HELP!
I just can't figure out how to fill out Form 709 after funding a 529 College Fund. The instructions are less then clear for QTP and split donations.
SCH A: (for ref:
1st, it says I need to attach an explanation. Will a letter do with this info do? I planned to draft a letter simply saying I opened a Qualified Tuition Program (529 College Fund) with Vanguard for my son S and my wife and I donated the max with a 5 yr election.
2nd the way I read the instructions I filled Sch A Part 1 thus: A - 1 B - "Vanguard 529 College Fund For S (Son) " C - D - $13k E - F - $26k G - $13k H - $13k I replicated everything on the Spouse side putting Total of Part 1 - $26k
The confusion comes when I fill out Sch A Part 4 "Taxable Gift Reconciliation"
1 - $26k
2 - $13k
3 - $13k
4 - ??
5 - ??
Where do I apply my wife's $13k deduction to make line 11 Taxable Gifts to $0?
2nd, other then page 1 is there anything else I need to fill out? (assuming no GST, etc. just the 529 funding)
3rd, can I really NOT file for the next 5 years if nothing changes?
Lastly on a separate line of thinking, could I just have filled the form out as if there was no split? Esp. since I have to have my wife sign and date MY copy of Form 709 and I have to file an exact copy for my wife w/my signature etc., and send both copies in together.
All help greatly appreciated!
Best, JL