If I gift somebody 1 million dollars in 2016. And I have not used my life time exclusion how much tax I owe to federal or state government. I live in New Jersey.

[bobby7113]

I have to file gift tax return?

[jerry2000 · Accepted solution]

Yes, you will need to file Form 709. You don't actually owe gift tax until you give more than your lifetime exclusion. Form 709 is not an income tax form, and Turbotax does not support that form.

You can find the Form and the instructions for it at this link:
https://apps.irs.gov/app/picklist/list/formsPublications.html;jsessionid=o8NDP8p-NLyq-rlJEiNJ1A__?va...

[TaxGuyBill]

You also wouldn't owe any New Jersey Gift Tax, HOWEVER, it probably WILL expose your estate to New Jersey Estate Tax when you die.
<a rel="nofollow" target="_blank" href="http://riker.com/publications/lifetime-gifting-and-the-new-jersey-estate-tax">http://riker.com/publi...>

[SweetieJean]

Is the gift other than cash?  If so, please post back.