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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Col D is basis in Sch A. You deduct your exclusion in Part 4 Reconciliation. Did you make gifts in years before 2023?
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)
All of your entries for the 709 are correct using the 2023 exclusion amount.
@lindabruno
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