Gift Tax Form

[SLH212]

I gifted my children money in excess of the limit for 2022. Do I file the form 709 in advance of doing my taxes or when I file?

[xmasbaby0 · Accepted solution]

The 709 is not part of your Form 1040.   It is a separate form that has nothing to do with your income tax return.

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

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

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