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There is no penalty for late filing a gift tax return (Form 709) if no tax is due.
If you make a taxable gift to someone else, a gift tax return needs to be filed. If you fail to do this, penalties may apply. If you dont file the gift tax return as you should, you could be responsible for the amount of gift tax due as well as 5% of the amount of that gift for every month that the return is past due.
The IRS can impose penalties for not filing a gift tax return, even when no tax was due. Gifts above the annual gift tax exclusion amount of $16,000 made during the year generally must be reported on Form 709. The gifts might not be taxed, because of the lifetime gift tax exclusion.
No, TurboTax does not support IRS Form 709. Form 709 is not filed with your federal tax return, it is a separate filing that has to be printed and mailed to the IRS using the address in the Form 709 instructions.
Each individual is responsible to file a Form 709.
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Who Must File. In general. If you are a citizen or resident of the United States, you must file a gift tax return (whether or not any tax is ultimately due) in the following situations. If you gave gifts to someone in 2022 totaling more than $16,000 (other than to your spouse), you probably must file Form 709.
Who Must File. In general. If you are a citizen or resident of the United States, you must file a gift tax return (whether or not any tax is ultimately due) in the following situations. If you gave gifts to someone in 2022 totaling more than $16,000 (other than to your spouse), you probably must file Form 709.
Only individuals are required to file gift tax returns. If a trust, estate, partnership, or corporation makes a gift, the individual beneficiaries, partners, or stockholders are considered donors and may be liable for the gift and GST taxes. The donor is responsible for paying the gift tax.
Form 709 is used to report transfers subject to the Federal gift and certain generation-skipping transfer (GST) taxes, and to figure the tax, if any, due on those transfers. Form 709 InstructionsPDF. This item contains helpful information to be used by the taxpayer in preparation of Form 709, U.S. Gift Tax Return.
The purpose of filing a gift tax return is to keep a running total of gifts you have made during your lifetime, so that the IRS knows if or when you exceed your lifetime exclusion.

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