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This form is used to calculate the tax for children who have investment income exceeding $1,900. It requires information about the child's and parent's incomes and filing statuses to determine the
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How to fill out form 8615
How to fill out Form 8615
01
Obtain Form 8615 from the IRS website or your tax preparation software.
02
Fill out your name and Social Security Number at the top of the form.
03
Indicate the child's information if you are filing for them, including their name and Social Security Number.
04
Complete Part I to determine if the child meets the eligibility criteria for filing Form 8615.
05
Fill out Part II to calculate the child's tax using the provided tax rates.
06
Report any required information on lines related to unearned income.
07
Attach Form 8615 to your Form 1040 when you file your taxes.
Who needs Form 8615?
01
Form 8615 is needed by certain children under age 18 who have unearned income over a specified threshold, typically to report their investment income.
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What is the IRS form 8615 used for?
Purpose of Form For children under age 18 and certain older children described below in Who Must File , unearned income over $2,600 is taxed at the parent's rate if the parent's rate is higher than the child's. If the child's unearned income is more than $2,600, use Form 8615 to figure the child's tax.
Why does Turbotax want me to fill out form 8615?
Form 8615 is used to calculate taxes on children's unearned income, which is taxed at a higher rate than income earned by children. The federal government introduced this tax rate to curb instances of parents putting investments under children's names to avoid paying higher taxes on them.
What is the difference between 8615 and 8814?
Forms 8615 or 8814 - Which Form Do I Need? If you are completing the parents' return, DO NOT enter the information for Form 8615 Tax for Certain Children Who Have Unearned Income but DO complete Form 8814 Parents' Election To Report Child's Interest and Dividends.
Who needs to fill out form 8615?
Unearned income includes all forms of investment income, such as interest, dividends, rent, and capital gains. A child who has more than $2,600 in unearned income in 2024 and meets certain qualifications should use IRS Form 8615 when filing a tax return.
What is the tax rate for form 8615?
Net Investment Income Tax (NIIT) A child whose tax is figured on Form 8615 may be subject to the NIIT. NIIT is a 3.8% tax on the lesser of net investment income or the excess of the child's modified adjusted gross income (MAGI) over the threshold amount. Use Form 8960, Net Investment Income Tax, to figure this tax.
What is the purpose of form 8814?
Parents use this form to report their child's income on their return, so their child will not have to file a return.
What is the difference between form 8615 and 8814?
The choice to file Form 8814 Parents' Election To Report Child's Interest and Dividends with the parents' return or Form 8615 Tax for Certain Children Who Have Unearned Income with the child's return is one to be made by the preparer of the return.
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What is Form 8615?
Form 8615 is a tax form used to calculate the tax liability for certain children who have unearned income.
Who is required to file Form 8615?
Form 8615 must be filed by children under the age of 18 (or under age 24 if a full-time student) who have unearned income over a certain threshold.
How to fill out Form 8615?
To fill out Form 8615, gather the necessary tax documents, calculate the child's unearned income, and follow the instructions on the form to complete it.
What is the purpose of Form 8615?
The purpose of Form 8615 is to determine the tax rates applicable to a child's unearned income, which may be subject to the 'kiddie tax' rules.
What information must be reported on Form 8615?
Form 8615 requires reporting of the child's unearned income, the parent's adjusted gross income, and any applicable tax calculations.
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