Form 709 Joint bank account

[jscot100]

Two years ago my brother passed and I was the beneficiary of his annuity. Has the money deposited in my wife's and I joint bank account.

In 2023 I gave my son and daughter 125K each. Now I'm filling out a 709. Couple of questions....

Since the money was deposited and dispersed from our bank account,(checking.savings) would my wife have to fill out a 709 too? Does it "have" to be split gift? Or can it just be from me. Unlikely I'll ever reach the exemption  amount.

Also since I have two donee's I'll need to attach another Schedule A statement. Do all the donee's go on this or only the extra ones?

Thank You

[DianeW777]

Gift splitting is not required, it's your choice. It would likely be recommended if you seek a specialist in this field. Schedule A can be used for both donee's.

We would advise a gift tax professional to achieve the best results.  TurboTax does not provide for gift tax returns.

• Form 709 and Instructions

I send my sympathies to you and your family.

[jscot100]

Thank you for the response. In regards to the donee's on schedule A.

I have everything filled out. But have one donee on the schedule A,(the original) and the other on a additional (separate) statement since there was no room on the original. Is the okay and proper? Or should I put them both on the additional statement leaving the original blank?

Just want to get hung up on a paper work procedural glitch.

thanks

[RobertB4444]

One on each is just fine.  

@jscot100 

[Wadeeli]

This requires the help of a tax professional.

Do not try to file it yourself. One small error could make a large difference.

Seriously, pay the $2000-$4000 it may cost to have it done right.