NOT FOR REPRINT
IRS Adds Generation-Skipping Transfer Deadline Relief After 16 Years
By
Allison Bell
News May 07, 2024 at 02:14 PM
Share & Print
What You Need To Know
- The GST tax can take 40% of asset transfers to grandchildren and some other recipients.
- The exclusion is $13.61 million for an individual and $27.22 million for a couple.
- For now, a client who wants an extension will have to pay at least $3,000 to to ask for one.
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Immediate Answers to Critical Tax Questions At Your Fingertips
Keep up with the latest tax rules and regulations with weekly, exclusive updates by our Tax Facts experts.
Get More InformationRecently Added Q&As
Recently Updated Q&As
What is a high deductible health plan for purposes of an HSA?
Get Answer
Recently Updated Q&As
Are remote workers eligible for leave under the Family and Medical Leave Act (FMLA)?
Get Answer
Recently Updated Q&As
Is the value of employer-provided coverage under accident or health insurance taxable income to an employee when the coverage is provided for the employee’s spouse, children or dependents?
Get Answer
Recently Updated Q&As
What auto-enrollment rules apply to 401(k) plans starting in 2025?
Get Answer
Recently Updated Q&As
What are the penalties for failing to comply with the FBAR filing requirements?
Get Answer
Recently Updated Q&As
What are the payment options that must be made available to employees on FMLA leave?
Get Answer
Recently Updated Q&As
Can a 401(k) plan sponsor distribute a former participant’s account balance without consent after the participant separates from service?
Get Answer
Recently Updated Q&As
Can participation in a health FSA impact an individual’s ability to contribute to an HSA?
Get Answer
