Glossary Item Box

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Schedule R-1

 

This schedule is used to report the generation-skipping transfer (GST) tax payable by the estate. Since trusts are treated differently for generation-skipping transfer tax, Schedule R-1 is used when there are direct skips from a trust, taxable terminations, or taxable distributions. 

 

When GST tax is due, you must also fill out Schedule C of form 709 (the Gift Tax Return). Form 709 is due at the same time as the donor's income tax forms. 

 

For Further Explanation

 

ETA00000019.gif Generation-Skipping Transfer Tax

 

ETA00000019.gif Synopsis of IRS Publication 448

 

 

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