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  2. What Are Gift Tax Rates and When Do You Have To Pay? - AOL

    www.aol.com/gift-tax-rates-pay-210701793.html

    As a taxpayer, you usually only pay gift tax on the amounts that exceed the allotted lifetime gift tax exclusion, which was $12.92 million in 2023 and $13.61 million in 2024.

  3. 2024 gift tax rate: What it is, how it works and who has to ...

    www.aol.com/finance/2024-gift-tax-rate-works...

    A single person who gives several gifts of up to $18,000 to different recipients in a year, for example, won’t be impacted by the gift tax and won’t have to file a gift tax declaration.

  4. Gift tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Gift_tax_in_the_United_States

    A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."

  5. How to Split Gifts on a Tax Return - AOL

    www.aol.com/split-gifts-tax-return-130043216.html

    Gift tax can apply when you give money or other assets to someone else. As the gift-giver, you're responsible for paying any tax due. The IRS allows you to make financial gifts up to a certain ...

  6. Child tax credit (United States) - Wikipedia

    en.wikipedia.org/wiki/Child_tax_credit_(United...

    A tax credit enables taxpayers to subtract the amount of the credit from their tax liability. [d] In the United States, to calculate taxes owed, a taxpayer first subtracts certain "adjustments" (a particular set of deductions like contributions to certain retirement accounts and student loan interest payments) from their gross income (the sum of all their wages, interest, capital gains or loss ...

  7. Rate schedule (federal income tax) - Wikipedia

    en.wikipedia.org/wiki/Rate_schedule_(federal...

    Once a taxpayer has made these determinations, he (1) references the pertinent rate schedule, (2) finds the appropriate bracket (based on her taxable income), and (3) uses the formula described in the third column to determine his federal income tax. Assume, for example, that Taxpayer A is single and has a taxable income of $175,000 in 2021.

  8. Are Gifts, Prize Winnings and Non-Cash Bonuses Taxable? - AOL

    www.aol.com/finance/gifts-prize-winnings-non...

    As you gather your receipts and proof of income for Tax Day (May 17 this year) you may be forgetting one important detail: If you had any lottery or giveaway wins or non-cash bonuses from your...

  9. Uniform Gifts to Minors Act - Wikipedia

    en.wikipedia.org/wiki/Uniform_Gifts_to_Minors_Act

    Tax law changes in 1986, 2006, 2007 and 2017 known as the "kiddie tax" have substantially reduced the tax savings of UGMAs and UTMAs. [ citation needed ] Until 2018, for beneficiaries under 19 (under 24 if a student), the first $1,000 of unearned income was tax-free, the second $1,000 was taxed at the minor's rate (typically 15%), and the ...

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