I bought more than $1100 529 IRA last year for my child and I was informed it is ok if I make ratbly over a 5-year period. I just find out that I should have file a form 709, which I did not do in last year's tax return. What should I do now? Just file form 709 to IRS? There are no changes for the last year tax return (amount) for this IRA. How to amend last year's tax if I forget something? Thank you for your help!
LIsa
I am assuming that "more than $1100" should read "more than $11,000." The Form 709 is a separate return and is not filed with your individual income tax return. Just file the Form 709 ASAP. Don't forget to look to see if a similar state return is required.
Pardon me for asking, but what exactly is "ratbly" and why does it make a difference how long one makes it for? It's a typo, presumably, but what on earth should be in that sentence instead?
"Ratably" is how I read it. I believe the original post is referring to the option to spread the 529 gift over 5 years. See 529(c)(2)(B), which actually uses the term "ratably.".
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