egeresy
New Member

How do i file gift tax return with turbo tax

Does Turbo Tax have  the capability to complete gift tax irs form

ChelsiE2
New Member

Get your taxes done using TurboTax

Unfortunately, you won't be able to file a Gift Tax Return with TurboTax.  A Gift Tax return should be filed separately from your personal income tax return as it has no effect on taxation at the individual level.  

The IRS provides Form 709 and Instructions here:

Form: https://www.irs.gov/pub/irs-pdf/f709.pdf

Instructions: https://www.irs.gov/pub/irs-pdf/i709.pdf

View solution in original post

Get your taxes done using TurboTax

Form 709 is not an income tax form and Turbotax does not support it. You can get the form and the instructions for it for free from the IRS web site, at this link:
http://apps.irs.gov/app/picklist/list/formsPublications.html;jsessionid=j6pAih2A4S7pnn+FIt3f7A__?val...

Get your taxes done using TurboTax

TurboTax does not support the IRS Form 709 for a gift tax return.

See this IRS website for Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf

See this IRS website for Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf

r111-000
Returning Member

Get your taxes done using TurboTax

I understand that TurboTax does not support Form 709. But I have to show it on  Form 1090, line 11. How do I do that? The individual schedules do not come up with TurboTax.

Get your taxes done using TurboTax

You mean 1040 line 11 for Adjusted Gross Income?  Why?  Gifts given or received don't go on your personal tax return.  

r111-000
Returning Member

Get your taxes done using TurboTax

Thank you.

Get your taxes done using TurboTax

A small clarification, Turbo Tax ProSeries will let you prepare Form 709, as well as Form 1041

rajmathur
Returning Member

Get your taxes done using TurboTax

Just to re-ask for clarification: If I use TurboTax Premier, does that have form 709 to file gift tax return? And, does it include the form as part of e-file?

 

Raj

LeonardS
Expert Alumni

Get your taxes done using TurboTax

No, TurboTax does not support IRS Form 709. Form 709 is not filed with your federal tax return, it is a separate filing that has to be printed and mailed to the IRS using the address in the Form 709 instructions.

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Get your taxes done using TurboTax


@rajmathur wrote:

Just to re-ask for clarification: If I use TurboTax Premier, does that have form 709 to file gift tax return? And, does it include the form as part of e-file?

 

Raj


TurboTax does not support the IRS Form 709 for a gift tax return.

See this IRS website for Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf

See this IRS website for Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf