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Get your taxes done using TurboTax
As the beneficiary of life insurance you do not report the proceeds from the insurance on your tax return.
If you give a gift to an individual they do not report the gift on their tax return, regardless of the amount received.
If the gift you give is more than $17,000 in 2023 then you have to report the gift given on IRS Form 709. There will not be any gift taxes owed if the total of all gifts you have ever given is less than $12.92 million.
TurboTax does not support IRS Form 709
Go to this IRS website for Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return - https://www.irs.gov/forms-pubs/about-form-709
‎June 28, 2023
12:57 PM