Can I give away more or less than my annual exclusion if I'm married?

If you are married, you and your spouse are allowed to each gift up to the annual exclusion amount ($15,000 in 2021) to any individual. In essence, this allows you and your spouse to gift up to $30,000 (in 2021) to any individual. If you gift an individual an amount in excess of your annual exclusion amount, you can "split" the gift with your spouse and utilize their annual exclusion amount for one-half (1/2) of the gift. However, in order to split gifts, an IRS Form 709 (Gift Tax Return) must be filed.