Gift Tax form f709 Schedule B for prior 529 contributions

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RKS2000
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Joined: Sun Sep 02, 2007 5:48 am

Gift Tax form f709 Schedule B for prior 529 contributions

Post by RKS2000 » Tue Oct 16, 2018 12:03 am

Hello

We made a contribution for our daughters 529 this year (70K each, me and my wife, to be treated as making 14K per year for 5 years).
I have couple of questions:

- I just realized that I forgot to file form f709 for contributions we made in 2011 and 2012 (65K for each of our two daughters, also to be treated as making 13K per year for 5 years). Given that there is no tax due, I was thinking of going ahead and submitting the 2011 and 2012 form now, along with an explanation letter that somehow I forgot to file this. Is there anything else I need to do to handle this mistake?

- For filling this years form f709 -- looks like I need to enter prior years contribution amounts in Schedule B.
https://www.irs.gov/pub/irs-dft/f709--dft.pdf
I entered 65K amounts in the column C for 2011, 2012 - what should be the amount for Column E? Would this be zero, given that there should be no tax due.

Thanks
RKS

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