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Form 709-A United States Short Form Gift Tax Return OMB No. 1545-0021 (For ? Privacy Act? Notice, see the Form 1040 instructions) (Rev. July 1993) Department of the Treasury Internal Revenue Service
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How to fill out form 709 a
How to fill out form 709 a:
01
Begin by gathering all necessary information and documentation required for the form, such as personal details, gift details, and transfers made during the taxable year.
02
Provide your personal identifying information, including your name, social security number, and address.
03
Fill out the section regarding the donor's information, including their name, social security number, and address.
04
Specify the donee's information, including their name, social security number, and address.
05
Record each gift made during the taxable year, including the date of the gift, the nature of the gift, and its value.
06
Calculate the total value of the gifts made during the year and enter it in the appropriate section of the form.
07
Describe any exemptions or exclusions that apply to the gifts, if applicable.
08
Calculate the taxable amount by subtracting any exemptions or exclusions from the total gift value.
09
Provide any additional information or explanations required by the form.
10
Sign and date the form before submitting it to the appropriate tax authorities.
Who needs form 709 a:
01
Individuals who have made gifts during the taxable year that exceed the annual gift exclusion amount specified by the IRS.
02
Married couples who choose to split gifts and combine their annual gift exclusion amounts.
03
Individuals who wish to take advantage of the lifetime gift tax exclusion and reduce their overall estate tax liability.
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What is form 709 a?
Form 709 is an informational tax return that needs to be filed by some individuals in the United States. More specifically, Form 709, also known as the United States Gift (and Generation-Skipping Transfer) Tax Return, is used to report gifts made by individuals that exceed the annual gift tax exclusion. This form is required by the Internal Revenue Service (IRS) to keep track of gifts that may be subject to gift tax. The purpose is to ensure compliance with the federal gift tax laws, which impose taxes on certain large-scale gifts made during a person's lifetime.
Who is required to file form 709 a?
Individuals who have given gifts that exceed the annual exclusion amount are required to file Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. This form must be filed by U.S. citizens or residents, including resident aliens, who have made gifts to individuals or trusts during the tax year.
How to fill out form 709 a?
To fill out Form 709-A, you will need the following information:
1. Personal Information: Provide your name, address, and Social Security Number (or Employee Identification Number) at the top of the form.
2. General Information: Indicate the date the gift was made and the relationship between the donor and the recipient.
3. Gifts Given: Report each gift given separately on the provided lines. This includes both cash and non-cash gifts such as real estate, stocks, or vehicles. Include detailed descriptions and values for non-cash gifts.
4. Annual Exclusions: If any part of the gift qualifies for the annual gift tax exclusion ($15,000 per person in 2021), specify the amount.
5. Add Schedule: If there is not enough space on the form to list all the gifts, attach Schedule A with details of additional gifts.
6. Total Taxable Gifts: Calculate the total value of all taxable gifts given during the tax year.
7. Gift Tax Computation: Use the provided tables or a gift tax calculator to determine the amount of gift tax owed on the taxable gifts.
8. Prior Gifts: If you made any taxable gifts in prior years, refer to Schedule B to account for them and calculate any applicable prior tax credits.
9. Net Gift Tax: Subtract the prior tax credits (if any) from the gift tax liability to determine the net gift tax due.
10. Payment: If there is tax liability (net gift tax), include the payment with the form. Payments can be made via check or electronic transfer.
11. Signature: Once you have completed all sections accurately, sign and date the form.
Remember to retain a copy of the completed form for your records and submit it to the appropriate tax authority following their instructions. It is advisable to consult a tax professional or CPA for specific guidance tailored to your situation.
What is the purpose of form 709 a?
Form 709 is used to report gifts given during an individual's lifetime that exceed the annual gift tax exclusion amount. The purpose of Form 709 is to calculate the total taxable gifts made by an individual and to determine if any gift tax is owed. It is filed by the donor (the person giving the gift) to report the details of the gift and to keep track of their lifetime gift tax exemption, which is the total amount of gifts they can give before any gift tax is due.
What information must be reported on form 709 a?
Form 709, also known as United States Gift (and Generation-Skipping Transfer) Tax Return, must report various information related to gift and generation-skipping transfers. Here are some key elements that must be included on Form 709:
1. The taxpayer's identifying information, including their name, social security number, and address.
2. A description of each gift made during the calendar year, including the date of the gift, the fair market value of the gift, and any deductions or adjustments claimed.
3. All required information about the donee (recipient) of the gift, including their name, social security number, and relationship to the taxpayer.
4. If applicable, information regarding the annual exclusion gifts made to each donee, indicating they are not subject to gift tax.
5. Details about any generation-skipping transfers, which involve transfers to grandchildren or individuals who are more than one generation younger than the taxpayer.
6. Information about any prior taxable gifts made by the taxpayer.
7. Calculation of the total taxable gifts for the year, after considering exclusions, deductions, and adjustments.
8. Any applicable computation of the gift tax owed.
9. Any payments or credits applied towards the gift tax liability.
10. Schedules or additional documentation required to support the reported gifts, exemptions, deductions, and adjustments.
Note that Form 709 is quite comprehensive and may require specific information not mentioned here. Therefore, it is crucial to refer to the official instructions provided by the Internal Revenue Service (IRS) for complete details and accuracy.
When is the deadline to file form 709 a in 2023?
The deadline for filing Form 709 in 2023 would be April 17, 2024. Please note that tax deadlines may vary depending on certain circumstances, so it's always a good idea to double-check with the Internal Revenue Service (IRS) or a tax professional for the most accurate and up-to-date information.
What is the penalty for the late filing of form 709 a?
The penalty for the late filing of Form 709 is generally 5% of the unpaid gift tax for each month or part of a month that the gift tax return is late, up to a maximum of 25% of the unpaid tax. However, if the delay in filing is due to a reasonable cause and not willful neglect, the penalty may be waived or reduced. It's important to consult with a tax professional or refer to the specific instructions provided by the Internal Revenue Service (IRS) for accurate and up-to-date information on late filing penalties.
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