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alevinoff1-gmail
Level 2
October 3, 2021
Question

Why does maximum allowable GST exemption show on Form 709 as $1,000,000?

  • October 3, 2021
  • 1 reply
  • 19 views
I would think the answer should be $11,580,000 for 2020 but it is reverting to $1,000,000 unless I override.
This topic has been closed for replies.

1 reply

IntuitRebecca
IntuitRebecca
Level 6
October 4, 2021

Hi there,

Since the GST exemption is indexed to the year a GST transfer was made, the program prints $1 million until entries are made that indicate there was a prior year GST or a GST in the current year. Basically, the program has to know which year the most recent GST was (or is) in order to calculate an increased exemption. 

If you don't want to use the override, you can get the program to calculate the exemption amount by either:

  • Going to Prior Gifts & GST > Generation Skipping Tax (Schedule D), and selecting the year of the most recent return filed in "Year taxable GST gifts made"
  • Entering a current year gift for the taxpayer/spouse where the donee has the "Skip Person?" box checked on General > Donee Information

- Rebecca

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