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April 16, 2021
Question

Gift to children

  • April 16, 2021
  • 2 replies
  • 28 views

Why is it that Turbo tax does not allow me to process $$$ gifts to the child? Instead, it sends me to a complex IRS form

    2 replies

    Alumni - Champ
    April 16, 2021

    TT is an INCOME tax program.  It does not support gift taxes.

    macuser_22
    Alumni - Champ
    Alumni - Champ
    April 16, 2021

    Gifts are not reported in a tax return.

     

    Gifts over $15,000 need to be reported on a separate 709 form.

     

    https://www.irs.gov/pub/irs-pdf/i709.pdf

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

    **Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**