Does Turbo Tax offer any support for preparing gift tax form 709 such as software or review/filling form 709 via CPAs? If not, do you have any recommendation? I have comes across the following
I have seen the following from 2019 and am wondering if anything has changed
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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 ($17,000 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. In 2024 that yearly limit will increase to $18,000.
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
We don't support Form 709, but you can download it from the IRS website and fill it out per the Form 709 instructions. You may not necessarily need to file a gift tax return as the limitations have increased. Review this article for further details: Gift Tax Made Simple
Here is the link to the IRS Form 709: IRS Form 709 and instructions
Thanks xmasbaby0. The second link you posted reads "With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish". Is it referring to income tax or gift tax (form 709) or both?
That refers to an income tax return. TT does not prepare 709 forms.
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