HELP!
I just can't figure out how to fill out Form 709 after funding a 529
College Fund. The instructions are less then clear for QTP and split
donations.
SCH A: (for ref:
http://www.irs.gov/pub/irs-pdf/f709.pdf)
1st, it says I need to attach an explanation. Will a letter do with
this info do? I planned to draft a letter simply saying I opened a
Qualified Tuition Program (529 College Fund) with Vanguard for my son
S and my wife and I donated the max with a 5 yr election.
2nd the way I read the instructions I filled Sch A Part 1 thus:
A - 1
B - "Vanguard 529 College Fund For S (Son) <insert home addr>"
C - <blank>
D - $13k
E - <date 529 was opened>
F - $26k
G - $13k
H - $13k
I replicated everything on the Spouse side putting
Total of Part 1 - $26k
The confusion comes when I fill out Sch A Part 4 "Taxable Gift
Reconciliation"
1 - $26k
2 - $13k
3 - $13k
4 - ??
5 - ??
Where do I apply my wife's $13k deduction to make line 11 Taxable
Gifts to $0?
2nd, other then page 1 is there anything else I need to fill out?
(assuming no GST, etc. just the 529 funding)
3rd, can I really NOT file for the next 5 years if nothing changes?
Lastly on a separate line of thinking, could I just have filled the
form out as if there was no split? Esp. since I have to have my wife
sign and date MY copy of Form 709 and I have to file an exact copy for
my wife w/my signature etc., and send both copies in together.
All help greatly appreciated!
Best, JL
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