I will need to file Form 709 for 2024. I've downloaded the draft forms and instruction. I can't make heads or tails of Part II, the tax computation.
Lets say line 1 is $123,456, and line 2 is blank.
Thus, line 4 is $30,836.80 (after running line 1 through the "Table for Computing Gift Tax". Line 5 is blank.
Thus, line 6 is $30,836.80.
What goes on line 7? $13,610,000, the "basic exclusion amount"? $5,389,800, the previous amount run through the tax table? $30,836.80, the previous amount clipped to the line 6 tax amount?
It looks like lines 9 and 11 will be the same as line 7. It looks like lines 12 and 14 will be $30,836.80 no matter what is on line 7. And then lines 15 and 17 will be zero. And as per my custom for such lines, both lines 19 and 20 will be zero.
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Can I file 709 in advance of filing 1040? Even if I request an extension for 1040? It looks like 709 has to be paper filed at a different location than I (paper) file 1040. So is it correct that I'll be mailing two envelopes?
Lets say line 1 is $123,456, and line 2 is blank.
Thus, line 4 is $30,836.80 (after running line 1 through the "Table for Computing Gift Tax". Line 5 is blank.
Thus, line 6 is $30,836.80.
What goes on line 7? $13,610,000, the "basic exclusion amount"? $5,389,800, the previous amount run through the tax table? $30,836.80, the previous amount clipped to the line 6 tax amount?
It looks like lines 9 and 11 will be the same as line 7. It looks like lines 12 and 14 will be $30,836.80 no matter what is on line 7. And then lines 15 and 17 will be zero. And as per my custom for such lines, both lines 19 and 20 will be zero.
-
Can I file 709 in advance of filing 1040? Even if I request an extension for 1040? It looks like 709 has to be paper filed at a different location than I (paper) file 1040. So is it correct that I'll be mailing two envelopes?
Statistics: Posted by boomer_techie — Mon Nov 18, 2024 3:18 am