Turbo Tax does not prepare or file the 709 Gift Tax return.
TurboTax does not support IRS Form 709. Form 709 is not filed with your federal tax return, it is a separate filing that has to printed and mailed to the IRS using the address in the Form 709 instructions.
Go to this IRS website for a Form 709 - https://www.irs.gov/forms-pubs/about-form-709
We have used Turbo Tax Premier for several years. For 2021 tax year my wife and I will each need to file a 709 from, what is the cost for filing these 2 forms?
File it for free
Form 709 Gift Tax Return
https://www.irs.gov/pub/irs-pdf/f709.pdf
Form 709 Gift Tax Return Instructions
https://www.irs.gov/pub/irs-pdf/i709.pdf
According to what I understand you are saying, you need to file your Form 709 separately and mailed it to the appropriate address on Form 709. So to me, that means I can use TurboTax to file, as usual, using the internet/e-filing method is that correct?? Thanks !!
Yes. Form 709 is an estate and gift tax form. It is separate from income taxes. You can use TurboTax, as usual, to e-file your personal return and prepare Form 709 outside of TurboTax.
Form 709 is a very complex form. You should not prepare it yourself.
@icefoxone
Thanks for your answer!! I have already filled out my Form 709 and yes it was complicated but I managed as I took it very slowly and checked my work 5 or 6 times after finishing! You really need to know what you are doing but I only had one individual I needed to deal with and this was my only and first time so not too bad. Thanks again for your imput!
How complicated is the form 709?. I made gift to my daughter (Just 1 check) .
I made the gift in February of 2023 and do I need to file this form next year or this year?
Regards,
Form 709 is a complicated form that is usually prepared by tax lawyers or accountants. TurboTax does not have software to prepare this form either online or with CD/Download.
If you made a gift of more than $17,000 to your daughter in 2023 then you would have to file a Form 709 in 2023 to reduce your lifetime exclusion amount which in 2023 is $12.92 million dollars.
See Form 706 changes in What's New - Estate and Gift Tax.
Learn more about the gift tax at The Gift Tax Made Simple.
@girlgirl
Hi:
Thanks for the response. I assume Just for one dollar entry it should not be very complicated. Let me know.
Please see the IRS Form 709. There is more than one dollar entry to be entered. It is complicated.
Please see the Instructions for Form 709.
It is complicated, but there are instructions online from other sources than the IRS that may be helpful. You can work on the form yourself. Give it a try. Just take your time.