For 2022 the annual gift tax exclusion is $16,000. That means that someone can give you gifts totaling $16,000 for the year and they do not have to report it. They do not have to file a gift tax return or pay any gift tax.
Even if someone gives you more than $16,000, they would have to file a gift tax return, but they would not have to pay any gift tax unless their total lifetime gifts to all recipients is more than $12 million.
So if someone wants to pay off your student loan for you, they can just give you the money. They don't have to cosign the loan.
You cannot use TurboTax to file a gift tax return (Form 709).
