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Wolters Kluwer has released projected 2022 figures for the gift tax annual exclusion amount as well as the estate and gift tax lifetime exemption amount. These figures were determined by Wolters Kluwer using formulas contained in the Internal Revenue Code. They are based on the increase in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for the 12-month period that ended August 31, 2021.
According to the Wolters Kluwer projections, in 2022 the gift tax annual exclusion amount will increase to $16,000 (currently $15,000) per donee. The estate and gift tax lifetime exemption amount is projected to increase to $12,060,000 (currently $11,700,000) per individual. We expect the IRS to release official figures near year-end.
It is important to keep in mind that a current House bill aims to reduce the estate and gift tax lifetime exemption amount to $5,000,000 adjusted for inflation (projected to be $6,020,000) beginning in 2022. More information on the proposed bill can be found on a previous Greensfelder Preservation blog article. The proposed bill would not change the gift tax annual exclusion amount.