Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I need some help with preparing Form 709. Just need help…

Customer Question
I need some help...

I need some help with preparing Form 709

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Just need help with filing in Form 709, as I opened a 529 account in 2017 for my daughter with > $14000

Submitted: 22 days ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 22 days ago
Hi, I need some help in filing in IRS Form 709. Can you please help me. I have opened a 529 account for my daughter with > $15000 in 2017. Also, the limit of $14000.00 is for each child/donee or for all of them?
Customer reply replied 22 days ago
Basically, what I need is the following:
1) Is Schedule A the only section requiring entries? If yes - what it would be?
2) Since is more than $14000, I have to spread this over 5 years, how can I make such entries.
3) Is the limit of $14000.00 per person/donee per year?
Answered in 10 minutes by:
4/3/2018
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 22 days ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question. You are allowed to contribute up to $14,000 in one year or make a lump-sum contribution of $70,000 to cover five years.

Ask Your Own Tax Question
Customer reply replied 22 days ago
Ok, Thank you for the confirmation. Could you kindly answer the following previous questions:1) Is Schedule A the only section requiring entries? If yes - what it would be?
2) Since is more than $14000, I have to spread this over 5 years, how can I make such entries.
3) Is the limit of $14000.00 per person/donee per year?
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 22 days ago

You make the election on the Gift Tax Return. Fill out Columns A, B, and H.

Ask Your Own Tax Question
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 22 days ago

It is per donee.

Ask Your Own Tax Question
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 22 days ago

Schedule A only

Ask Your Own Tax Question
Customer reply replied 22 days ago
Thank you for the quick response. Appreciate it and sorry for bugging you. So, let's say I funded one 529 with $70K and gave another $70K to another kid to take care of her Tution fee. Where in the form do I indicate the form that I need to spread this in 5 years? Please help with entering the right details into the form.
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 22 days ago

If you funded both at a lump sum of 70k each, you would only claim 20% of it on Schedule A.

Ask Your Own Tax Question
Customer reply replied 22 days ago
One last question please - how much would you charge to fill-in my 709 form Or help me get that completed.? Please let me know.
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 22 days ago

It is usually over $400. I can help with any questions you may have while you are filling it out for a lower amount.

What price were you thinking about?

Ask Your Own Tax Question
Customer reply replied 22 days ago
Sorry but to get my tax done (multiple W2s, Trades, rental property etc), I paid $300. I was hoping it would be reasonably lower to get this form filled. What would be lowest you would be willing to charge to help me with filing the form. Please help.
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 22 days ago

What price are you thinking about for a review.

Ask Your Own Tax Question
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 21 days ago

Around 150/175? Thank you.

Ask Your Own Tax Question
Was this answer helpful?
Ask ABC Accounting Group Your Own Question
ABC Accounting Group
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
867 Satisfied Customers
Experience: Business Consultant/Accounting Manager

ABC Accounting Group is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Child and Dependent Tax Form 2441 Error: IRS Rejected return
Child and Dependent Tax Form 2441 Error: IRS Rejected return due to dependent's social security number being used on someone else's From 2441. Child is my dependent this tax year, I am Head of Househo… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
My husband and I formed an LLC for Rental Property. Our
My husband and I formed an LLC for Rental Property. Our initial investment was the house we paid cash for, and we put a total of $19,000 in improvements and repairs (again our money, no loans). When f… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,080 satisfied customers
Tax Question. Taxpayer has rental property and sustains
Tax Question. Taxpayer has rental property and sustains flood casualty loss. His expenses to repair exceed the insurance payments. If this is reported on Form 4684 does this properly flow to the 1040,… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are there any changes on 2017 Forms 4562 and Schedule E (for
are there any changes on 2017 Forms 4562 and Schedule E (for rental property) over previous year 2016? What about Schedule A?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have an IRS tax law question regarding forms need to file
I have an IRS tax law question regarding forms need to file an extension on filing a form 1041. Need a tax professional from California to respond. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
Is a taxpayer required to complete a gift tax return for
Is a taxpayer required to complete a gift tax return for gifts to non-Americans (i.e., citizens of a different country)? What if the taxpayer is not a US citizen?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
Completing taxes with rental property and keep running into
completing taxes with rental property and keep running into this error "Error or Omission: Form 1099-MISC - Invalid Other Income Selection On the Form 1099-MISC from this 1099-MISC you indicated that … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,080 satisfied customers
It has to do with depreciation on rental property.
It has to do with depreciation on rental property. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Can airfare be deducted for a schedule e rental property if
Can airfare be deducted for a schedule e rental property if it was to go and perform maintenance on the property? If so where on schedule e should it be deducted?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If you received a form 1099-c from a rental property where
If you received a form 1099-c from a rental property where is it reported on the 1040. Ex. Property held for over a year. Amount owed per 1099- C is 150,000 fmv 90,000 … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
938 satisfied customers
Tax Question: If I own a rental property that was converted
Tax Question: If I own a rental property that was converted from personal use, when I sell the property, can I use the personal use as the basis. Please provide IRS references.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I have a question about filing rental property depreciation?
I have a question about filing rental property depreciation? I owned a rental property and recently had to sell it but I had to spend an awful lot of money before the sale? How do I report this on sch… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,080 satisfied customers
I want to know if items A,, and J on irs form 1041 schedule
i want to know if items A,B, and J on irs form 1041 schedule k-1 need to be on my 1040 form and where on the 1040 they are reported… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
TAX PROFESSIONAL ONLY ONLY…NO ONE ELSE Gift Tax Return Form
EMC011075 TAX PROFESSIONAL ONLY ONLY…NO ONE ELSE Gift Tax Return Form 709 when not a CHECK I'm under the assumption when reporting gifts from Parent to Child; make sure the Market Value is Correct and… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I'M single and FILING A GIFT TAX return with several gifts
I'M single and FILING A GIFT TAX return with several gifts over the 14000 annual exclusion totaling 15000. Isn't there an additional exclusion for up $1000,000 and where do you enter it on form 709? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a number of rental properties that I show on Schedule
I have a number of rental properties that I show on Schedule E. Collectively they show good profit. … read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,826 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If my Schedule E loss is disallowed for a rental property
If my Schedule E loss is disallowed for a rental property (due to income level), can I take the mortgage interest and real estate taxes paid on Schedule A instead of on Schedule E?The entire expense a… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,080 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x