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Annual Exclusion Report Public Employees Retirement Association 60 Empire Drive, Suite 200, St. Paul, MN 551032088 Employer Fax: 6512962493; Employer Phone Lines: 6512963636 or 1888892PERA (7372)

How to fill out annual exclusion report

How to fill out annual exclusion report:

1. Gather necessary information: Collect all relevant financial and gift giving information for the reporting period, such as the total amount of gifts given and any gifts given to each individual recipient.
2. Determine the filing requirements: Determine if you are required to file an annual exclusion report based on the current gift tax laws and regulations. Consult with a tax professional or refer to IRS guidelines to ensure compliance.
3. Obtain IRS Form 709: Obtain Form 709, the United States Gift (and Generation-Skipping Transfer) Tax Return, which is used to report gifts exceeding the annual exclusion amount. You can download the form from the IRS website or request a copy from the IRS.
4. Provide personal information: Fill out the required personal information on Form 709, including your name, address, Social Security number, and filing status.
5. Report taxable gifts: Enter the details of any taxable gifts made during the reporting period, including the date of the gift, the recipient's name and relationship to the donor, and the fair market value of the gift at the date of transfer.
6. Calculate the annual exclusion: Determine the annual exclusion amount for the reporting year. This is the maximum amount of gifts that can be given to any individual recipient without incurring gift tax. Currently, the annual exclusion is $15,000 per recipient ($30,000 for married couples).
7. Allocate the annual exclusion: Allocate the annual exclusion among the recipients of your gifts. If you have given gifts to multiple individuals, ensure that the total amount of gifts to each recipient does not exceed the annual exclusion amount.
8. Determine any additional filing requirements: If you have made gifts that exceed the annual exclusion amount, you may need to file additional forms or schedules with your annual exclusion report. Consult with a tax professional or refer to IRS guidelines for the specific requirements.

Who needs an annual exclusion report:

1. Individuals subject to gift tax: Anyone who has made gifts to individuals that exceed the annual exclusion amount may need to file an annual exclusion report. This includes both U.S. citizens and residents, as well as non-resident aliens with U.S.-situated assets.
2. Married couples: Married couples who elect gift splitting, where both spouses consent to split gifts and each spouse essentially gives half of the gift, may need to file an annual exclusion report.
3. Executors of estates: Executors of estates may be responsible for filing annual exclusion reports for gifts made by the deceased individual during their lifetime.

Note: It is important to consult with a tax professional or refer to IRS guidelines to determine if you meet the criteria for filing an annual exclusion report and to ensure compliance with gift tax laws.

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What is annual exclusion report?

The annual exclusion report is a form that must be filed to report gifts that are excluded from gift tax due to the annual exclusion amount set by the IRS.

Who is required to file annual exclusion report?

Any individual who has given gifts that exceed the annual exclusion amount set by the IRS is required to file the annual exclusion report.

How to fill out annual exclusion report?

The annual exclusion report can be filled out online or through mail by providing information about the gifts given and the annual exclusion amount.

What is the purpose of annual exclusion report?

The purpose of the annual exclusion report is to track and report gifts that are excluded from gift tax, ensuring compliance with IRS regulations.

What information must be reported on annual exclusion report?

The annual exclusion report must include details of the gifts given, the value of each gift, the recipient of the gift, and the total amount excluded under the annual exclusion.