- Generation Skipping Transfer (GST) Tax
- Sometimes called the "Grandparent Tax", the GST tax is a special
tax on the transfer of an estate to your grandchildren, to another
relative more than one generation removed from you, or to a non-relative
who is more than 37 and 1/2 years younger than you. The GST tax is paid
in addition to any applicable gift or estate taxes.
- Gift Tax
- A special tax paid by the giver of a gift (of money or property)
worth more than a certain amount ($13,000 in 2010). Some transfers of
money are exempted from the gift tax, such a gift to a spouse or a gift
used to pay medical or educational expenses.
- Gross Income
- The total amount of income you must report on your tax return. Your income before applying adjustments, exemptions, credits, and deductions.
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