My client over 65 took a 110k withdrawal from they IRA and gifted 70k to their son how do I show the deduction on the return for the gift?

[taxgal812]

Do I have to file a 709 gift tax return 

[Happy-Tax · Accepted solution]

Gift tax return required? Yes.

Deduction on the client's return for the $70K given to the son? Nope. Your client will end up eating the tax on the $110K (unless his son is the Pope or a televangelist).

[Just-Lisa-Now-]

Nope, no deductions for gifts!   And yes, now a gift tax return is required.

Hopefully your client didn't call and ask you about this prior to doing it and you told him it was deductible.

[itonewbie]

By the past tense used in the question, sounds like it's the normal fare of done it, now what?