Connecticut Gift Form Withholding Tax
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FAQ
Annual Gift Tax Exclusion You can make annual exclusion gifts of $17,000 per year starting in 2023 (up from $16,000) to as many people as you wish, free of federal and Connecticut gift tax, without using up any of your estate and gift tax exemption.
Connecticut Gift Tax: Connecticut State Gift Tax Rate: 11.6% (if the value of the taxable estate/gift is $9.1 to $10.1 million) or 12% (if the value is greater than $10.1 million)
Connecticut increased its lifetime gift tax exemption to $9.1 million for the tax year 2022, with the plan to rise in subsequent years. This means you won't owe a Connecticut gift tax unless the gifts you provide in those years exceed their corresponding exemption levels.
Filing the form with the IRS is the responsibility of the giver, but it's only required in certain gift giving situations.
Generally, the answer to ?do I have to pay taxes on a gift?? is this: the person receiving a gift typically does not have to pay gift tax. The giver, however, will generally file a gift tax return when the gift exceeds the annual gift tax exclusion amount, which is $16,000 per recipient for 2022.