Entering donee and gift information and allocating gifts to donees (709)

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UltraTax/709 automatically allocates gifts and assigns annual exclusion to gift recipients based on the information you enter on Screens 709, Donee, Trust, Gift, and G529. Use this procedure to enter gift recipients and gift information, and to allocate a gift.

  1. Choose File > Open Client to open the desired client.
  2. Enter all required donor and spouse information on Screen 709 in the General folder.
  3. In the Gift folder, click the Screen Donee tab.

    Note: This multiple-unit input screen accommodates data entry for up to 11 gift recipients on each unit of this screen. If you have more than 11 gift recipients, click the down arrow (which appears after you have entered data on this screen) on the Donee tab and select Add Unit (or press CTRL+A) to open an additional unit.

  4. Enter each gift recipient's name, address, and relationship information. Gift recipients include relatives, friends, trusts, and charities. A gift recipient that receives 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 annual exclusion. All information entered on Screen Donee and Screen Trust proformas, eliminating the need to re-enter this information in subsequent years.

    Do not enter a spouse as a gift recipient on Screen Donee. The spouse's information is automatically retrieved from the data entered on Screen 709. The unique number assigned to a spouse is 999 and always appears last in lists of donees.

  5. If the gift recipient is a charity, enter X in the Charity field.
  6. Enter trust information on Screen Trust. In the Beneficiary(ies) statement dialog, to select each trust beneficiary, select the donee number associated with 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 applicable to the beneficiary.

    Notes

    • If the fieldview in the Donee No. column does not list the name you are looking for or "Unavailable - Enter on federal Screen Donee" appears, close the statement dialog and enter the gift recipient's name and information on Screen Donee.
    • If the Percent of Trust Interest field is blank, UltraTax CS defaults to dividing the gift to the trust equally among the beneficiaries entered.
  7. In the Gift folder, click 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 Screen G529.

    Note: This multiple-unit input screen accommodates data entry for up to one gift on each unit of this screen. To enter additional gifts, click the down arrow on the Donee tab and select Add Unit (or press CTRL+A) to open an additional unit.

    For details on entering gift information in the various fields on Screen Gift, press F1 from within any field on Screen Gift.

    You must enter data in each of the following fields.

    • Item number, Description, Date of gift, Donee(s), gift division, and Value at date of gift. The gift is not included in the return unless there is data in these fields.
    • Any gift made to a Qualified Tuition (section 529) Program is entered on Screen G529.

    Note: By default, UltraTax CS assumes that the gift is made by the donor. If the donor made the gift, enter 1 in the Given by field or leave it blank. For gifts made by the spouse, enter 2. For additional information, see Entering information for donor and spouse gift tax returns when gift splitting is elected.

  8. You can link or allocate gifts in the Donee(s), gift division statement dialog on Screen Gift 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.

    Enter all gift recipient information on Screen Donee before beginning data entry in this statement dialog. If the fieldview in the Donee No. column does not list the name you are looking for or if "Unavailable - Enter on federal Screen Donee," appears, close the statement dialog and enter the gift recipient's name and information in the next available set of fields on Screen Donee, and then return to this statement dialog.

    Note: The following defaults apply to the fields in the Donee(s), gift division statement dialog.

    • If the Percent of Gift if Not Equal or Amount of Gift if Not Equal fields are blank, UltraTax CS defaults to dividing the gift equally among the gift recipients entered.
    • If the Percent of Gift if Not Equal column does not equal 100 or the Amount of Gift if Not Equal column does not equal the amount entered in the Value at date of gift field, UltraTax CS defaults to dividing the gift equally among the gift recipients entered.
  9. For section 529 gifts (made to a qualified tuition program), enter information on Screen G529 in the Gift folder in the same manner as on Screen Gift. For details on entering gift information in the various fields on Screen G529, press F1 from within any field.

    Note: UltraTax CS calculates the section 529 gift amounts based on information entered on Screens 709 and G529. To have the gift spread ratably over five years and automatically split with the spouse if gift splitting has been elected, enter an explanation in the Explanation for section 529(c)(2)(B) election field.

  10. The Section 529 Gift Worksheet presents the gift allocation for each of the five consecutive years and between donor and spouse, if applicable. To view the 529 worksheet, click 529 Wrk. Each gift recipient's Donee Worksheet includes a summary of all gifts.

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