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Returning Member
posted Sep 14, 2024 2:13:40 PM

IRS Form 709

Will TurboTax 2024 support IRS Form 709. 

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2 Replies
Level 15
Sep 14, 2024 2:22:47 PM

It is highly unlikely that TurboTax would support IRS Form 709 since it is not part of a personal tax return.  It has to be filed separately from the Form 1040 and mailed to a different address than the Form 1040.

Level 15
Sep 14, 2024 2:43:59 PM

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