Irs Annual Gift Tax Exclusion 2024. In general, the gift tax and estate tax provisions apply a unified rate schedule to a person’s cumulative taxable gifts and taxable estate to arrive at a net tentative tax. The 2024 annual exclusion amount will be $18,000 (up from $17,000 in 2023).

As a result, you may want to contribute. If you exceed the annual gift tax limit, you may have to file a federal gift tax return (irs form 709).