How to request the calculation of penalties and interest in a Gift Tax Form 709 using interview forms?

Basic Penalty and Interest entries:

  1. Open Interview form Gift-2 - Extension, Payments, Penalties and Interest.
    • In box 66 - Date filed if not timely enter a date.
    • In box 60 - X to compute interest to file date enter an X.
    • In box 62 - X to compute late payment penalty enter an X.
    • In box 64 - X to compute late filing penalty enter an X.
  2. Calculate the return.

For Extended Return:

  1. Input basic penalty and interest entries
    • In box 68 - Extended due date  enter a date.
  2. Calculate the return.

For Disasters:

  1. Input basic penalty and interest entries.
    • In box 70 - Disaster extended due date - box 70 enter a date. 
    • Delete any entry in box 68 - Extended due date if one exists. 
  2. Calculate the return.

Notes:

  • The penalties and interest amounts are included in the balance due amount on Form 709 page 1 - line 19. 
  • A separate statement is prepared showing each penalty and interest calculation.   
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