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Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return

Use Tax Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return as a stand alone tax form calculator to quickly calculate specific amounts for your 2017 tax return. Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return is also integrated into our comprehensive US Tax Calculator where you can complete and save your calculations for later use. Alternatively you can use one of our Combined Federal and State Tax Estimator to quickly calculate your salary, tax and take home pay.

United States Gift (and Generation-Skipping Transfer) Tax Return
Part 1
General
Information
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8 ,.
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11a
b
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18Consent of Spouse. I consent to have the gifts (and generation-skipping transfers) made by me and by my spouse to third parties during the calendar year considered as made one-half by each of us. We are both aware of the joint and several liability for tax created by the execution of this consent.
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Part 2
Tax
Computation
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1010
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2020
Sign
Here
Under penalties of perjury, I declare that I have examined this return, including any accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than donor) is based on all information of which preparer has any knowledge.


May the IRS discuss this return
with the preparer shown below
(see instructions)?
Paid
Preparer
Use Only




SCHEDULE A   Computation of Taxable Gifts (Including transfers in trust) (see instructions)
  Yes   No
Gifts less political organization, medical, and educational exclusions. (see instructions)

Item
number

• Donee’s name and address
• Relationship to donor (if any)
• Description of gift
• If the gift was of securities, give CUSIP no.
• If closely held entity, give EIN

Donor’s adjusted
basis of gift

Date
of gift

Value at
date of gift

For split
gifts, enter
1/2 of
column F

Net transfer
(subtract
col. G from
col. F)
Gifts made by spouse —complete only if you are splitting gifts with your spouse and he/she also made gifts.
Part 2—Direct Skips. Gifts that are direct skips and are subject to both gift tax and generation-skipping transfer tax. You must list the gifts in chronological order.

Item
number

• Donee’s name and address
• Relationship to donor (if any)
• Description of gift
• If the gift was of securities, give CUSIP no.
• If closely held entity, give EIN

2632(b)
election out

Donor’s adjusted
basis of gift

Date
of gift

Value at
date of gift

For split
gifts, enter
1/2 of
column F

Net transfer
(subtract
col. G from
col. F)
Gifts made by spouse —complete only if you are splitting gifts with your spouse and he/she also made gifts.
Part 3—Indirect Skips. Gifts to trusts that are currently subject to gift tax and may later be subject to generation-skipping transfer tax. You must list these gifts in chronological order.

Item
number

• Donee’s name and address
• Relationship to donor (if any)
• Description of gift
• If the gift was of securities, give CUSIP no.
• If closely held entity, give EIN

2632(b)
election out

Donor’s adjusted
basis of gift

Date
of gift

Value at
date of gift

For split
gifts, enter
1/2 of
column F

Net transfer
(subtract
col. G from
col. F)
Gifts made by spouse —complete only if you are splitting gifts with your spouse and he/she also made gifts.
Part 4—Taxable Gift Reconciliation
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22
33
(see instructions)
4 4
55
66
7 7
88
99
1010
1111
(see instructions for Schedule A, Part 4, line 4)
If a trust (or other property) meets the requirements of qualified terminable interest property under section 2523(f), and:
The trust (or other property) is listed on Schedule A, and
The value of the trust (or other property) is entered in whole or in part as a deduction on Schedule A, Part 4, line 4, then the donor shall be deemed to have made an election to have such trust (or other property) treated as qualified terminable interest property under section 2523(f).
f less than the entire value of the trust (or other property) that the donor has included in Parts 1 and 3 of Schedule A is entered as a deduction on line 4, the donor shall be considered to have made an election only as to a fraction of the trust (or other property). The numerator of this fraction is equal to the amount of the trust (or other property) deducted on Schedule A, Part 4, line 6. The denominator is equal to the total value of the trust (or other property) listed in Parts 1 and 3 of Schedule A.
If you make the QTIP election, the terminable interest property involved will be included in your spouse’s gross estate upon his or her death (section 2044). See instructions for line 4 of Schedule A. If your spouse disposes (by gift or otherwise) of all or part of the qualifying life income interest, he or she will be considered to have made a transfer of the entire property that is subject to the gift tax. See Transfer of Certain Life Estates Received From Spouse in the instructions.

SCHEDULE B   Gifts From Prior Periods
If you answered “Yes,” on line 11a of page 1, Part 1, see the instructions for completing Schedule B. If you answered “No,” skip to the Tax Computation on page 1 (or Schedules C or D, if applicable). Complete Schedule A before beginning Schedule B. See instructions for recalculation of the column C amounts. Attach calculations.

Calendar year or
calendar quarter
(see instructions)

Internal Revenue office
where prior return was filed

Amount of applicable
credit (unified credit)
against gift tax
for periods after
December 31, 1976

Amount of specific
exemption for prior
periods ending before
January 1, 1977

Amount of
taxable gifts
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SCHEDULE C   Deceased Spousal Unused Exclusion (DSUE) Amount
Provide the following information to determine the DSUE amount and applicable credit received from prior spouses. Complete Schedule A before beginning Schedule C.

Name of Deceased Spouse (dates of death after
December 31, 2010 only)

Date of Death

Portability Election Made?

If “Yes,” DSUE
Amount Received
from Spouse

DSUE Amount Applied
by Donor to Lifetime
Gifts (list current and
prior gifts)

Date of Gift(s)
(enter as
mm/dd/yy
for Part 1 and as
yyyy for Part 2)
YesNo
11
22
33
44
SCHEDULE D   Computation of Generation-Skipping Transfer Tax
Note: Inter vivos direct skips that are completely excluded by the GST exemption must still be fully reported (including value and exemptions claimed) on Schedule D.
Part 1—Generation-Skipping Transfers

Item No.
(from Schedule A,
Part 2, col. A)

Value (from Schedule A
Part 2, col. H)

Nontaxable
Portion of Transfer

Net Transfer (subtract
col. C from col. B)
Gifts made by spouse (for gift splitting only)
Part 2—GST Exemption Reconciliation (Section 2631) and Section 2652(a)(3) Election

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22
33
44
55
66
77
88
Part 3—Tax Computation

Item No.
(from Schedule
D, Part 1)

Net Transfer (from Schedule D, Part 1, col. D)

GST Exemption
Allocated

Divide col. C
by col. B

Inclusion Ratio
(Subtract col. D
from 1.000)

Maximum Estate
Tax Rate

Applicable Rate
(multiply col. E
by col. F)

Generation-Skipping
Transfer Tax
(multiply col. B by col. G)
40% (.40)
40% (.40)
40% (.40)
40% (.40)
Gifts made by spouse (for gift splitting only)
40% (.40)
40% (.40)
40% (.40)
40% (.40)

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