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Level 2
March 13, 2023
Question

Form 709

  • March 13, 2023
  • 1 reply
  • 0 views

I need to file Form 709 since the $16k tax-free gift limit was exceeded.  Since TurboTax does not support Form 709, how do I file it with the IRS in conjunction with e-filing my return through TurboTax?  Do I just mail the completed form in separately?  

- Thank you

    1 reply

    Level 15
    March 13, 2023

    Form 709 has nothing to do with your income tax return.  You do not file it in "conjunction" with your Form 1040.  It is a separate form.

     

    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

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    elbon00Author
    Level 2
    March 13, 2023

    Appreciate the quick reply.  So, I just fill it out and send it in?

    Level 15
    March 13, 2023

    Correct.   But ---- form 709 is not easy.....just a heads up.

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**