Correction to 2013 Instructions for Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return -- 07-JAN-14
If you downloaded the 2013 Instructions for Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return before November 25, 2013, please note the following:
- On page 16, in column 1, under the section entitled "Determining the Applicable Credit Amount including DSUE", there was an error in the instructions regarding the lines of a calculation of the applicable credit amount. A correction has been made to correct the line reference for the applicable credit amount calculation changing the two references from line 4 to line 3 and from line 5 to line 4.
The corrected instructions read "On line 3, enter the total of lines 1 and 2. Using the Table for Computing Gift Tax, later, determine the donor's applicable credit by applying the appropriate tax rate to the amount on line 3. Enter this amount on line 4 and on line 7 of Part 2—Tax Computation."
- On page 12, the "Instructions for the Worksheet for Schedule B, Column C” and the following examples on pages 13-15, the heading in Column H should read "DSUE from Predeceased Spouse(s)," not "Spouse" as DSUE amounts from more than one predeceased spouse may populate this column.
- On pages 13-15, in the Worksheet for Schedule B, Column C, and the following examples, the italicized language following "Total Applicable Credit Used in Prior Periods” provides an incorrect direction to "Enter the Total of Column N on Line 8, Part 2--Tax Computation."
The total of Column N should be entered on “Schedule B, Line 1, Column C.” From there, the total will be carried over to Line 8 of Part 2 -- Tax Computation
The corrected version of the 2013 Instructions for Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return is available for download.