on Form 706-GS(D-1), Notification of Distribution From a Generation-Skipping Trust.