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Gift to children
Why is it that Turbo tax does not allow me to process $$$ gifts to the child? Instead, it sends me to a complex IRS form
April 15, 2021
6:19 PM
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Get your taxes done using TurboTax
TT is an INCOME tax program. It does not support gift taxes.
April 15, 2021
6:21 PM
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Get your taxes done using TurboTax
Gifts are not reported in a tax return.
Gifts over $15,000 need to be reported on a separate 709 form.
https://www.irs.gov/pub/irs-pdf/i709.pdf
https://www.irs.gov/pub/irs-pdf/f709.pdf
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
April 15, 2021
6:27 PM