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This document provides instructions for Form 8615, which is used to calculate the tax for children under age 14 with investment income exceeding $1,500. It explains the purpose of the form, who must
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How to fill out form 8615
How to fill out Form 8615
01
Obtain a copy of Form 8615 from the IRS website.
02
Fill in the child's personal information, including name and Social Security number.
03
Input the parent's information as requested in the appropriate sections.
04
Report the child's interest and dividend income in Part I of the form.
05
Determine if the child has any earned income and fill in Part II accordingly.
06
Calculate the tax using the provided instructions and tax rates.
07
Review the completed form for accuracy.
08
Submit the form with the child's tax return.
Who needs Form 8615?
01
Form 8615 is required for children under age 18 (or under age 24 if a full-time student) who have unearned income over a certain threshold and whose parents' tax rate is higher.
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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 by certain minors to report their unearned income and calculate their tax liability on that income.
Who is required to file Form 8615?
Form 8615 must be filed by certain children under age 18 who have unearned income exceeding a specified threshold, as well as those who were age 18 at the end of the tax year and have unearned income above the limit.
How to fill out Form 8615?
To fill out Form 8615, taxpayers must provide information about the child's income, calculate the tax using the tax rates for children, and report any necessary parental information.
What is the purpose of Form 8615?
The purpose of Form 8615 is to ensure that the unearned income of minors is taxed at a rate that reflects their parents' tax bracket, preventing tax avoidance through children's investments.
What information must be reported on Form 8615?
Form 8615 requires reporting the child's name, Social Security number, taxable income, and any applicable parental information, along with calculations for the tax owed.
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