• Community
• Topics
cancel
Showing results for
Did you mean:
US En
• Community
• Topics
cancel
Showing results for
Did you mean:
##### Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Level 2

# Computing Gift Tax Amount on Form 709

When computing gift tax amount for 2023 for a gift of 150000, do you enter the number on the table on line 4 (table for computing gift tax) 23,800 or do you multiply the taxable amount 132,00 times the 30 percent.

x

## Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

Accepted Solutions
Level 10

## Computing Gift Tax Amount on Form 709

If it's \$150,000 gift less \$18,000 exclusion then you have a \$132,000 taxable gift.

So you have tax of \$23,800 plus 30% of the amount over \$100,000 or \$32,000 times 30%.

Total = \$23,800 plus \$9.600 = \$33,400

4 Replies
Level 10

## Computing Gift Tax Amount on Form 709

Use the table for computing the tax. In your case it's \$23,800 PLUS 30% of the amount over \$100,000.

Level 10

## Computing Gift Tax Amount on Form 709

Don't forget to deduct your annual exclusion and I assume you did that.

Level 10

## Computing Gift Tax Amount on Form 709

If it's \$150,000 gift less \$18,000 exclusion then you have a \$132,000 taxable gift.

So you have tax of \$23,800 plus 30% of the amount over \$100,000 or \$32,000 times 30%.

Total = \$23,800 plus \$9.600 = \$33,400

Level 2

## Computing Gift Tax Amount on Form 709

Thanks for the detailed explanation.  I had not idea on what to do.