All Posts

This Form 709 is a Royal PIA to fill out! Still can't get the total annual exclusions correct. If both my wife and I split a Gift to both our son and DIL, isn't that $18K from each of us to both of them for a total of $72K gift exclusion? Form keeps telling me only $36K total exclusion. No worries if you don't know the answer. I may have it wrong or I missed something on the form.

I'm sorry to hear of your loss.   You can go back and doubled check that everything was entered correctly by going back to the Tax Home page (2024 tax return on the left), and selecting "Income", then "Split your pension with your spouse".   If you are still not able to resolve this issue, please contact our phone support team for more assistance.     

Yes. If you were actively in business and did not make money but you had expenses, then yes, you would be able to claim your actual expenses.     It is possible that claiming the expenses, depending on your other income and the amount of losses,  you would offset your other income so you would not carry the losses forward. 

The stimulus checks were issued for tax years 2020 and 2021.  There was no federal stimulus check for tax year 2022.   The deadline has now passed to file a 2021 tax return to seek the recovery rebate credit for 2021 on a 2021 tax return.  2021 tax returns were filed in 2022, but you had to seek the recovery rebate credit on a 2021 tax return.  The deadline for that was April 15, 2025.  Sorry.

Did you already get one in 2021?  If so, then no. There are no stimulus payments for 2024 or 2025.   If you did not get it in  2022, then you can file a tax return for that year to claim the stimulus.  it is too late to claim the one for 2021.  First you should log into your IRS account to be sure you did not get it. 

well...  first of all, I don't recall how I determined what my estimated tax payments should have been in 2024.  But, knowing me, I lowered the recommended amounts based on some faulty logic.  (for 2025, I chose the recommended estimated payments amounts... maybe 100%?).   But, no.  I did not refer to 2210.  I just allowed TurboTax H&B to guide me.  I am glad that line 37 did include the estimated tax penalty because I just chose to pay the amount TT told me to pay, which I assumed included any estimated tax shortfall as well as any penalties that were due.  I the only thing I am curious about is why TT didn't tell me to pay the same amount that the IRS determined I should have paid.     I made timely estimated tax payments.  Income was generally uniform throughout the year.  So I wouldn't say there was anything unusual about the tax year.  Perhaps the only unusual/inconsistent amount of income was end of year RMD's.   For as much money as I pay for the TT software each year (I purchase three versions), I expect to be guided to obtain the same results as what the IRS and State determine.  Situation now is that, while I assume the IRS is correct, and that TT's determinations were faulty, it would cost too much time to verify that.  

M-MTAX, got time for a question regarding filling out that Form 709? My wife and I did a split gift to our Son and DIL to help buy their 1st home. I am filling out Schedule A, Part 1, B, (h) For split gifts, enter 1/2 of column (g). At this entry, the Puritas software makes me do an override to input that number. Is this correct?