What is Form 706 used for?

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.

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.