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New Member
posted Jan 31, 2025 1:02:00 PM

form 709

Turbotax does not have a gift tax form 709. I can download the form but how can I file it electronically with my other papers? Maybe just mail it in? Turbotax really let me down with this. What is the penalty if I don't file the form?  

0 3 3498
3 Replies
Level 15
Jan 31, 2025 1:04:24 PM

TurboTax does not support Form 709.  Form 709 is not part of an income tax return.   It cannot be e-filed.

 

 

 

 

Gifts given to family members, friends or other individuals are not deductible.   Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.

 

If your gift exceeds the yearly limit ($18,000 per individual)  imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax.

 

TurboTax does not support Form 709.  It is not an income tax form and would not be included as part of an income tax return.

 

Here is a link to the form:

https://www.irs.gov/pub/irs-pdf/f709.pdf

 

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

 

 

Level 12
Jan 31, 2025 1:05:34 PM

There is really no penalty for not filing unless you owe tax and you mail Form 709 separately from your regular income tax return.

 

Click here re where to file 

Level 12
Jan 31, 2025 1:10:44 PM

Here's a link for Form 709 preparation software: https://www.puritas-springs.com/product-category/federal

 

Here are some useful videos on the Form:

 

https://www.youtube.com/watch?v=a5wJow5h-No

 

https://www.youtube.com/watch?v=5Z_28sVOrTY