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Form 709 amount to include on Sched A, Part 1, Column D

The total gifts given in 2023 is $34k.  I started filling out form 709 thinking I only had to report, therefore enter, $17k on Sched A, Part 1, Column D, and Part 4, line 1.  I then watched a video from a few years ago showing that I should enter the whole $34k, then enter the annual exclusion of $17k on line 2.  The net effect being the same $17k.  Which is correct for 2023?

 

A  question regarding the Table for Computing Gift Tax.  For line 4 of Part 2 of form 709, am I correct in adding $1,800 from Column C and $1,400 from the calculation in column D?


Thanks for your patience, this is the first time I've worked on a Form 709.

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3 Replies
M-MTax
Level 10

Form 709 amount to include on Sched A, Part 1, Column D

Col D is basis in Sch A. You deduct your exclusion in Part 4 Reconciliation. Did you make gifts in years before 2023?

Form 709 amount to include on Sched A, Part 1, Column D

Thank you. No prior year gifts.

 

Is this correct for Schedule A part 1?

Column D  34K

Column F  34K

Column H 34K

-and for Schedule A part 4

Line 1  34K

Line 2  17K

Lines 3,9,11  17K (no GSTs, deductions, exclusions in lines 4-7)

RobertB4444
Expert Alumni

Form 709 amount to include on Sched A, Part 1, Column D

All of your entries for the 709 are correct using the 2023 exclusion amount.  

 

@lindabruno 

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