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: 3 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 3 months 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 3 months 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 3 months ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
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 3 months 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 3 months 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 3 months ago

It is per donee.

Ask Your Own Tax Question
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 3 months ago

Schedule A only

Ask Your Own Tax Question
Customer reply replied 3 months 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 3 months 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 3 months 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 3 months 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 3 months 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 3 months 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 3 months ago

Around 150/175? Thank you.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask ABC Accounting Group Your Own Question
ABC Accounting Group
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
889 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

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 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
I made 42000 gift to my son last year. Do I have to pay gift
I made 42000 gift to my son last year. Do I have to pay gift tax? Can I deducted the taxable gift (42000 - 14000) tax from my lifetime gift limit? … read more
Carter McBride
Carter McBride
LLM
1,189 satisfied customers
I inherited a UTMA for my daughter a few years ago. I became
Hello. I inherited a UTMA for my daughter a few years ago. I became the custodian after my mother passed away. Our daughter became rebellious and wasn't making good choices, and last spring, when she … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a gift tax question. I provided a friend with an
I provided a friend with an interest free loan to set up a business. He failed to launch the product and I do not expect any repayment. In terms of filing, do I just need to submit Form 709, or do I need to do anything else? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 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
Do you have experience with gift tax in the state of
Do you have experience with gift tax in the state of Wisconsin? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Can I withdraw 100,000 (half of my Roth IRA) -take a
Can I withdraw 100,000 (half of my Roth IRA) -take a distribution- and give it to my adult child for a down payment on a home for her? Will it be taxable to her? Is it subject to gift letter amount? a… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,444 satisfied customers
I have 529 for my daughter. Her grandparents gave her $2000
Hello, I have 529 for my daughter. Her grandparents gave her $2000 as a birthday gift. Can I deposit this amount in my checking account and then transfer it to her 529 account . My checking is linked … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My husband and I have given our condo to our daughter worth
My husband and I have given our condo to our daughter worth 135000 to our daughter during 2016. Our attorney gave us a copy of the document stating the amount and that we can take off $28000 a your jo… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I w/d money from my traditional ira to give to my daughter
I w/d money from my traditional ira to give to my daughter for a down payment on her first home do I still pay taxes and is there any break for making it a gift? What is the form 709 used for? Do I ne… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am interested in opening a 529 account and set my child as
I am interested in opening a 529 account and set my child as the beneficiary. I noticed that the annual contribution limit is $14,000 without gift tax consequence. Are there any other things that shou… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am interested in applying for 529 plan for my daughter's
I am interested in applying for 529 plan for my daughter's college savings. She is 15 years old next month. There is a cap limit of $14,000 per year without being subject to gift tax. I am also aware … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I was to gift my Daughter money to pay down her student loans.
I was to gift my Daughter money to pay down her student loans. My wife and I can gift her $28000 without gift tax. Can I gift my son the same amount and have him gift it that to my daughter too?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My son is 100% disabled. He can drive a car with hand controls.
My son is 100% disabled. He can drive a car with hand controls. I would like my wife and I to each give him $14000.00 to buy a handicap van with a lift. I claim him as a dependent on my tax return as … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We put a total of $159,000 in a 529 plan for our daughter,
We put a total of $159,000 in a 529 plan for our daughter, who will enter university in August 2011; the contributions were made in 2002, 2003, 2007, and 2008. I have never filed a 709 form--I did not… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
Taxpayer made a gift to a 529 plan for a greatgrandchild in
Taxpayer made a gift to a 529 plan for a greatgrandchild in the amount that was the equalivant of 5 years of annual gifting in one year. The taxpayer failed to file a gift tax return. Can the taxpayer… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
i have established a 529 with $60,000. Now I want to pay ...
i have established a 529 with $60,000. Now I want to pay el-hi tuition directly to a private school. Will I have to pay gift tax?… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
If I open a 529 account for a child and die, does the value ...
If I open a 529 account for a child and die, does the value of the account get included in my estate for estate tax purposes?… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
Can I gift 55,000 using 5 year accelerated gifting all at ...
Can I gift 55,000 using 5 year accelerated gifting all at once, and how do I put that on my current year taxes?… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 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