See “exemptions” section:

https://en.wikipedia.org/wiki/Gift_tax_in_the_United_States

> Second, gifts in excess of the annual exclusion may still be tax-free up to the lifetime estate basic exclusion amount ($11.58 million for 2020).[9] For estates over that amount, however, such gifts might result in an increase in estate taxes. Taxpayers that expect to have a taxable estate may sometimes prefer to pay gift taxes as they occur, rather than saving them up as part of the estate.

That's the reporting threshold, not the total exclusion amount.