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Enter donee and gift information and allocating gifts to donees

UltraTax CS 709 automatically allocates gifts and assigns annual exclusion to gift recipients based on the information you enter on the
709
,
Donee
,
Trust
,
Gift
, and
G529
 screens. Do the following steps to enter gift recipients and gift information, and to allocate a gift.
  1. Select
    File
    , then
    Open Client
     to open the client.
  2. Enter all needed donor and spouse information on the
    709
     screen in the
    General
     folder.
  3. In the
    Gift
     folder, select the
    Screen Donee
     tab.
  4. Enter each gift recipient's name, address, and relationship information. Gift recipients include relatives, friends, trusts, and charities. A gift recipient that gets a gift as both an individual and as a trust beneficiary only needs to be entered once. UltraTax CS assigns a unique number to each gift recipient that is used for identification and the calculation of each gift recipient's yearly exclusion. All information entered on the
    Donee
     screen and the
    Trust
     screen proformas, eliminating the need to re-enter this information in subsequent years.
  5. If the gift recipient is a charity, enter
    X
     in the
    Charity
     field.
  6. Enter trust information on the
    Trust
     screen. In the
    Beneficiary(ies)
     statement window, to select each trust beneficiary, select the donee number related to the trust beneficiary from the fieldview in the
    Donee No.
     column. Also, enter the percentage of each beneficiaries trust interest and enter
    X
     in the
    Remainder Interest
     column if it applies to the beneficiary.
  7. In the
    Gift
     folder, select the
    Gift
     tab and enter all data and gift information for each gift that is not a section 529 gift (made to a Qualified Tuition program). Section 529 gifts are entered on the
    G529
     screen.
  8. You can link or allocate gifts in the
    Donee(s), gift division
     statement window on the
    Gift
     screen if the gift is not to be evenly divided between the donees selected. Enter either a gift percentage in the
    Percent of Gift if Not Equal
     column or a gift amount in the
    Amount of Gift if Not Equal
     column for each gift recipient.
  9. For section 529 gifts (made to a Qualified Tuition program), enter information on the
    G529
     screen in the
    Gift
     folder in the same manner as on the
    Gift
     screen. For details on entering gift information in the various fields on the
    G529
     screen, select
    F1
     from within any field.
  10. The Section 529 Gift Worksheet presents the gift allocation for each of the 5 consecutive years and between donor and spouse. To view the 529 worksheet, select
    529 Wrk
    . Each gift recipient's Donee Worksheet includes a summary of all gifts.

This article applies to:

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

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