Bogleheads

[tryingmybest]

In Feb 2009 my wife and I contributed $124,000 to a 529 for our children. As I understand it, both my wife and I can file form 709 "United States Gift (and Generation-Skipping Transfer) Tax Return" to make a 5 year election. Because $124,000 is less than 2*5*$13,000 filing form 709 avoids using up our lifetime $1 million gift tax exemption.

When do I file form 709? Should I have filed it in Feb 2009? Should I file it before the end of the year? Or do I have before April 15 2010?

[BruceM]

You file in the year of the gift.
See p. 5 of the instructions for completing the 709 at

http://www.irs.gov/pub/irs-pdf/i709.pdf

BruceM

[sscritic]

[tryingmybest]

Thanks for your answer.

I see now that for gifts made during calendar year 2009 I must file
the 2009 Form 709 no earlier than January 1, 2010, but not later
than April 15, 2010.

1. http://www.unclefed.com/IRS-Forms/2006/i709.pdf
   For gifts made during calendar year 2006.
   When To File
   Form 709 is a annual return.
   Generally, you must file the 2006 Form 709 no earlier
   than January 1, 2007, but not later than April 16, 2007.
   
2. http://www.unclefed.com/IRS-Forms/2007/i709.pdf
   For gifts made during calendar year 2007.
   When To File
   Form 709 is an annual return.
   Generally, you must file the 2007 Form 709 no earlier
   than January 1, 2008, but not later than April 15, 2008.
   
3. http://www.unclefed.com/IRS-Forms/2008/i709.pdf
   For gifts made during calendar year 2008.
   When To File
   Form 709 is an annual return.
   Generally, you must file the 2008 Form 709 no earlier
   than January 1, 2009, but not later than April 15, 2009.