Gifts given to an individual are not reported on nor deductible on a tax return. If the gift given is greater than $15,000 during the year then the giver of the gift is required to file an IRS Form 709. Form 709 is separate from your personal tax return. TurboTax does not support IRS Form 709.
A gift received from an individual is not reported on a tax return, regardless of the amount of the gift given.
To enter a form 1099-R -
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Retirement Plans and Social Security
- On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button
Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R