Federal Estate Tax Exemption Amounts

The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) increased the unified credit, i.e. the amount of a decedent’s assets which are exempt from federal estate tax. For the year 2010, the federal estate tax is abolished. The exclusion amounts are as follows:

Year of Death                             Exclusion Amount

2001                                                  $675,000

2002& 2003                                      1,000,000

2004& 2005                                      1,500,000

2006, 2007 & 2008                            2,000,000

2009                                                   3,500,000

2010 & 2011                                      5,000,000

2012                                                   5,120,000

2013                                                   5,250,000

2014                                                   5,340,000

2015                                                   5,430,000

2016                                                   5,450,000

2017                                                   5,490,000

2018                                                   11,180,000

2019                                                   11,400,000

2020                                                    11,580,000

2021                                                    11,700,000

2022                                                    12,060,000

2023                                                    12,920,000

Beginning January 1, 2011, estates of decedents survived by a spouse may elect to pass any of the decedent’s unused exemption to the surviving spouse. This election is made on a timely filed estate tax return for the decedent with a surviving spouse.

Rev. 7/23