Get the free 1998 Form 8814 - SaveWealth

Form 8814 Department of the Treasury Internal Revenue Service (99) OMB No. 15451128 Parents Election To Report Child's Interest and Dividends 1998 See instructions below and on back. Attach to parents

How to fill out 1998 form 8814

How to fill out 1998 form 8814:

1. Gather all necessary information: Before starting to fill out the form, make sure you have all the required information available. This includes your personal details, such as your name, Social Security number, and address, as well as the details of the child for whom you are reporting the interest and dividends.
2. Complete the taxpayer information: Begin by filling out the top portion of the form with your personal details, including your name, address, and Social Security number. Ensure that this information is accurate and up to date.
3. Provide the child's information: In the designated sections of the form, provide the child's name and Social Security number. Double-check the accuracy of this information to avoid any errors.
4. Report the interest income: On Form 8814, you will find a section where you need to report the interest income received by the child. Enter the total amount of interest income earned by the child during the tax year in the appropriate box.
5. Report the dividend income: Similarly, there is a section on the form where you need to report the dividend income received by the child. Enter the total amount of dividend income earned by the child during the tax year in the specified box.
6. Calculate the child's tax: To determine the child's tax on the unearned income, you need to complete Part I of the form. Follow the instructions provided and fill in the required calculations accurately.
7. Transfer the child's tax to Form 1040: Once you have calculated the child's tax using Form 8814, transfer this amount to the child's tax on Form 1040. Ensure that you enter the appropriate line number on Form 1040 to report the child's tax.

Who needs 1998 form 8814?

1. Parents with children who have unearned income: Form 8814 is primarily used by parents or guardians who report their child's unearned income on their own tax return. This form allows the parent to report the child's income separately and calculates the tax the child owes on this income.
2. Children under the age of 19 or full-time students under the age of 24: The child for whom the parent is reporting the income must be under the age of 19, or if they are a full-time student, they must be under the age of 24.
3. Child's unearned income exceeds a certain threshold: The parent must use Form 8814 if the child's unearned income exceeds a certain threshold. The threshold amount is adjusted annually, so it is important to check the instructions or consult with a tax professional to determine if Form 8814 is required for a specific tax year.

For pdfFiller’s FAQs

What is form 8814 - savewealth?

Form 8814 - savewealth is used by parents to report their child's unearned income on their tax return.

Who is required to file form 8814 - savewealth?

Parents are required to file form 8814 - savewealth if their child has unearned income that needs to be reported.

How to fill out form 8814 - savewealth?

Form 8814 - savewealth should be filled out with the child's unearned income details, along with the parents' information.

What is the purpose of form 8814 - savewealth?

The purpose of form 8814 - savewealth is to report a child's unearned income on the parents' tax return.

What information must be reported on form 8814 - savewealth?

Form 8814 - savewealth requires information about the child's unearned income, as well as details about the parents.

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