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What's new in this release of ProSeries/709
Form 2848 - The program has been updated with a new version of Form 2848, Power of Attorney, which was released by the IRS on July 31, 2014.
For information on what's new in ProSeries/709, open a 709 return, go to the Help menu, select Help Center, then select What's New This Year?
All forms in this release of ProSeries/709 are final and can be filed with the IRS.
If you are just getting started with ProSeries/709, the How to Use ProSeries/709 guide will answer your questions and guide you through preparing gift tax returns. To see this guide, open a new or existing Form 709 return, go to the Help menu, select Help Center, then select How to Use ProSeries/709.
Form 709 is fully calculated from information entered on the worksheets. Here's a summary of the steps to take to prepare a Form 709 return:
Step 1: If applicable, transfer the taxpayer name and address from the ProSeries/1040 client file for this client. To do this:
Step 2: Complete the U.S. Gift Tax Return Information Worksheet. Enter the name of the spouse if a Form 709 is to be filed for the spouse.
Step 3: Select the Donee List worksheet, then enter the names, addresses, and other requested information about the gift recipients (donees) in the Donee Information section of the Donee List worksheet. Note that ProSeries/709 assigns a Recipient Number to each recipient.
Step 4: Select each of the applicable gifts worksheets (i.e., the Gifts Worksheet, the Other Gifts Worksheet, the Gifts to Multiple Donees Worksheet, the Gifts to Crummey Trust Worksheet, and the Section 529 Plan Gifts Worksheet), then enter the gifts given and other required information in the appropriate sections of each of those gifts worksheets. For each gift given, enter the Recipient Number of the recipient from the Donee List worksheet.
Step 5: If a Form 709 return was filed in prior years, select the appropriate Prior Year Forms 709 worksheet(s), then enter the required information.
Step 6: Use the ProSeries Final Review feature to review the Form 709 return.
Step 7: Print the Form 709 return.
End of ProSeries/709 ReadMe file