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The gift tax

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • November 13, 2024 2:32 PM
OVERVIEW

If you give people a lot of money, you might have to pay a federal gift tax. But the IRS also allows you to give up to $17,000 in 2023 and $18,000 in 2024 to any number of people without facing any gift taxes, and without the recipient owing any income tax on the gifts.

 

Key Takeaways

  • To prevent people from avoiding the federal estate tax by giving away their money before they die, the government taxes gifts of money or property above certain levels.
  • You can give up to the annual exclusion amount ($17,000 in 2023 and $18,000 in 2024) to any number of people every year, without facing any gift taxes or filing a gift tax return.
  • If you give more than $17,000 in 2023 or $18,000 in 2024 to someone in one year, you do not automatically have to pay a gift tax on the overage. You can give a total of up to $12.92 million in overages throughout your lifetime before you start owing the gift tax. This amount increases to $13.61 million for 2024.
  • The amount of your annual overages is not taxed, but those amounts are deducted from your estate tax exclusion amount when you die. In other words, the gift is not taxed now, but more of your estate could be taxed later.

Why it pays to understand the federal gift tax law

If you give people a lot of money or property, you might have to pay a federal gift tax. But most gifts are not subject to the gift tax. For instance, you can give up to the annual exclusion amount ($17,000 in 2023, $18,000 in 2024) to any number of people every year, without facing any gift taxes. Recipients generally never owe income tax on the gifts.

In addition to the annual gift amount, you can give a total of up to $13.61 million in 2024 over your lifetime before you start owing the gift tax. If you give $20,000 each to ten people in 2024, for example, you'd use up $20,000 of your $13.61 million lifetime tax-free limit—ten times the $2,000 by which your $20,000 gifts exceed the $18,000 per-person annual gift-free amount for 2024.

The general theory behind the gift tax

The federal gift tax exists for one reason: to prevent citizens from avoiding the federal estate tax by giving away their money before they die.

The gift tax is perhaps the most misunderstood of all taxes. When it comes into play, this tax is owed by the giver of the gift, not the recipient. You probably have never paid it and probably will never have to. The law completely ignores 2024 gifts of up to $18,000 per person, per year, that you give to any number of individuals. (You and your spouse together can make joint gifts up to $36,000 per person, per year to any number of individuals.)

If you have 1,000 friends on whom you wish to bestow $18,000 each, you can give away $18 million a year without even having to fill out a federal gift-tax form. That $18 million would be out of your estate for good. But if you made the $18 million in bequests via your will, the money would be part of your taxable estate and, depending on when you died, might trigger a large estate tax bill.

The interplay between the gift tax and the estate tax

The value of your estate is the total value of all of your assets at the time you die. The rules for 2024 tax estates over $13.61 million at rates as high as 40%. That $13.61 million is an exclusion meaning the first $13.61 million of your estate does not get taxed.

So why not give all of your property to your heirs before you die and avoid any estate tax that might apply? Clever, but the government is ahead of you. As noted above, you can move a lot of money out of your estate using the annual gift tax exclusion. Go beyond that, though, and you begin to eat into the exclusion that offsets the bill on the first $13.61 million of lifetime gifts in 2024. Go beyond the $13.61 million and you'll have to pay the gift tax—at rates that mirror the individual income tax, up to 40% in 2024.

The tax basis issue

As you consider making gifts, keep in mind that very different rules determine the tax basis of property someone receives by gift versus receives by inheritance. For example, if your son inherits your property, his tax basis would be the fair market value of the property on the date you die. That means all appreciation during your lifetime becomes tax-free.

However, if he receives the property as a gift from you, generally his tax basis is whatever your tax basis was. That means he'll likely owe tax on appreciation during your life, just like you would have if you sold the asset yourself. The rule that "steps up" basis to date of death value for inherited assets can save heirs billions of dollars every year.

A tax basis example

Your mother has a house with a tax basis of $60,000. The fair market value of the house is now $300,000. If your mother gives you the house as a gift, your tax basis would be $60,000. If you inherited the house after your mother's death in 2024, the tax basis would be $300,000, its fair market value on the date of her death. What difference does this make? If you sell the house for $310,000 shortly after you got it:

  • Your gain on the sale is $250,000 ($310,000 minus $60,000) if you got the house as a gift.
  • Your gain on the sale is $10,000 ($310,000 minus $300,000) if you got the house as an inheritance.

What is a gift?

For tax purposes, a gift is a transfer of property for less than its full value. In other words, if you aren't paid back, at least not fully, it's a gift.

In 2024, you can give a lifetime total of $13.61 million ($12.92 million in 2023) in taxable gifts (that exceed the annual tax-free limit) without triggering the gift tax. Beyond these limits, you would actually have to pay the gift tax.

Gifts not subject to the gift tax

Here are some gifts that are not considered "taxable gifts" and, therefore, do not count as part of your 2024 $13.61 million ($12.92 million for 2023) lifetime total.

  • Present-interest gift of $18,000 in 2024 ($17,000 in 2023). "Present interest" means that the person receiving the gift has an unrestricted right to use or enjoy the gift immediately. In 2024 you could give amounts up to $18,000 to each person, gifting to as many different people as you want, without triggering the gift tax.
  • Charitable gifts
  • Gifts to a spouse who is a U.S. citizen. Gifts to foreign spouses are subject to an annual limit of $185,000 in 2024 ($175,000 in 2023). This amount is indexed for inflation and can change each year.
  • Gifts for educational expenses. To qualify for the unlimited exclusion for qualified education expenses, you'll need to make a direct payment to the educational institution for tuition only. Books, supplies and living expenses do not qualify. If you want to pay for books, supplies and living expenses in addition to the unlimited education exclusion, you can make a 2024 gift of $18,000 (up to $17,000 in 2023) to the student under the annual gift exclusion.

Example: In 2024, an uncle who wants to help his nephew attend medical school sends the school $19,000 for a year's tuition. He also sends his nephew $18,000 for books, supplies and other expenses. Neither payment is reportable for gift tax purposes. If the uncle had sent the nephew $37,000 and the nephew had paid the school, the uncle would have made a reportable (but maybe not taxable) gift in the amount of $19,000 ($37,000 less the annual exclusion of $18,000) which would have reduced his $13.61 million lifetime exclusion by $19,000.

The gift tax is only due when the entire $13.61 million lifetime gift tax amount has been surpassed in 2024.

Payments to 529 state tuition plans are gifts, so you can exclude up to the annual $18,000 amount in 2024. In fact, you can give up to $90,000 in one year, using up five years-worth of the exclusion, if you agree not to make another gift to the same person in the following four years.

Example: A grandmother contributes $90,000 to a qualified state tuition program for her grandchild in 2024. She decides to have this donation qualify for the annual gift exclusion for the next five years, and thus avoids using a portion of her $13.61 million gift tax exemption.

  • Gifts of medical expenses. Medical payments must be paid directly to the person providing the care in order to qualify for the unlimited exclusion. Qualifying medical expenses include:
    • diagnosis and treatment of disease
    • procedures affecting a structure or function of the body
    • transportation primarily for medical care
    • medical insurance, including long-term care insurance

In addition to these gifts that are not taxable, there are some transactions that are not considered gifts and, therefore, are definitely not taxable gifts.

  • Adding a joint tenant to a bank or brokerage account or to a U.S. Savings Bond. This is not considered to be a gift until the new joint tenant withdraws funds. On the other hand, if you purchased a security in the names of the joint owners, rather than holding it in street name by the brokerage firm, the transaction would count as a gift.
  • Making a bona fide business transaction. Even if you later find out that you paid more than the item was worth based on its fair market value, the transaction is not a gift, just perhaps a bad business decision.

TurboTax Tip:

One parent can give up to $36,000 to a child in 2024 ($34,000 in 2023) without exceeding the annual limit as long as the other parent agrees not to give the child any gift that year. Although no tax is due in this situation, the first parent would be required to file a gift tax return indicating that the second parent had agreed to split the gift.

Gifts subject to the gift tax

The following gifts are considered to be taxable gifts when they exceed the annual gift exclusion amount. Remember, taxable gifts count as part of the $13.61 million in 2024 ($12.92 for 2023) you are allowed to give away during your lifetime, before you must pay the gift tax.

  • Checks. The gift of a check is effective on the date the donor gives the check to the recipient. The donor has to still be alive when the donor's bank pays the check. This rule prevents people from making "deathbed gifts" to avoid estate taxes.
  • Adding a joint tenant to real estate. This transaction becomes a taxable gift if the new joint tenant has the right under state law to sever their interest in the joint tenancy and receive half of the property. Note that the recipient only needs to have the right to do so for the transaction to be considered a gift.
  • Loaning $10,000 or more at less than the market rate of interest. The value of the gift is based on the difference between the interest rate charged and the applicable federal rate. Applicable federal rates are revised monthly. This rule does not apply to loans of $10,000 or less.
  • Canceling indebtedness
  • Making a payment owed by someone else. This is a gift to the debtor.
  • Making a gift as an individual to a corporation. Such a donation is considered to be a gift to the individual shareholders of the corporation unless there is a valid business reason for the gift. Such a donation is not a present-interest gift, and thus does not qualify for the annual per person per year exclusion.

Example: A son owns a corporation worth $100,000. His father wants to help his son and gives the corporation $1 million in exchange for a 1 percent interest in the company. This is a taxable gift from father to son in the amount of $1 million less the value of one percent of the company.

  • A gift of foreign real estate from a U.S. citizen. For example, if a U.S. citizen gives 100 acres he owns in Mexico to someone (whether or not the recipient is a U.S. citizen), it is subject to the gift tax rules if the land is worth more than annual gift exclusion amount.
  • Giving real or tangible property located in the United States. This is subject to the gift tax rules, even if the donor and the recipient are not U.S. citizens or residents. Nonresident aliens who give real or tangible property located in the United States are allowed the 2024 year's $18,000 annual present-interest gift exclusion and unlimited marital deduction to U.S. citizen spouses but are not allowed the $13.61 million lifetime gift tax exemption. These amounts increased from the 2023 amounts of $17,000 and $12.92 million, respectively.

How gifts to minors are taxed

If you give an amount up to $18,000 (2024 amount, $17,000 for 2023) to each child each year, your gifts do not count toward the $16.61 million of gifts you are allowed to give in a lifetime before triggering the gift tax in 2024 ($12.92 million for 2023). But what counts as a gift to a minor?

  • gifts made outright to the minor
  • gifts made through a custodial account such as that under the Uniform Gifts to Minors Act (UGMA), the Revised Uniform Gifts to Minors Act, or the Uniform Transfers to Minors Act (UTMA)

Note: One disadvantage of using custodial accounts is that the minor must receive the funds at maturity, as defined by state law (generally age 18 or 21), regardless of your wishes.

A parent's support payments for a minor are not gifts if they are required as part of a legal obligation. They can be considered a gift if the payments are not legally required.

Example: A father pays for the living expenses of his adult daughter who is living in New York City trying to start a new career. These payments are considered a taxable gift if they exceed $18,000 during 2024. However, if his daughter were 17, the support payments would be considered part of his legal obligation to support her and, therefore, would not be considered gifts.

Advantages of making a gift

Giving a gift may earn you more than gratitude:

  • Reduced estate taxes. Moving money out of your estate via lifetime gifts can pay off even if those gifts trigger the gift tax. How? By removing future appreciation on the asset from your estate. Say, for example, that you give your daughter real estate worth $13,628,000, using up your $18,000 exclusion and your entire $13,610,000 (tax year 2024) lifetime gift exclusion. If the property were to become worth $20,000,000 when you die, that's $6,372,000 less to be taxed in your estate.
  • Reduced income taxes. If you give property that has a low tax basis (such as a rental house that has depreciated way below its fair market value), or property that generates a lot of taxable income, you may reduce income taxes paid within a family by shifting these assets to family members in lower tax brackets.
  • Teaching your family to manage wealth. Giving family members assets now allows you to monitor their ability to handle their future inheritance.

Disadvantages of making a gift

  • Reduces your net worth. You need to keep enough assets to care for yourself throughout a long or extended retirement or illness.
  • The Kiddie Tax. Giving funds to children may subject them to the Kiddie Tax, which applies the parents' tax rates to investment earnings of their children that exceed a certain amount. For 2024, the Kiddie Tax applies to investment income exceeding $2,600 for a child under age 19 or in certain instances age 19 to under 24 if a full-time student.

How to report and pay the gift tax

If you make a taxable gift, you must file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return, which is due April 15 of the following year or the next business day if it falls on a weekend or holiday. Even if you do not owe a gift tax because you have not reached the 2024 $13.61 million limit, you are still required to file this form if you made a gift that exceeds the $18,000 annual gift tax exclusion level. The IRS needs to keep a running tab of your lifetime exemption.

Example 1

In 2024, you give your son $19,000 to help him afford the down payment on his first house. This is a gift, not a loan. You are required to file a gift tax return and report that you used $1,000 ($19,000 minus the $18,000 2024 exclusion) of your $13.61 million lifetime exemption.

Example 2

Same facts as above, except that you give your son $18,000 and your daughter-in-law $1,000 to help with the down payment on a house. Both gifts qualify for the annual exclusion. You do not need to file a gift tax return.

Example 3

Same facts in Example 1, but your spouse agrees to "split" the gift—basically this means your spouse agrees to let you use part of his or her exclusion for the year. One spouse, for example, could give $36,000 to his son in 2024 without triggering the gift tax if the other spouse agrees not to give the son any gift that year. Although no tax is due in this situation, the first spouse would be required to file a gift tax return indicating that the second spouse had agreed to split the gift.

Forms, publications and tax returns

Only individuals file Form 709: U. S. Gift (and Generation-Skipping Transfer) Tax Return—there's no joint gift tax form. If a both spouses each make a taxable gift, each spouse has to file a Form 709.

On a gift tax return, you report the fair market value of the gift on the date of the transfer, your tax basis (as donor) and the identity of the recipient. You should attach supplemental documents that support the valuation of the gift, such as financial statements in the case of a gift of stock in a closely-held corporation or appraisals for real estate.

If you sell property or family heirlooms to your child for full fair market value, you don't have to file a gift tax return. But you may want to file one anyway to cover yourself in case the IRS later claims that the property was undervalued, and that the transaction was really a partial gift. Filing Form 709 begins the three-year statute of limitations for examination of the return. If you do not file a gift tax return, the IRS could question the valuation of the property at any time in the future.

For more information on the gift tax, see IRS Publication 559: Survivors, Executors, and Administrators.

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  • TurboTax Live Full Service – Qualification for Offer: Depending on your tax situation, you may be asked to answer additional questions to determine your qualification for the Full Service offer. Certain complicated tax situations will require an additional fee, and some will not qualify for the Full Service offering. These situations may include but are not limited to multiple sources of business income, large amounts of cryptocurrency transactions, taxable foreign assets and/or significant foreign investment income. Offer details subject to change at any time without notice. Intuit, in its sole discretion and at any time, may determine that certain tax topics, forms and/or situations are not included as part of TurboTax Live Full Service. Intuit reserves the right to refuse to prepare a tax return for any reason in its sole discretion. Additional limitations apply. See Terms of Service for details.

  • TurboTax Live Full Service - File your taxes as soon as today: TurboTax Full Service Experts are available to prepare 2023 tax returns starting January 8, 2024. Based on completion time for the majority of customers and may vary based on expert availability. The tax preparation assistant will validate the customer’s tax situation during the welcome call and review uploaded documents to assess readiness. All tax forms and documents must be ready and uploaded by the customer for the tax preparation assistant to refer the customer to an available expert for live tax preparation.

  • TurboTax Live Full Service -- Verified Pro -- “Local” and “In-Person”: Not all feature combinations are available for all locations. "Local" experts are defined as being located within the same state as the consumer’s zip code for virtual meetings. "Local" Pros for the purpose of in-person meetings are defined as being located within 50 miles of the consumer's zip code. In-person meetings with local Pros are available on a limited basis in some locations, but not available in all States or locations. Not all pros provide in-person services.

  • Smart Insights: Individual taxes only. Included with TurboTax Deluxe, Premium, TurboTax Live, TurboTax Live Full Service, or with PLUS benefits, and is available through 11/1/2024. Terms and conditions may vary and are subject to change without notice.

  • My Docs features: Included with TurboTax Deluxe, Premium TurboTax Live, TurboTax Live Full Service, or with PLUS benefits and is available through 12/31/2025. Terms and conditions may vary and are subject to change without notice.

  • Tax Return Access: Included with all TurboTax Free Edition, Deluxe, Premium, TurboTax Live, TurboTax Live Full Service customers and access to up to the prior seven years of tax returns we have on file for you is available through 12/31/2025. Terms and conditions may vary and are subject to change without notice.

  • Easy Online Amend: Individual taxes only. Included with TurboTax Deluxe, Premium, TurboTax Live, TurboTax Live Full Service, or with PLUS benefits. Make changes to your 2023 tax return online for up to 3 years after it has been filed and accepted by the IRS through 10/31/2026. Terms and conditions may vary and are subject to change without notice. For TurboTax Live Full Service, your tax expert will amend your 2023 tax return for you through 11/15/2024. After 11/15/2024, TurboTax Live Full Service customers will be able to amend their 2023 tax return themselves using the Easy Online Amend process described above.

  • #1 best-selling tax software: Based on aggregated sales data for all tax year 2022 TurboTax products.

  • #1 online tax filing solution for self-employed: Based upon IRS Sole Proprietor data as of 2023, tax year 2022. Self-Employed defined as a return with a Schedule C tax form. Online competitor data is extrapolated from press releases and SEC filings. “Online” is defined as an individual income tax DIY return (non-preparer signed) that was prepared online & either e-filed or printed, not including returns prepared through desktop software or FFA prepared returns, 2022.

  • CompleteCheck: Covered under the TurboTax accurate calculations and maximum refund guarantees. Limitations apply. See Terms of Service for details.
  • TurboTax Premium Pricing Comparison: Cost savings based on a comparison of TurboTax product prices to average prices set forth in the 2020-2021 NSA Fees-Acct-Tax Practices Survey Report.

  • 1099-K Snap and Autofill: Available in mobile app and mobile web only.

  • 1099-NEC Snap and Autofill: Available in TurboTax Premium (formerly Self-Employed) and TurboTax Live Assisted Premium (formerly Self-Employed). Available in mobile app only. Feature available within Schedule C tax form for TurboTax filers with 1099-NEC income.

  • Year-Round Tax Estimator: Available in TurboTax Premium (formerly Self-Employed) and TurboTax Live Assisted Premium (formerly Self-Employed). This product feature is only available after you finish and file in a self-employed TurboTax product.

  • **Refer a Friend: Rewards good for up to 20 friends, or $500 - see official terms and conditions for more details.

  • Refer your Expert (Intuit’s own experts): Rewards good for up to 20 referrals, or $500 - see official terms and conditions for more details.

  • Refer your Expert (TurboTax Verified Independent Pro): Rewards good for up to 20 referrals, or $500 - see official terms and conditions for more details.

  • Average Refund Amount: Sum of $3140 is the average refund American taxpayers received based upon IRS data date ending 2/17/23 and may not reflect actual refund amount received.

  • Average Deduction Amount: Based on the average amount of deductions/expenses found by TurboTax Self Employed customers who filed expenses on Schedule C in Tax Year 2022 and may not reflect actual deductions found.

  • More self-employed deductions based on the median amount of expenses found by TurboTax Premium (formerly Self Employed) customers who synced accounts, imported and categorized transactions compared to manual entry. Individual results may vary.

  • TurboTax Online Business Products: For TurboTax Live Assisted Business and TurboTax Full Service Business, we currently don’t support the following tax situations: C-Corps (Form 1120-C), Trust/Estates (Form 1041), Multiple state filings, Tax Exempt Entities/Non-Profits, Entities electing to be treated as a C-Corp, Schedule C Sole proprietorship, Payroll, Sales tax, Quarterly filings, and Foreign Income. TurboTax Live Assisted Business is currently available only in AK, AZ, CA, CO, CT, DE, FL, GA, IL, KS, MA, MD, ME, MI, MN, MO, NC, NJ, NV, NY, OH, PA, RI, SD, TN, TX, UT, VA, WA, WV and WY.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions. 

TURBOTAX DESKTOP GUARANTEES

TurboTax Desktop Individual Returns:

  • 100% Accurate Calculations Guarantee – Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we’ll pay you the penalty and interest. Excludes payment plans. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back – Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state software license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Audit Support Guarantee – Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee – Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we’ll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.

  • Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.

  • TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.

  • Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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