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Retirement tax questions
You can gift up to $14,000 to a single individual in year without have to complete a Form 709 Gift Tax return.
If the amount of the gift is greater than $14,000 to the individual in a year then filing the Form 709 is required. Each individual is responsible for his or her own Form 709. However, there will not be gift taxes owed if the total of all gifts that have ever have been given have not exceeded $5.45 million (2016).
TurboTax does not support IRS Form 709
IRS Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf
IRS Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf
‎June 7, 2019
4:10 PM