IRS Form 709 (Gift Tax Return) - Tutorial on Prior Period Gift Reconciliations

More Form 709 Tutorials:
Simple Example for Cash Gifts 2023: • IRS Form 709 (Gift Tax...
Real Estate Gifts: • IRS Form 709 (Gift Tax...
Gift of Publicly Traded Stock: • IRS Form 709 (Gift Tax...
Section 529 Plan Contributions: • IRS Form 709 (Gift Tax...
Charitable Contributions: • IRS Form 709 (Gift Tax...
Split Gifts Married Couples: • IRS Form 709 (Gift Tax...
The IRS Form 709 is filed by U.S. individuals to report taxable gifts made during the tax year. In this example, we look at a taxpayer who needs to complete additional worksheets for her Form 709 filing.
When a taxpayer has prior-year taxable gifts exceeding $500,000, the taxpayer must complete the Schedule B Column C worksheet to recalculate the applicable credit for those prior periods. The applicable credits are recalculated using the current-year gift tax rate tables.
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[@boogr454]

The IRS instructions reference the wrong table for the credit amount.

[@JDK-xt4mo]

Jason,
To date, I only have 1 prior year (2022) of gift taxes.
I'm concerned with much smaller amounts than shown in your nice video.
For 2022, my taxable amount (Total Value of Gifts - Annual Exclusions) on Schedule A, Line 11 = $600
So, per the Table for Computing Gift Tax
, my taxable amount for 2022 is $0 .
For the 2023 Schedule B, the 2022 entry for the Amount of Applicable Credit (Col C) = $0. The Amount of Taxable Gifts (Col E) = the $600 from Schedule A.
And, on Line 8 of the 2023 Form 709, the credit against the allowable entry = $0.
For Schedule B going forward (2024 and beyond), the Amount of Applicable Credit will stay at $0 until my accumulated Taxable Gifts exceed the minimum taxable amount (currently $10,000) on the whatever is listed on the then-current Table for Computing Gift Tax.
Is this all correct?
Thanks.