You AND your wife can each gift up to $17,000 to your son without the need to prepare a gift form 709. If the amount the two of you give to him in one tax year exceeds $34,000 then you need to complete form 709---which is not part of of an income tax return. Form 709 must be prepared by itself and must be sent in by itself.
GIFTS
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.**
