Using TT Premier. I know I need to use Tax form 709 but it is not listed in Turbo Tax anywhere nor is the subject covered in any of the step by step sections in Turbotax. When I select Forms in Turbotax,709 is not listed. I might have missed something but expect Turbotax to cover this subject and provide a way to enter the data. And if I have to do a separate form 709 how is it integrated into my Turbotax return? I file electronically.
Richard
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That form is not supported by TurboTax. Download it and mail it.
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
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