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Since, my daughter putting the money into the savings account, earning 5% interest, and she will get a 1099. It doesn't make sense to do the way of lending her money and charge her with AFR  4% interest, and I also have to report that interest as revenue on my return. "Double interest earning"

I will go for the  Gift option. Since, I have an liftime gift tax exclusion of  $13.61 million and don't have to pay gift taxes, would I have any penalty or interest not filing Form 709 in 2024 and wait until years later or get question by the IRS? Thanks.