Hal_Al
Level 15

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/...  

 

 

 

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