gift tax form 709

10 replies
109 views

I know that TT does not support form 709. Is there a way to manually fill it out and then incorporate it into my TT tax return?

DoninGAAnswer

Level 15

No. The Form 709 is totally separate from your personal income tax return. No tax data whatsoever from the form 709 is entered on a personal tax return, Form 1040.

IRS Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf

After the Form 709 is completed, signed and dated you mail the form to the following address:

Department of the Treasury
Internal Revenue Service Center
Kansas City, MO 64999

DoninGA

Answer

Level 15

No. The Form 709 is totally separate from your personal income tax return. No tax data whatsoever from the form 709 is entered on a personal tax return, Form 1040.

IRS Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf

After the Form 709 is completed, signed and dated you mail the form to the following address:

Department of the Treasury
Internal Revenue Service Center
Kansas City, MO 64999

Austin12

Level 2

DoninGA:

Thanks for the info. I have one important additional question. I made a $10,000 gift to a 529 college fund for my niece. I know that I must still fill out the form 709 even if I am under the $15,000 exclusion. I know I have to manually complete the 709 and mail it into IRS. However, on my 1099R, my income is overstated by the $10,000. How do I reduce my taxable income by this amount using Turbo Tax? Or, do I send it in with the full income amount as stated on my 1099R, and the IRS then matches my return up with my Form 709 to reduce my tax on their end? Hope you can help. Thanks.

Anonymous

why do you think you have to file a gift tax return since the 529 contribution was under the $15,000 annual exclusion - unless you made additional gifts to your niece in total exceeding $15K.

why do you think your 1099-R income is overstated by $10,000? a contribution to a 529 plan is not deductible for federal purposes. Some states do allow a deduction for contributions to its 529 plan