How to File Form 709 If You Used Turbo Tax and Filed online?

[br5656]

I recently used Turbo Tax to file my 2021 return and it has been accepted by the IRS. In talking with a friend, I believe that I need to file a Form 709 since I gave my brother $25k in 2021.

1. How do I do that? Do I just fill the thing out as a paper form and mail it in, even though I e-filed?

2. I filed a 1040-SR as Married filing Jointly. I believe we can split this gift between the two of us (2 gifts were made as $10k and $15k on different dates) and have no liability. Am I correct?

Thanks.

[xmasbaby0]

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

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...

[xmasbaby0]

Oh and yes since you gifted the amount as a couple you can split it as a gift from each spouse to him.

[Bsch4477 · Accepted solution]

Since you both together gave a gift less than $30,000 you do not have to report it or file form 709. 

[alg973]

I'm looking for the same answer but my gift was in my name only not joint with my husband, we file a joint tax return.

[Bsch4477]

You file jointly as usual but you mail your 709 for your gift indicating on the form that it is not a split gift. You can’t efile that form. No 709 is required if the gift is less than $16,000 in 2022. 

[alg973]

Thanks, just wanted to make sure.

[rchicoine]

How to File Form 709 If You Used Turbo Tax and Filed online?

[xmasbaby0]

@rchicoine Form 709 is not part of an income tax return.   You file it separately by mail.  

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 ($17,000 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.    In 2024 that yearly limit will increase to $18,000.

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

[Bsch4477]

You have to mail the 709.