Q:

What is Form 706 used for?

A:

Quick Answer

Form 706 calculates federal estate taxes owed to the Internal Revenue Service, according to Investopedia. It is also applicable in the calculation of the generation-skipping transfer, or GST, tax.

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Full Answer

The IRS issues Form 706 to the estate executor, who must file it within nine months of the death of a decedent. It is only applicable to decedents who are citizens or residents of the United States, reports Investopedia. If an executor needs a time extension for completing the form, he should submit Form 4768. Additionally, if the decedent is neither a citizen nor a resident, the executor should fill out Form 706-NA.

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