
Generating Form 709, Gift Tax Return in ProConnect Tax
by Intuit•1• Updated 1 week ago
What's new for tax year 2024:
- Part I, General Information of Form 709 has been reorganized and the address includes foreign address entries.
- Schedule A. Columns for Parts 1, 2 and 3 of Schedule A were reorganized. New columns (k), (l) and (m) with checkbox on parts 1 and 3 was added to identify if gift is a charitable gift, deductible gift to spouse, or 2652(a)(3) election.
- New Form 709-NA. If you are a nonresident not a citizen of the United States and made gifts of tangible property situated in the United States, file Form 709-NA, United States Gift (and Generation-Skipping Transfer) Tax Return of Nonresident Not a Citizen of the United States.
- The annual gift exclusion for 2024 is $18,000.
- The basic credit amount for 2024 is $5,389,800.
- The applicable exclusion amount consists of the basic exclusion amount ($13,610,000 in 2024) and, in the case of a surviving spouse, any unused exclusion amount of the last deceased spouse (who died after December 31, 2010). The executor of the predeceased spouse's estate must have elected on a timely and complete Form 706 to allow the donor to use the predeceased spouse's unused exclusion amount.
If you receive an error message along the lines of You currently don't have permissions to [action]. Contact your firm's Admin for authorization either when trying to create new returns or when e-file roles have changed for tax year 2023, see here for how your firm Admin can resolve it.
How do you generate Form 709, United States Gift (and Generation-Skipping Transfer) tax returns in ProConnect Tax?
- Go to your Tax Returns list.
- Select Create tax return.
- In the Client screen, select Add new.
- In the Add New Client window, select Individual (1040, 709) and enter your client's taxpayer information.
- Select Save.
- Under the Tax return section in the Type field, select 709 - Gift from the dropdown menu.
- Select Save.
- The program will take you to the General, Client Information screen under the Input Return tab.
- In the Details: Client Information screen, enter the Taxpayer Information.
- Under the Spouse Information section, select the Gift Splitting box if gifts will be split between the taxpayer and spouse.
- Enter the Spouse Information in the applicable fields.
- If the spouse will file Form 709, select the box Will File Form 709. This will generate a spouse's Form 709 on the Forms tab.
- Select the box Married Entire Year if applicable, or complete During the year and Date change in above state.
- Complete the applicable information in the Taxpayer Address/Contact Info section.
For each Gift Return, you must enter the Firm Information and Preparer Information on the Client Information screen.