how to File 709 as married couple in 2024

[tacopa]

we gave $50k to our child. it is from our joint account to her account. 

does each of us need to file 709? if so, how to do that? i thought that gift spilt will not require us both to file. 

also, it is confusing how to enter the numbers in Schedule A. first time doing this form. 

can someone help me?

also, is contributing to her 529 part of the gift amount?

thanks. 

[xmasbaby0]

There is nothing to enter in Schedule A about a gift you gave to your daughter.   It is not deductible.

Gifts given to family members, friends or other individuals are not deductible.   Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.

If your gift exceeds the yearly limit ($18,000 per individual)  imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax.

TurboTax does not support Form 709.  It is not an income tax form and would not be included as part of an income tax return.

Here is a link to the form:

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

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

Here's a link for Form 709 preparation software:

 https://www.puritas-springs.com/product-category/federal

Here are some useful videos on the Form:

https://www.youtube.com/watch?v=a5wJow5h-No

https://www.youtube.com/watch?v=5Z_28sVOrTY

[tacopa]

I know it is not deductible, and that I need to file it manually.  709 form has Schedule A for its own, and asks on the donee info/dates/amt etc.

Particularly, the questions I have:

- Should each of us (me and wife) file this 709 separately , or is it enough that one person does it and declare on line 19 (part 1) that it will be spilit?

- Does "gift" includes 529 contributions also?

-It asks for Notice of Concent on Line 7 Part-3. How should it be done? Just type and ask my wife to sign it, or we both sign it? 

Thanks