The Form 709 gift tax return is generally required when a person makes taxable gifts during the year. This example Form 709 covers how to report Section 529 plan contributions.
Section 529 plans are a valuable financial planning tool for taxpayers with children that plan to attend college. The Form 1099-Q reports distributions from the Section 529 plans.
Creating a household budget is not only helpful but also necessary for managing a family's finances. By creating a budget and making sure your family's expenses do not exceed your income, you can better safeguard yourself from getting into debt and other financial trouble.
