"When filing Form 709, do I actually compute a tax amount on line 4 of Part 2-Tax Computation"
Yes, but then you enter the applicable credit (typically $4,417,800) on Line 7 (see instructions at link below).
If you are giving substantial gifts, you really should consider getting professional assistance, both with the amount and method of gifting and the filing of any gift tax returns that may be due.
See https://www.irs.gov/instructions/i709#idm140297521158896
"When filing Form 709, do I actually compute a tax amount on line 4 of Part 2-Tax Computation"
Yes, but then you enter the applicable credit (typically $4,417,800) on Line 7 (see instructions at link below).
If you are giving substantial gifts, you really should consider getting professional assistance, both with the amount and method of gifting and the filing of any gift tax returns that may be due.
See https://www.irs.gov/instructions/i709#idm140297521158896
For 2020 Part 2-Tax Computation Line 7, why isn't the Applicable credit amount $11,580,000 (vice $4,577,800)?
The figure on the form is the amount of the credit (for the purposes of tax computation), not the lifetime exclusion.
This $4,577,800 credit gets reduced by any previous taxable gift amounts (lines 8 and 10) and further reduced by the taxable amount of the gift (line 6 carried down to line 12). The resulting tax credit balance, if any, (line 15) carries forward for use in future years?
I am also confused by line 17 because if you carry line 15 (the remaining future gift credit) down to line 17 it implies that this is the tax due to the IRS.