topic Re: Gift Tax Form 709 - Source For Column C on Schedule B in Get your taxes done using TurboTax

Gift Tax Form 709 - Source For Column C on Schedule B

Romper — Sun, 19 Jan 2025 19:46:56 GMT

Form 709 for 2024...

Instructions for Form 709 are poorly written.

Cutting to the basic question:

Does the input for Schedule B, Column C come from the Worksheet, Column N?

Instructions for Schedule B for less than $500k state - In column (c), enter the amount of applicable credit actually applied in the prior period.

There is no definition of Credit Actually Applied in the instructions nor does the Worksheet have a column titled Credit Actually Applied.

Column N of the Worksheet states - Credit Allowable.

Thanks in advance..

M-MTax — Sun, 19 Jan 2025 19:54:31 GMT

Unless, as noted, total prior gifts are $500k or less.

Romper — Sun, 19 Jan 2025 20:10:51 GMT

Thanks for the quick response.

Please explain - Unless, as noted, total prior gifts are $500k or less?

Is the following correct?

If under $500k it's Column N of the worksheet.

If over $500k it's still Column N of the worksheet but a redetermined amount.

M-MTax — Sun, 19 Jan 2025 21:15:01 GMT

If under $500k it's Column N of the worksheet.

You use the amount actually applied.

If you do not have the prior 709s, then seek professional help.