IRS FORM 704

Forum|Forum|2 years ago
August 31, 2023
4 replies
4 views

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

xmasbaby0

Level 15

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DoninGA

Level 15

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

Anonymous_

Level 15

@Don Mag wrote:

....should I just use a tax service company this year?

Yes, find an enrolled agent to prepare the Form 709.

See https://taxexperts.naea.org/expertdirectory

Opus 17

Level 15

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.