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This form is used to calculate the tax for children under the age of 14 who have investment income exceeding $1,500. It should be attached to the child's Form 1040, Form 1040A, or Form 1040NR.
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How to fill out form 8615
How to fill out Form 8615
01
Gather necessary information about the child, including their Social Security number, income details, and tax status.
02
Obtain the required tax documents, such as W-2s and 1099s, that report the child's income.
03
Begin by entering the child's name and identifying information at the top of the form.
04
Calculate the child's taxable income based on the income and deductions applicable.
05
Follow the instructions on the form to determine the applicable tax rate for the child's income.
06
Fill out the sections related to unearned income, if applicable, such as dividends or interest.
07
Complete the necessary calculations as prompted by the form's instructions.
08
Review the completed form for accuracy and completeness before submission.
Who needs Form 8615?
01
Form 8615 is needed by certain children under the age of 18 who have unearned income exceeding a specific threshold, typically pertaining to 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 on certain unearned income of children.
Who is required to file Form 8615?
Parents or guardians of children who have unearned income over a specified threshold, typically those under age 18 or full-time students under 24, may need to file Form 8615.
How to fill out Form 8615?
To fill out Form 8615, taxpayers must report the child's unearned income, complete the relevant sections regarding tax calculations, and then submit it along with their tax return.
What is the purpose of Form 8615?
The purpose of Form 8615 is to determine the tax liability on unearned income of minors, ensuring that it is taxed at the parent's tax rate in some cases to prevent tax avoidance.
What information must be reported on Form 8615?
Form 8615 requires reporting the child's name, Social Security number, type and amount of unearned income, and parental information for tax calculation purposes.
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