Forms 1041 and 706 - Generation-Skipping Transfer
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TaxACT supports the individual tax return on Form 1040 (including the entry of information from Schedule K-1 (Form 1041) which is provided to each beneficiary when Form 1041 is completed), but does not support IRS Form 1041 U.S. Income Tax Return for Estates and Trusts. TaxACT also does not support the property transfer tax return, Form 706 United States Estate (and Generation-Skipping Transfer) Tax Return which is a separate return from the estate income tax return, Form 1041.

IRS Form 1041

IRS Form 706

IRS Publication 559

  • IRS Publication 559 Introduction to Estate and Gift Taxes, Survivors, Executors, and Administrators