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posted Jun 3, 2019 4:51:15 PM

Do I enter boyfriends yearly income or just what he helps with? We do not share accounts in anyway.

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1 Best answer
Intuit Alumni
Jun 3, 2019 4:51:18 PM

You do not report your boyfriend's yearly income on your tax return.  He is required to file his own taxes and report his income on his return if meets the filing requirements.  See  2019 Filing requirements

 

If he gave you money for helping out, that is considered a gift.  You as the receiver, do not need to report.  If he gave you more than $15,000, for reporting purposes, he will need to file a Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return.  However, he does not need to pay any gift taxes for the year 2019.

Per IRS, as the person who gives the gift, the donor does not report any gift taxes unless it exceeds $15,000 ( For the year of 2019) per person. As TurboTax does not support Form 709, you can download it from the IRS website and fill it out per the Form 709 instructions.

 

As the donor, you will not owe any taxes unless your lifetime gifts exceed the maximum exclusion of $11.4 million. However, you have to file a Form 709 every year when the total gift amount you give out exceeds the annual exclusion amount so that they can be counted and calculated against your lifetime exclusion

2 Replies
Level 15
Jun 3, 2019 4:51:16 PM

Why are you entering anything about your boyfriend on your tax return?

Intuit Alumni
Jun 3, 2019 4:51:18 PM

You do not report your boyfriend's yearly income on your tax return.  He is required to file his own taxes and report his income on his return if meets the filing requirements.  See  2019 Filing requirements

 

If he gave you money for helping out, that is considered a gift.  You as the receiver, do not need to report.  If he gave you more than $15,000, for reporting purposes, he will need to file a Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return.  However, he does not need to pay any gift taxes for the year 2019.

Per IRS, as the person who gives the gift, the donor does not report any gift taxes unless it exceeds $15,000 ( For the year of 2019) per person. As TurboTax does not support Form 709, you can download it from the IRS website and fill it out per the Form 709 instructions.

 

As the donor, you will not owe any taxes unless your lifetime gifts exceed the maximum exclusion of $11.4 million. However, you have to file a Form 709 every year when the total gift amount you give out exceeds the annual exclusion amount so that they can be counted and calculated against your lifetime exclusion