EASY FEDERAL GIFT TAX CALCULATOR
Step 1. Add all gifts together:
Prior taxable gifts:
$
+
Total gifts made this year:
$
=
TOTAL GIFTS:
$
Step 2. Determine tenative tax as if all gifts made in current year:
Initial amount (chart p135):
$
+
Percentage (chart p135):
(
Total gifts:
$
-
Excess (chart p135):
$
)
=
TENATIVE TAX ON ALL GIFTS:
$
Step 3. Determine tenative tax on gifts made in prior years as if made in current year:
Initial amount (chart p135):
$
+
Percentage (chart p135):
(
Prior taxable gifts:
$
-
Excess (chart p135):
$
)
=
TEN. TAX ON PRIOR TAXABLE GIFTS:
$
Step 4. Determine tentative tax for taxable gifts made in current year:
Tentative tax on all gifts:
$
-
Tentative tax on prior taxable gifts:
$
=
TENATIVE TAX:
$
Step 5. Determine unused applicable credit amount:
Applicable Credit Amount for Current Year:
$
-
Credit Previously Used:
$
=
UNUSED APPLICABLE CREDIT AMOUNT:
$
Step 6. Determine federal estate tax due:
Tenative Tax:
$
-
Unused Applicable Credit Amount:
$
=
FEDERAL ESTATE TAX DUE:
$
ESTATE TAX CALCULATOR
© 2000 John M. Thompson