Hi Amy C!
We contributed to our daughter 529 plans with the amount of $157,000 exceeded the annual exclusion of the amount $36,000 in 2024. We have 2 more questions:
a. At what point in Turbo Tax that we can enter the information into form 709 with Federal return? for example (wages & income, deductions & credits, other tax situations)
b. Since we filed married joint return, does my wife need to file a separate IRS form 709 gift tax return because we contributed more than $36,000 in the year 2024?
Thank you so much for your time and your expertise.
Sincerely,
