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 709 Form 2009

2009-2025 Form

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What is a W-9 tax form? What is a W-9 tax form?

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Video instructions and help with filling out and completing 709 Form

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Instructions and help about 709 Form

all right for this video we want to go through sample form 709 for the 2023 tax year and in this scenario our taxpayer here JQ taxpayer is making a contribution to a section 529 College savings plan for her daughter and she wants to make this election to treat the contributions as being made radly over a 5-year period so we'll go through the 709 how that election works we've also got the 2023 form instructions and then lastly just one slide covering some background on the 709 and then some details on these 529 plan contributions so generally when we talk about gift tax returns the 709 is filed by US citizens or us residents that make taxable gifts during the year so these are completed gifts that exceed the annual exclusion and so they have to be reported or even if you make future gifts that are below that annual exclusion you might still have to report it on a 709 now the gift tax exclusion for 2023 is $177,000 per donor per recipient it goes up to 18K in 2024 and it

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