Gift tax is a federal tax levied on a taxpayer who gives money or property to another person.
Gift tax ranges from 18% to 40%, depending on the size of the gift.
The IRS allows a lifetime gift tax exemption that is adjusted annually to keep up with inflation.
Gifts to U.S. citizen spouses, political organizations for organizational use, medical and tuition-related expenses, and gifts less than the annual exemption amount are excluded.
Sharing gifts and giving in trust are two strategies to avoid paying gift tax.
The Electronic Federal Tax Payment System (EFTPS) is a 24/7 service provided by the US Department of the Treasury that allows taxpayers to make tax payments over the phone or the Internet.
Form 1095-B: Health insurance contains health insurance information for taxpayers, their spouses, and dependents if they are enrolled through an insurance company.
Form 1099-R is used to report distributions of annuities, income distribution plans, retirement plans, retirement accounts, insurance contracts, or pensions.