Monetary gifts 2021

In 2021 I received 2 monetary gifts from 2 people. I've been told this impacts their taxes, how would this impact my taxes? Where do I enter this in TurboTax?

posted

This does not impact your taxes. There is no place to enter the gift on your tax return as you do not need to report the money.

The giver of the monetary gift may need to file a Form 709 Gift Tax if the amount given was over $15,000.

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What IRS form do I need to report a monetary gift to my son?

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Monetary gifts 2021