GIFT TAX is not an Income Tax
1.When do I fill out IRS Form 709? Fill out when I fill out my 2023 taxes?
Generally, it is advised that if you need to file Form 709, you should file prior to or at the same time as Form 1040. In fact, Form 709 acts to reduce your Life-Long Exemption of the liability to Estate Tax. Filing a Form 709 need not actually require you to pay at the time of filing the Gift Tax because until you have exceed that Exemption amount you do not owe anything. . For 2024, the lifetime gift tax exemption is $13.61 million,
2. Does Turbo Tax support this? NO! Gift Tax has nothing to do with Income or Income Tax
3. Do I need to fill out Form 709 separate from my regular return? IF you mean by "separate return" yes, it is totally a different form
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