Jason, To date, I only have 1 prior year (2022) of gift taxes. I'm concerned with much smaller amounts than shown in your nice video. For 2022, my taxable amount (Total Value of Gifts - Annual Exclusions) on Schedule A, Line 11 = $600 So, per the Table for Computing Gift Tax , my taxable amount for 2022 is $0 . For the 2023 Schedule B, the 2022 entry for the Amount of Applicable Credit (Col C) = $0. The Amount of Taxable Gifts (Col E) = the $600 from Schedule A. And, on Line 8 of the 2023 Form 709, the credit against the allowable entry = $0. For Schedule B going forward (2024 and beyond), the Amount of Applicable Credit will stay at $0 until my accumulated Taxable Gifts exceed the minimum taxable amount (currently $10,000) on the whatever is listed on the then-current Table for Computing Gift Tax. Is this all correct? Thanks.
The IRS instructions reference the wrong table for the credit amount.
Jason,
To date, I only have 1 prior year (2022) of gift taxes.
I'm concerned with much smaller amounts than shown in your nice video.
For 2022, my taxable amount (Total Value of Gifts - Annual Exclusions) on Schedule A, Line 11 = $600
So, per the Table for Computing Gift Tax
, my taxable amount for 2022 is $0 .
For the 2023 Schedule B, the 2022 entry for the Amount of Applicable Credit (Col C) = $0. The Amount of Taxable Gifts (Col E) = the $600 from Schedule A.
And, on Line 8 of the 2023 Form 709, the credit against the allowable entry = $0.
For Schedule B going forward (2024 and beyond), the Amount of Applicable Credit will stay at $0 until my accumulated Taxable Gifts exceed the minimum taxable amount (currently $10,000) on the whatever is listed on the then-current Table for Computing Gift Tax.
Is this all correct?
Thanks.