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gnsesq
Level 2
May 27, 2022
Question

Crummey powers and Form 706 in Proseries

  • May 27, 2022
  • 1 reply
  • 7 views

I am preparing the gift tax return for a client that contributed more to his life insurance trust than is covered by the Crummey powers.  The software shows the entire gift as qualifying for the annual gift tax exclusion, not just the $5,000 withdrawal right.  Am I missing something?  Is there a work around?  Thanks for your help.

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1 reply

sjrcpa
sjrcpa
Level 15
May 27, 2022

Is $5K the limit?

Frequently it's stated as greater of 5% or $5,000.

If it is $5,000, I think you have to show the gift as $5,000 in order to only get a $5K exclusion.

The more I know the more I don’t know.
    G
    gnsesqAuthor
    Level 2
    May 29, 2022

    Yes, $5,000. The Crummey input sheet with multiple beneficiaries is not set up for that. I had to override half a dozen fields. In retrospect I should have used two input sheets, one for the portion allowable for the annual exclusion and one for the rest with the no Crummey power box checked. 

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