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

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

   According to the IRS, the donor typically pays taxes on gifts, and annual exclusions apply up to $16,000 per person for tax-year 2022. So, if a person gifts each of their four children $10,000, no ...

3. 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."

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

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

   The gift tax is any taxes owed on the gifts you have given. ... you will have to fill out IRS Form 709 to report the gift. The amount exceeding your annual exclusion ($19,000 or $38,000 if married ...

5. Taxable Income: What It Is and How To Calculate It - AOL

   www.aol.com/taxable-income-calculate-185222875.html

   Taxable income is the portion of your gross income that the IRS deems subject to taxes. This includes: ... You usually only pay gift tax on the amounts that exceed the allotted lifetime gift tax ...

6. Gift tax - Wikipedia

   en.wikipedia.org/wiki/Gift_tax

   In economics, a gift tax is the tax on money or property that one living person or corporate entity gives to another. [1] A gift tax is a type of transfer tax that is imposed when someone gives something of value to someone else. The transfer must be gratuitous or the receiving party must pay a lesser amount than the item's full value to be ...

7. Form 1040 - Wikipedia

   en.wikipedia.org/wiki/Form_1040

   Form 1040, officially, the U.S. Individual Income Tax Return, is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid to or refunded by the government.

8. Form 1099-R - Wikipedia

   en.wikipedia.org/wiki/Form_1099-R

   Form 1099-R is filed for each person who has received a distribution of $10 or more from any of the above. [1] Some of the items included on the form are the gross distribution, the amount of the distribution that is taxable, the amount withheld for tax purposes, and a code that represents the type of distribution made to plan holder. [2]

9. Ask an Advisor: If I Give $50k to Charity, Does It Reduce My ...

   www.aol.com/ask-advisor-help-understand-math...

   Submit the proper forms when needed. If you donate property worth at least $500, you must include IRS Form 8283 as part of your tax return. If necessary, attach any appraisals related to the ...