I know TurboTax does not support Form 709 but hoping someone will know the answer.
The provider of the software I use for Form 709 has made a change to the 2020 version of Form 709 that does not seem correct. I spoke to them and was told that I may be correct but CPA's told him they don't follow the rule.
- With split gifts, should the spouse's gifting be included on Page 3, Part 4, Line 1?
- Am I interpreting the instructions incorrectly?
On Page 3, Part 4, Line 1.
- Line 1 on the 2020 version now includes the gifts by the donor, as well as the spouse.
- On the 2019 version it only includes the gifts by the donor. The spouse's gifts are not included.
- Line 1 states "value of gifts of DONOR", "Add totals from column H of Parts 1,2,3"
The instructions for Part 4 (Page 11) - Taxable Gift Reconciliation seem to be quite clear:
Line 1 (Instructions for 2020, page 11)
- Enter only gifts of the DONOR. If gift splitting has been elected, enter only the value of the gift that is attributable to the spouse that is filing the return.
Form 709 Gift Tax Return - Include Spouses Gifting Question
You are right; that does not seem to be correct.
The forms, between the tax years, have not really changed.
You can easily compare them, along with the instructions, and they are the same in the respect to which you are referring.
Thankyou for your reply and suggestion..
I did import last years form 709 into the 2020 app and immediately noticed the difference.
Also interesting to note that the few samples I could find with split gifts (including Obama's 2008 example) did include the spouses gifting regardless of the instructions.