I have used turbotax for years but will need to submit a monetary gift form this year. Is this form supported through the filing system? Will I need to complete my taxes with TurboTax, print them out, and mail them including my self prepared form? Or, should I just use a tax service company this year?
Thanks for your input,
Don
Do you mean gift form 709? No, you cannot use TurboTax for that.
Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.
Turbo Tax does not support the gift tax form 709, but here is a link:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
I believe you meant IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.
For tax year 2023 if you gave a gift to an individual in an amount greater than $17,000 you have to report the gift given to the IRS using form 709.
Form 709 is separate from your tax return and is mailed to the IRS using the address shown in the Instructions for the form.
TurboTax does not support Form 709.
Go to this IRS website for Form 709 - https://www.irs.gov/forms-pubs/about-form-709
@Don Mag wrote:
....should I just use a tax service company this year?
Yes, find an enrolled agent to prepare the Form 709.
Form 709 is not supported by turbotax. It is also not filed with your tax return, but separately, although the deadlines are the same. Giving a large gift doesn't impact your regular tax return, so there is no particular reason why a gift would change how you file your regular return. If you look at the form 709 and instructions and want assistance, you can hire your own tax preparer to help you.