|
Posted by Drew Edmundson on November 30, 2006, 1:41 am
Please log in for more thread options > Drew Edmundson wrote:
>> isahopes2000@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?
"Ratably" is how I read it. I believe the original post is
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. >>
<< ======================================================= >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap