Taxation help

[rockman 0]

My mother in unemployed and I have gifted money to her back account.

Is she liable to pay taxes considering she generated no income.

Do I need to file taxes for her just so that IRS keeps informed about her case.

Also, Is there someplace I can learn how to file taxes for myself as this is very new to me.

[Khallaf 646]

3 minutes ago, rockman said:

My mother in unemployed and I have gifted money to her back account.

Is she liable to pay taxes considering she generated no income.

Do I need to file taxes for her just so that IRS keeps informed about her case.

Also, Is there someplace I can learn how to file taxes for myself as this is very new to me.

turbotax.com is a great place for the DIY tax filing. 

 

as far as the gift goes it depends on the amount gifted and then it is the giver that will pay the taxes, gifted money is not considered income.

Edited December 12, 2018 by Khallaf

[rockman 0]

Is it freely available.

Can you give me the link?

[Khallaf 646]

https://turbotax.intuit.com/

 

here is another one

 

https://turbotax.intuit.com/

 

depending on your tax situation there are many free sites, that will calculate and even do it for free depending on the income level.

Edited December 12, 2018 by Khallaf

[rockman 0]

Which one does everyone use.

Free, deluxe, premier... there's lots on it.

 

By the way regarding my mom... any ideas?

 

Thanks.

[Khallaf 646]

1 minute ago, rockman said:

Which one does everyone use.

Free, deluxe, premier... there's lots on it.

 

By the way regarding my mom... any ideas?

 

Thanks.

if she has no income she is not required to file taxes.

 

gifted money is not income she no need to claim it.

 

and you use the right one for your tax situation many do not have complicated taxes and use the free one.

[aaron2020 11,651]

11 minutes ago, rockman said:

My mother in unemployed and I have gifted money to her back account.

Is she liable to pay taxes considering she generated no income.

Do I need to file taxes for her just so that IRS keeps informed about her case.

Also, Is there someplace I can learn how to file taxes for myself as this is very new to me.

The recipient of a gift owes zero in taxes.

 

Your mother has no income so she is not required to file a tax return.

 

 

[aaron2020 11,651]

2 minutes ago, rockman said:

Which one does everyone use.

Free, deluxe, premier... there's lots on it.

 

By the way regarding my mom... any ideas?

 

Thanks.

Which edition people use depends on their specific tax situation. 

 

For simple W-2 income, free is fine.  For people with home mortgages, it would be different.  

 

[CEE53147 559]

Engage a CPA or enrolled agent to do your taxes if you have problems understanding US tax laws.

[belinda63 2,981]

Correction everyone. There is a gift tax. Beyond that I know nothing but my name is not Jon Snow.

Google it, it must be over a certain $ amount to trigger the tax and I am not even sure who has to pay the tax.

[rockman 0]

okay so how to get over an issue of backlog on tax returns ? 

[me55592a 8]

The Annual Gift Tax Exclusion. The annual gift tax exclusion is $15,000 for the 2018 tax year. (It was $14,000 for the 2017 tax year.) This is the amount of money that you can give as a gift to one person, in any given year, without having to pay any gift tax.Aug 2, 2018

[me55592a 8]

In general, you must file a Federal gift tax return (IRS Form 709) if you gave someone more than $15,000 during the year. In some cases, you are required to file Form 709 even if your gift was below the $15,000 annual exclusion. Note that only individuals are responsible for filing gift tax returns — corporations or trusts that make gifts will pass the filing and payment responsibilities onto their individual stockholders or beneficiaries. Additionally, a married couple cannot file a joint gift tax return.

Form 709 is an annual return that is due by April 15 of the year after the gift was made. While this is the same deadline as the individual income tax return (Form 1040), the gift tax return must be filed separately. You can request a 6-month filing extension for your gift tax return with Form 8892 (Application for Extension of Time to File Form 709 and/or Payment of Gift/Generation-Skipping Transfer Tax). Furthermore, if you use Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) to obtain a tax extension for your 1040 return, you will automatically receive an extension for Form 709.

 

2018 Instructions for Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return

Who does not need to file. If you meet all of the following requirements, you are not required to file Form 709. You made no gifts during the year to your spouse. You did not give more than $15,000 to any one donee. All the gifts you made were of present interests.

Edited December 12, 2018 by me55592a

[rockman 0]

thanks to the information 

[jcra615 53]

19 hours ago, me55592a said:

The Annual Gift Tax Exclusion. The annual gift tax exclusion is $15,000 for the 2018 tax year. (It was $14,000 for the 2017 tax year.) This is the amount of money that you can give as a gift to one person, in any given year, without having to pay any gift tax.Aug 2, 2018

^^ THIS. So it depends on how much you gifted her.