Requesting confirmation for Form 709 : Schedule B, column C

Forum|Forum|5 years ago
April 1, 2021
1 reply
32 views

I had gifted to my daughter in 2018 and 2019 and the total sum was <500k. I submitted 709 for both years. So I am trying to fill Schedule B for gifts in prior years and ran into a small question:

So for Schedule B, Column C :

Should I enter 4417800 for 2018 and 4505800 for 2019?
Or should I enter the amount from "Total Taxable Gifts" from Part 1 - Question 19 - Line 3?

M-MTax

Level 15

Try this calculator.....https://www.taxformcalculator.com/calculator/709.html....and you shouldn't be trying to prepare this form by yourself anyway.....get a tax pro.

chistapeterAuthor

Level 2

Thank you. I have completed filling the rest of the form and am only confused about that 1 number. So, would greatly appreciate any advice on whether to enter option 1 or option 2 from my post. Thanks again!

M-MTax

Level 15

If the gifts in the prior period were $500k or less then you enter the amount of the applicable credit actually applied in the prior period in column C.