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Get your taxes done using TurboTax
Q. 34K check from joint account, need to file Form 709?
A. No. That is each of you making a $17K gift, which is the limit.
Q. If i need to file, does TurboTax support Form 709?
A. No.
Q. If not, can I submit Form 709 separately?
A. You must file form 709 separately. It is not part of your income tax filing.
"Gift Tax" is somewhat of a misnomer. Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...
‎February 20, 2024
5:41 AM
6,865 Views