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.
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.
The total amount of income you must report on your tax return. Your income before applying adjustments, exemptions, credits, and deductions.