My kid is 24 & a full time graduate student. I will be listing them as my dependent in my 2024 Tax return. I pay all of his expenses - rent, meals, tuition, etc. So, I send $$ to his bank account time to time for the expenses. In addition to this, I also contributed to his 529 in 2024. Amount I contributed to 529 plus the non-529 money I have given have exceeded the gift exclusion which is $18k individual and $36k for couples.
Question is if they are my dependents, are they considered as gifts or necessary expenses? Do I need to file gift tax form 709?
Can someone please help me?
Thanks.
