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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16540
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Gift made in December to a trust that may make distributions

Resolved Question:

Gift made in December to a trust that may make distributions to skipped persons (grandchildren) and Form 709 filed before 4/15/13. There was no GST exemption taken or allocated on the 709. Can an Amended 709 be filed now and allocate part of Grantor's GST exemption to the trust?
Submitted: 2 years ago.
Category: Finance
Expert:  Megan C replied 2 years ago.

Megan C :

Hello, and thank you for requesting me directly

Megan C :

How are you doing today?

Customer:

I'm fine. how are you?

Megan C :

Good.

Megan C :

If you need to, you can amend your 709 to take the GST exemption.

Customer:

What authority do you have? A IRS code section or regulation?

Megan C :

I do not have an IRS code section or regulation, I know from experience. There is no special form to do this, what you do is get a form 709 and fill it out as you would like it to read, then write across the top "Amended Form 709 for Gifts Made during...[enter year]"

Customer:

ok

Megan C :

Is there anything else that I can assist you with today?

Megan C and other Finance Specialists are ready to help you
Expert:  Megan C replied 2 years ago.
Thanks, Ray for your positive rating. Please come back and visit me any time you have a question that needs answered. It was a pleasure working with you today.

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