Form Et-500 - Generation-Skipping Transfer Tax Return For Distributions - 2011
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1
2ET-500
New York State Department of Taxation and Finance
Generation-Skipping Transfer
Tax Return for Distributions
For office use only
For distributions made during the calendar year 2011
Calendar year
2011
Name of skip person distributee ( see instructions )
SSN of individual distributee
Name and title of person filing return ( if different from above )
EIN of trust distributee
Address of distributee or person filing return ( number and street or post office box )
City
State
ZIP code
1 Maximum state generation‑skipping transfer tax credit
allowable
.....................................................
× 0.0275 = 1.
( see instructions )
Proration of the credit for state generation-skipping transfer tax
( if the taxable distribution included
non-New York property, complete lines 2, 3, and 4; otherwise enter the amount from line 1 on line 5 )
2 Gross value of New York property included in the taxable distribution
2.
for federal generation‑skipping transfer tax purposes
....
( see instr. )
3 Gross value of all property in the taxable distribution for federal
generation‑skipping transfer tax purposes
..........
3.
( see instructions )
4 Divide line 2 by line 3
............................................................
4.
( round the result to the fourth decimal place )
5 New York State generation‑skipping transfer tax
( Multiply line 1 by line 4. If no entries are made on lines 2, 3,
5.
..............................................................................................................
and 4, enter the amount from line 1 )
6 Estimated payment
6.
...........................................................................................................
( see instructions )
7 If line 6 is less than line 5, subtract line 6 from line 5. This is the amount you owe ..................................
7.
8 If line 6 is greater than line 5, subtract line 5 from line 6. This is the amount to be refunded to you ........
8.
Attach a copy of your federal generation‑skipping transfer tax return, Form 706‑GS(D), along with all supporting schedules and documents.
Signature of taxpayer or person filing on behalf of taxpayer
Date
E‑mail address of taxpayer or person filing on behalf of taxpayer
Print name of preparer other than taxpayer
Signature of preparer other than taxpayer
Date
E‑mail address of preparer
Address of preparer
City
State ZIP code
Preparer’s PTIN or SSN
Preparer’s NYTPRIN
Instructions
General information
— that occur at the same time as, and as a result of, the death of an
individual.
The New York State generation‑skipping transfer (GST) tax is based on
the credit for state GST taxes allowed against the federal GST tax prior
If you received distributions from more than one trust, you must file a
to the changes made by the federal Economic Growth and Tax Relief
separate return for each trust.
Reconciliation Act of 2001 (EGTRRA).
Payment of tax
The New York State GST tax applies to taxable distributions and
New York State GST tax becomes due and payable April 15 of the year
taxable terminations from a trust to a skip person, if the trust includes
following the calendar year in which the distributions are made.
New York property. The distribution or termination has to occur at the
same time as, and as a result of, the death of an individual. The New
Make the check or money order payable to Commissioner of
York State GST tax rate is 2.75% (5% of the federal GST tax rate of
Taxation and Finance. Write the distributee’s name, the individual
55%, that was in effect in 2001). Use Form ET‑500 for distributions and
distributee’s social security number (SSN) or the trust distributee’s
Form ET‑501 for terminations. The New York State GST tax does not
employer identification number (EIN), and Generation‑skipping
apply to direct skips.
transfer tax on the check or money order to help us process the
payment.
Purpose of form
A skip person distributee uses Form ET‑500 to calculate and report the
Who must file
New York State GST tax due on taxable distributions from a trust to
In general, anyone who receives a taxable distribution from a trust
him or her. For New York State GST tax purposes, taxable distributions
must file Form ET‑500.
are distributions:
— from a trust to a skip person (other than direct skips);
When to file
— subject to the federal GST tax (or would be except for the changes
For distributions occurring in 2011, you must file Form ET‑500 on or
made by EGTRRA); and
after January 1, 2012, but not later than April 17, 2012.
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