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Wealth Transfer

Estate Tax Calculator

Estimate your federal estate tax liability based on the 2024 individual exemption limit of $13,610,000.

Assets & Deductions

Enter estate details to calculate federal tax liability.

Understanding Estate Taxes

The federal estate tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death. The fair market value of these items is used, not necessarily what you paid for them.

The Lifetime Exemption

For 2024, the federal estate tax exemption is $13.61 million per individual. A married couple can shield up to $27.22 million. If your net taxable estate is below this exemption limit, no federal estate tax is owed.

Common Deductions

  • Marital DeductionProperty passing to a surviving spouse is generally not taxed.
  • Charitable DeductionGifts made to qualifying charities can reduce the taxable estate.

Calculation Methodology

The calculator first determines the Gross Estate (Total Assets). It then subtracts any debts, marital deductions, and charitable deductions to find the Taxable Estate. Finally, it subtracts the current federal exemption limit. Any remaining amount is typically taxed at a flat rate of 40%. Note: State estate and inheritance taxes are not included in this estimate.

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How the calculation works

Federal estate tax, when it applies, is charged on the part of the taxable estate above the exemption.

Taxable estate above the exemption × 40%

The 2024 basic exclusion used in many illustrations is $13.61 million per person. The law is scheduled to change, and portability and deductions matter. This is the arithmetic, not a filing position.

Worked example: $15,000,000 taxable estate, $13,610,000 exemption

  1. Amount above the exemption = $15,000,000 − $13,610,000 = $1,390,000.
  2. Tax at 40% = $556,000.

40% tax above a $13.61 million exemption

Taxable estateTax
$13,610,000$0
$15,000,000$556,000
$20,000,000$2,556,000

Frequently asked questions

How much tax is due on $15 million with a $13.61 million exemption?▼
$556,000.
What if the estate is under the exemption?▼
The federal estate tax in this formula is zero.
Is every estate taxed at 40% of its full value?▼
No. Only the portion above the exemption is taxed, and deductions can reduce that portion.