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#2
11-30-2006, 05:41 AM
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 Re: How to amend last year's tax -- to include form 709 Tony Cox" <tc[at]coxrt.com> wrote: - quote - > Drew Edmundson wrote:
"Ratably" is how I read it. I believe the original post is> > isahopes2000[at]yahoo.com wrote: > > > 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? > > 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? referring to the option to spread the 529 gift over 5 years. See 529(c)(2)(B), which actually uses the term "ratably.". --- Drew Edmundson, CPA Cary, NC << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
11-29-2006, 01:03 AM
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| Re: How to amend last year's tax -- to include form 709 Drew Edmundson wrote: - quote - > isahopes2000[at]yahoo.com wrote:
Pardon me for asking, but what exactly is "ratbly" and why> > 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? > 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. 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? << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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11-28-2006, 05:03 AM
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| Re: How to amend last year's tax -- to include form 709 isahopes2000[at]yahoo.com wrote: - quote - > I bought more than $1100 529 IRA last year for my child and
I am assuming that "more than $1100" should read "more than> 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? $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. --- Drew Edmundson, CPA Cary, NC << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
11-27-2006, 12:08 PM
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| How to amend last year's tax -- to include form 709 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 << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| 709, amend, form, include, tax, year |
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