IRS Form 709 (Gift Tax Return) College Savings 529 Plan Contributions - Step-by-Step Example

[@reubenzadeh2024]

Thank you so very much! I've been doing taxes for 30 years and this step by step tutorial was still very informative and taught me things I didn't know!

[@JasonDKnott]

Glad it was helpful!

[@monicachin4428]

Hello, Does this form have to be filled out each year for 5 years or can you file the first year and done? Thank you.

[@PeterO8866]

Great video - thank you. A few questions: 1. The next year, could Jane gift money again? Or by taking this 5-year eatable approach is she locked out for the next 4 years from gifting? 2. From a state tax deduction point of view, let’s assume Florida had a 5k single / 10k married state deduction policy: does Jane need to submit a 709 for the next 4 years to take the deduction? Thanks again!

[@SonjaLee]

This video was very helpful.

[@JasonDKnott]

Thanks!

[@nrigroom]

Isn't the ADJUSTED Basis (Schedule A, Part 1, Column B) $5,000 as opposed to $25,000? What is the adjusted basis for 2024 for this 2023 donation if the donor is required to file 2024 709 for any reason? Will it be $20,000 or $5,000?

[@nrigroom]

Thank you so much. This video is by far the best tutorial on the topic. Can you please post another video tutorial on how to fill out 2024 form 709 if another superfund contribution of $40,000 is made in 2024 by this donor, once again electing to ratably distribute the contribution over the next five years? Since the 2024 form has not yet been released, can you please simply use the 2023 form? It'll be good to know how to fill out Schedule A and the statement.

[@albertpalaguachi7172]

Hello, do you have the EA exam study course??

[@johnathonjones1597]

Can you do a video on how to prepare the flip of a home on Sch C. There’s literally none on KZbin. 🙏