EASY ESTATE TAX CALCULATOR

Step 1. Determine the taxable estate:
Total value gross estate:
$		 - Deductions from gross estate:
$		 = TAXABLE ESTATE:
$
Step 2. Determine the tax base:
Total taxable gifts
(after annual exclusion/deductions):
$		 + Taxable estate:
$		 = TAX BASE:
$
Step 3. Determine tenative tax:
Initial amount (chart p135):
$
 + Percentage (chart p135):

 ( Tax base:
$
 - Excess (chart p135):
$
 ) = TENATIVE TAX:
$
Step 4. Make credits and adjustments:
Step 4a. Determine Gift Tax Payable on Gifts After Jan 1, 1977:
GIFT TAX PAYABLE on gifts after Jan 1, 1977: $
Step 4b. Determine applicable credit amount:
APPLICABLE CREDIT AMOUNT (chart p138): $
Step 4c. Determine State Tax Credit:
Initial amount (chart p166):
$
 + Percentage (chart p166):

 ( Adjusted taxable estate:
$
 - Excess (chart p166):
$
 ) = STATE TAX CREDIT:
$
Step 4d. Add credits and adjustments together:
Gift tax payable on gifts
after Jan 1, 1977:
$		 + Applicable credit amount:
$		 + State tax credit:
$		 = TOTAL CREDIT AND ADJUSTMENT:
$
Step 5. Determine Final Tax Amount Due:
Tentative Tax:
$		 - Total credit and adjustment:
$		 = ESTATE TAX DUE:
$

GIFT TAX CALCULATOR
© 2000 John M. Thompson