Does anyone have a recommendation for a CPA in NC?

I need some advice on filling out form 709 and I'm stuck.

I have no idea how to calculate gift taxes vs. the lifetime exemption.

I've read the instructions, but the worksheet has my head spinning.

The lifetime exemption for 2016 was 5.45M.

Annual exclusion for present interest gifts in 2016 was $14,000 per donee.

Go ahead and post your question if it's a general one.

It's regarding giving above the annual exclusion amount.

You subtract $14,000 from the total and then what?

I literally need help filling out the form line by line.

I would gladly pay.

That's a bit beyond what I'd be comfortable doing without laying eyes on.

If there's no gift tax owed, you can file for an automatic 6 month extension. That'll give you time to get to a CPA. If your 1040 is on extension, the 709 is automatically extended. If your 1040 isn't on extension, the form to extend a 709 is Form 8892.

If you are married, you and your wife can split gifts which means the two of you can give up to $28,000 to any individual without any gift taxes. You each file a 709 and elect to split the gifts.

For any gifts in excess of the annual exclusion amounts, you calculate the amount of the tax that would be owed using the tables in the instructions. That amount is subtracted from the unified credit and no tax is owed if you haven't exceeded the unified credit. If this is the first year you have made taxable gifts, your 709 is relatively easy.

The unified credit is equal to the amount of tax that would be owed on the lifetime exemption amount if there was no lifetime exemption.

You haven't mentioned it, but there are special provisions for funding a QTP, 529 plan. I'm also assuming the gifts are cash. It gets more complicated when you gift real estate and really fun when you gift minority interests in partnerships or corporations.

Thank you for the responses. My eyes crossed when I read the instructions. Jumping from one section to another was just a pain when it could just be laid out for straight cash gifts.

I filed for an extension.

Now I just need to figure out the tax owed minus the 5.4 mil lifetime credit and then figure out which fields need to be filled out.

That's my choke point.

I have the numbers, just not sure where to put them.