The following information, forms, and publications are provided for your convenience. For specific tax advice and guidance regarding your unique situation, please consult your tax professional.


2007 Gift Tax Reporting
It is important to review your annual gifts with your tax professional to determine whether a federal gift tax return (IRS Form 709) is required. If you made a gift to the Bright Directions College Savings Program, a gift tax return may be required. If total gifts to one individual exceed $12,000 in the 2007 calendar year, a gift tax return may be required. This would include all gifts made by the donor to the beneficiary in the calendar year.

If you front-loaded a gift of as much as $60,000 for one beneficiary to take advantage of the 5-year special election, a gift tax return is required. Please consult your tax professional for additional information and guidance.

The gift tax return is due April 15, 2008, for 2007 gifts.

Helpful Links:
   1. IRS web site
   2. IRS Form 709 United States Gift (and
       Generation-Skipping Transfer) Tax Return (2007)
   3. Instructions for Form 709 (2007)