In 2023, I worte a check for 34k from a joint checking account to our son to help with downpayment. Since my wife and I each has a 17k gift tax exclusion, there won't be any actual tax consequence. My question is do I need to file a Form 709 gift tax return, and have my wife claim half the gift, or do we each need to file a gift tax return?
I've read Form 709's instructions and am still not clear if I need to file any form. In the future I may consider writing checks from separate accounts to avoid this headache.
If i need to file, does TurboTax support Form 709? If not, can I submit Form 709 separately? I usually eFile my income tax with TurboTax.
