I would like to give $45,000 to each of my dependent children this year. Do I have to complete a gift tax form?
Yes, you would have to file a Form 709 for any gift given to a single individual if the amount of the gift given during the tax year is $15,000 or more.
Gifts given or received are not reported on a personal federal tax return, Form 1040.
TurboTax does not support IRS Form 709
IRS Form 709 - https://www.irs.gov/forms-pubs/about-form-709
So dependents are not exempt? My sons are full time college students.
No, gifts to anyone other than your spouse have to be reported on a Form 709 if the amount of the gift meets the reporting threshold.