IRS 709 2012 free printable template

Cat. No. 16783M Form 709 2012 Page 2 SCHEDULE A A Computation of Taxable Gifts Including transfers in trust see instructions Does the value of any item listed on Schedule A reflect any valuation discount If Yes attach explanation. United States Gift and Generation-Skipping Transfer Tax Return Department of the Treasury Internal Revenue Service For gifts made during calendar year 2012 Form Information OMB No. 1545-0020 about Form 709 and its separate instructions is at www.irs.gov/form709. 1...Donor s first name and middle initial See instructions. 2 Donor s last name 3 Donor s social security number 5 Legal residence domicile 6 City state and ZIP or postal code Part 1 General Information 4 Address number street and apartment number 7 Citizenship see instructions and enter date of death 11a b Have you the donor previously filed a Form 709 or 709-A for any other year If No skip line 11b Has your address changed since you last filed Form 709 or 709-A. Gifts by husband or wife to third...parties. Do you consent to have the gifts including generation-skipping transfers made by you and by your spouse to third parties during the calendar year considered as made one-half by each of you see instructions. If the answer is Yes the following information must be furnished and your spouse must sign the consent shown below. If the answer is No skip lines 13 18. Name of consenting spouse Were you married to one another during the entire calendar year see instructions. If 15 is No check...whether married divorced or widowed/deceased and give date see instructions Will a gift tax return for this year be filed by your spouse If Yes mail both returns in the same envelope. No If you extended the time to file this Form 709 check here Enter the total number of donees listed on Schedule A. Count each person only once. If the donor died during the year check here. 14 SSN Date Have you applied a DSUE amount received from a predeceased spouse to a gift or gifts reported on this or a...previous Form 709 If Yes complete Schedule C. Enter the amount from Schedule A Part 4 line 11. Total taxable gifts. Add lines 1 and 2. Tax computed on amount on line 3 see Table for Computing Gift Tax in instructions Part 2 Tax Computation Consent of Spouse. I consent to have the gifts and generation-skipping transfers made by me and by my spouse to third parties during the calendar year considered as made one-half by each of us. We are both aware of the joint and several liability for tax...created by the execution of this consent. Consenting spouse s signature Balance. Subtract line 5 from line 4. Applicable credit amount. If donor has DSUE amount from predeceased spouse s enter amount from Schedule C line 5 otherwise see instructions. Enter the applicable credit against tax allowable for all prior periods from Sch* B line 1 col* C Enter 20. 20 of the amount allowed as a specific exemption for gifts made after September 8 1976 and before January 1 1977 see instructions. Credit for...foreign gift taxes see instructions. Total credits. Add lines 12 and 13. Generation-skipping transfer taxes from Schedule D Part 3 col* H Total.

Instructions and Help about IRS 709

How to edit IRS 709

How to fill out IRS 709

Instructions and Help about IRS 709

How to edit IRS 709

To edit the IRS 709 form, you may use pdfFiller's tools designed for online form completion. Simply upload your IRS 709 form, utilize the editing features to make necessary changes, and then save your revised document for future reference or submission.

How to fill out IRS 709

Filling out the IRS 709 form involves several key steps. Start by gathering necessary information, including details about the donor and the recipient. You must accurately record gifts that are subject to gift tax under U.S. tax law. Here are the steps to complete the form:

1. Provide your name, address, and identification information.
2. Document the total amount of gifts given during the tax year.
3. Detail any gifts that qualify for exclusions or deductions.
4. Sign and date the form before submission.

About IRS previous version

What is IRS 709?

What is the purpose of this form?

Who needs the form?

When am I exempt from filling out this form?

Components of the form

What are the penalties for not issuing the form?

What information do you need when you file the form?

Is the form accompanied by other forms?

Where do I send the form?

About IRS previous version

What is IRS 709?

The IRS 709, officially known as the "United States Gift (and Generation-Skipping Transfer) Tax Return," is a federal tax form used to report gifts made during a calendar year. Filers use this form to disclose any taxable gifts that exceed the annual exclusion limit. The information provided on IRS 709 helps the IRS assess any gift tax liability owed by the donor.

What is the purpose of this form?

The purpose of the IRS 709 form is to report gifts that are subject to federal gift tax. It helps determine the amount of taxable gifts over the annual exclusion limit and potential generation-skipping transfer taxes. This form is crucial for compliance with U.S. tax laws concerning estate and gift transfers.

Who needs the form?

Individuals who have made gifts exceeding the annual exclusion amount need to file the IRS 709 form. In 2012, the annual exclusion was $13,000 per recipient. Donors who collectively give amounts exceeding this limit to any individual during the year must report these gifts to the IRS for tax purposes.

When am I exempt from filling out this form?

You are exempt from filing IRS 709 if your total gifts for the year do not exceed the annual exclusion limit. Additionally, certain gifts, such as those made to a spouse or for qualified educational or medical expenses, may not require reporting on the form.

Components of the form

The IRS 709 form consists of various sections where filers must provide detailed information. Key components include the identification of the donor, recipient, amount of gifts made, and applicable exclusions. Additionally, there are sections for documenting generation-skipping transfers, if relevant.

What are the penalties for not issuing the form?

Failure to file the IRS 709 form when required can result in significant penalties. The IRS may impose a penalty of 5% of the unpaid tax for each month the form is late, up to a maximum of 25%. Moreover, not filing can lead to increased scrutiny from the IRS regarding your tax compliance.

What information do you need when you file the form?

When filing the IRS 709 form, it is essential to have the following information ready:

1. Donor's personal identification information.
2. The recipient's details, including name and relationship.
3. Total amounts of gifts made to each recipient.
4. Information regarding any applicable deductions or exclusions.

Is the form accompanied by other forms?

Yes, when filing IRS 709, you may need to accompany it with additional forms or documentation, such as IRS Form 706 for estate taxes if applicable. Ensure you review any IRS guidelines related to additional forms that might be necessary for your specific tax situation.

Where do I send the form?

To submit the IRS 709 form, mail it to the address specified for gift tax returns in the IRS instructions. Typically, this would be sent to the appropriate department based on the state you reside in, or you may be required to file electronically in certain situations. Always check the latest IRS guidelines for the correct mailing address.

FAQ about IRS 709

What should I do if I realize I've made a mistake on my filed IRS 709?

If you've made a mistake on your filed IRS 709, you will need to file an amended form. This involves submitting a corrected version with the appropriate changes marked clearly to ensure the IRS can process your corrections efficiently. It's advisable to keep copies of both the original and amended forms for your records.

How can I verify the status of my filed IRS 709?

To verify the status of your filed IRS 709, you can utilize the IRS's online tools which will allow you to check the processing status. Additionally, maintaining a copy of your submission can help you reference details if you encounter any issues or need to resolve rejection codes.

Are there special considerations for filing IRS 709 when dealing with nonresident aliens?

Yes, filing IRS 709 for nonresident aliens can involve different rules and requirements compared to residents. It's crucial to understand how residency status impacts gift tax obligations and reporting requirements. Consulting with a tax professional who is familiar with international tax law is highly recommended to navigate these nuances.

What common errors should I watch for to avoid complications with my IRS 709 submission?

Common errors include incorrect taxpayer identification numbers, misreporting gift values, and failing to include all required information. Double-checking your entries and ensuring you have all necessary documentation can help prevent these mistakes before submission.