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This article applies to:

  • Product: UltraTax CS
  • Return type: 709 Gift Tax

Gift split a 709 return for a donor and spouse

When the donor and spouse elect gift splitting, you prepare the gift tax returns for both spouses from the same client. While various items may go on different lines of each taxpayer's return, you only need to enter and print the information once.
Complete the following to elect gift splitting and prepare gift tax returns for the donor and spouse.
  1. Open the client and go to the
    709
     screen in the
    General
     folder.
  2. Enter
    X
     in the
    Elect gift splitting
     field.
  3. Complete the rest of this screen, as necessary, for both the donor
    and
     spouse.
  4. In the
    Gift
     folder, go to the
    Donee
     tab.
  5. Enter each gift recipient's name, address, and relationship information.
    note
    • Don't enter a spouse as a gift recipient.
    • Only enter a gift recipient once if they get a gift as both an individual and as a trust beneficiary.
    • If you need to enter more than 11 recipients, select
      Add Unit
       (or select
      Ctrl+A
      ) to create an additional screen.
  6. If the gift recipient is a charity, enter
    X
     in the
    Charity
     field.
  7. Go to the
    Trust
     screen and enter trust information.
    1. Open the
      Beneficiary(ies)
       statement and use the
      Donee No.
       column to select each trust beneficiary. If you don't see the name, you need to enter the donee information from the previous steps.
    2. Enter the
      Percent of Trust Interest
       for each beneficiary if the percentages are not equal. If you leave it blank the gifts will split equally to the beneficiaries entered.
    3. Enter
      X
       in the
      Remainder Interest
       column for the beneficiary.
  8. Go to the
    Gift
     screen and enter all data and gift information for each gift. Don't include section 529 gifts made to a qualified tuition plan or program; those go on the
    G529
     screen. You need to fill the following fields:
    • Item number
    • Description
    • Date of gift
    • Donee(s), gift division
    • Value at date of gift
  9. In the
    Given by
     field, designate who made the gift. Otherwise it will default to the donor. This determines what part of Schedule A the gift information will appear.
  10. If you need to enter more than 1 gift, select the down arrow on the
    Gift
     tab and select
    Add Unit
     (or select
    Ctrl+A
    ) to create an additional unit.
  11. Once data entry is complete, print the return to create both the Donor and Spouse return and supporting worksheets.
    note
    If you're preparing these returns in UltraTax CS 2022 or older, visit the Help & How-To Center for instructions on printing these returns.

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