How to generate maximum GST exemption on 709?

[Ozzie]

How to generate correct GST exemption on 2021 Form 709?

[IntuitRebecca]

Hi there,

Since the GST exemption is indexed to the year a GST transfer was made, the program prints $1 million until entries are made that indicate there was a prior year GST or a GST in the current year. Basically, the program has to know which year the most recent GST was (or is) in order to calculate an increased exemption. 

You can get the program to calculate the exemption amount by either:

• Going to Prior Gifts & GST > Generation Skipping Tax (Schedule D), and selecting the year of the most recent return filed in "Year taxable GST gifts made"; or
• Entering a current year gift for the taxpayer/spouse where the donee has the "Skip Person?" box checked on General > Donee Information

- Rebecca

[Ozzie]

Thank you so much!!  I finally figured that out when I entered the allocations of GST this year.