Sever Gift
The Sever Gift routine adjusts the information stored on a gift to reflect properly the voluntary severance of a beneficiary's income interest on a specific date.
1. Open the Gift Information screen of the gift you want to sever. 
How?
2. Click 
at the top of the Gift Information page.
3. Enter the date of severance of the gift. This is the date as of which the income beneficiary gives up his or her interest in the gift. Then click Go.
Information on the gift will be displayed in a grid.
4. Review the Account Closed and Credit Through dates shown and revise them as needed. These dates will be stored in the Details tab of the gift. See Page Help for explanations of Account Closed and Credit Through dates.
5. Click the Check Inputs button.
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If the information you have entered is consistent, a message will appear below the grid that invites you to click Accept. Click the Accept button.
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If any payments have been issued from the gift after the date of severance, an Attention window will open that lists these payments. Click the Print button to print this list, then click the Continue button to return to the grid. You must then cancel Sever Gift and void these payments before you will be allowed to complete severing the gift. When done, run Sever Gift again.
6. Click the Accept button.
7. Click the Continue button.
Notes:
· Sever Gift changes the Gift Status of the gift to Severed.
· Payments scheduled to occur after the date of severance are deleted from the beneficiary's list of check payments. Sever Gift will not create a final partial payment. Likewise, gift annuity tax information for the year of severance, including any withheld amount, is adjusted based on the payments actually made during the year, and tax information for all subsequent years is deleted.
· The severance date entered by you is stored in the Sever Date field in the Details tab of the gift's Gift Information screen. Though often the same date as the account closed date, the Sever Date is recorded separately so that if it differs from the account closed date, GiftWrap can store that fact.