Solved

When filing a gift on the Federal Tax forms, what information is needed about the recipient?

Forum|Forum|7 years ago
June 6, 2019
7 replies
0 views

No text available

TurboTax Premier Online

Best answer by DoninGA

A gift given to an individual is not reported on a federal tax return. A gift received from an individual is not reported on a federal tax return, regardless of the amount received.

If the gift given is $14,000 or more to a single individual then you have to complete and file a Form 709 Gift Tax return. There will be no taxes owed on the gift if your total gifts given in a lifetime are less than $5.45 million.

TurboTax does not support IRS Form 709

fanfare

Employee

on the individual tax return, gifts do not appear. So where were you planing to list this ?

G

gordonscrimgerAuthor

The below does answer my question. Does this mean I can’t use turbotax to file taxes if I gave a gift? or can form 709 be attached to turbo tax before filing?

G

gordonscrimgerAuthor

The below does answer my question. Does this mean I can’t use turbotax to file taxes if I gave a gift? or can form 709 be attached to turbo tax before filing?

X

xmasbaby0

Employee

TurboTax does not provide or support form 709. You do not include it with your income tax return. You can get the form from the IRS: <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f709.pdf">https://www.irs.gov/pub/irs-pdf/f709.pdf</a>

**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.**

DoninGA

Employee

The gift tax return is a separate tax return. You can still file your personal tax return, Form 1040, using TurboTax.

G

gordonscrimgerAuthor

Thank you

DoninGAAnswer

Employee

A gift given to an individual is not reported on a federal tax return. A gift received from an individual is not reported on a federal tax return, regardless of the amount received.

If the gift given is $14,000 or more to a single individual then you have to complete and file a Form 709 Gift Tax return. There will be no taxes owed on the gift if your total gifts given in a lifetime are less than $5.45 million.

TurboTax does not support IRS Form 709