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Retirement tax questions
Sorry not sure I follow for when to use either.
Was just trying to understand if I use the exemption figure or the credit figure for line 7 in this case.
I wasn't sure if you looked back at my original post but in your initial response it was noted to use the exemption figure ($12,060,000) on line 7.
Only schedule A Part 1 and 4 are being used and no other schedules of this form.
The donor is widowed since 2019 but no DSUE will be considered.
Just a straight up gift in 2022. If by chance anymore in the future, nowhere near any exclusion and/or credit limits.
The terms "exclusion" and "credit" are crossing me up for line 7's entry.
‎April 2, 2023
4:38 PM