Gift and an Exemption

Today we hear from Tracy in Florida who’s quite unclear. (Every once in a while, I like to show you an unedited question. See if you can figure out what she is asking.) “If you make $65,000 and you have a gift receipt for $90,000 (something you gave, not you were given) claim one dependent, will this hurt your tax return or should you get something back? “

Dear Tracy,

So sorry. But I simply don’t understand your question.

You gave someone a gift of $90,000? Simply be sure to file a gift tax return for $78,000 ($90,000 – the $12,000 annual gift exclusion). Use Form 709.

Unless you’ve already given $1 million in gifts in your lifetime, you won’t have to pay gift taxes.

But gifts, given or received, don’t affect your income taxes.

As to earning $65,000 and claiming one dependent? I have no idea if you’ll get a refund or not.
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It depends on whether you own a home with a mortgage, what other kinds of deductions and income you have.
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Sorry, haven’t a clue.

But you can use TurboTax’s withholding calculator
https://www.irs.gov/individuals/page/0,,id=14806,00.html

Or use IRS’s withholding calculator

https://www.irs.gov/individuals/page/0,,id=14806,00.html

Consider using TurboTax’s tax estimator to see where you’ll stand so far this year.
https://turbotax.intuit.com/tax_help/tax_calculators/tax_estimator.jhtml

[You’ll find all the live links in the resource box below]

And remember, you can find answers to all kinds of questions about confusing issues and all kinds of other tax issues, free. Where? Where else? At TaxMama.com

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