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New Member
posted Jun 7, 2019 4:56:08 PM

How do I amend my 2018 return to add form 709, to report contributions to 529 accounts? I used Turbotax online version.

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1 Best answer
Level 15
Jun 7, 2019 4:56:13 PM

" I contributed....more than 30K in one year (joint filing), so was told I need to file the 709 so I avoid gift tax."

You have been pointed in the proper direction to the rules and forms by other SuperUsers. However, you should absolutely consult with a tax professional with respect to preparing Form 709.

You likely will not owe any gift tax since you have a lifetime exemption of $11.18 million for 2018 and $11.4 million for 2019 (per individual).

If the gift were made this year, 2019, then you would file the gift tax return no earlier than January 1, but not later than April 15 of 2020 (you can request an automatic 6-month extension). If the gift were made in 2018, then the gift tax return is late (unless an extension was filed).

More importantly, if you made this $30k+ gift with your spouse (reference to "joint filing"), then you each need to file a gift tax return (Form 709). Please seek professional guidance.

5 Replies
Alumni
Jun 7, 2019 4:56:09 PM

You can't/don't add Gift Tax Return to your 1040; It's a completely separate return. May not be required; How much did you give? Filing single or joint? Form/Instructions: <a rel="nofollow" target="_blank" href="https://www.irs.gov/forms-pubs/about-form-709">https://www.irs.gov/forms-pubs/about-form-709</a>

New Member
Jun 7, 2019 4:56:10 PM

Thanks for your response!
I contributed to 529 account, more than 30K in one year (joint filing), so was told I need to file the 709 so I avoid gift tax. Now, if I want to add this form 709, I need to amend, right? How do I do that when I used TT for my filing ?

Alumni
Jun 7, 2019 4:56:12 PM

No, 709 is a gift tax return, its not included with your personal tax return, its completely separate.   TurboTax does not have a program to prepare a 709 return.

Level 15
Jun 7, 2019 4:56:13 PM

" I contributed....more than 30K in one year (joint filing), so was told I need to file the 709 so I avoid gift tax."

You have been pointed in the proper direction to the rules and forms by other SuperUsers. However, you should absolutely consult with a tax professional with respect to preparing Form 709.

You likely will not owe any gift tax since you have a lifetime exemption of $11.18 million for 2018 and $11.4 million for 2019 (per individual).

If the gift were made this year, 2019, then you would file the gift tax return no earlier than January 1, but not later than April 15 of 2020 (you can request an automatic 6-month extension). If the gift were made in 2018, then the gift tax return is late (unless an extension was filed).

More importantly, if you made this $30k+ gift with your spouse (reference to "joint filing"), then you each need to file a gift tax return (Form 709). Please seek professional guidance.

Level 15
Jun 7, 2019 4:56:15 PM