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9 Nov 2015 ... ... at IRS.gov/formspubs. Almost every form and publication also has its own easily accessible ... 8863 page is at IRS.gov/form8863; and the Schedule A (Form 1040) page is .... A copy

How to fill out 8615 form

How to fill out Form 8615:

1. Start by accessing Form 8615, which is commonly used to calculate the tax liability for children with investment income.
2. Provide the necessary personal information, such as the child's name, social security number, and date of birth.
3. Indicate the parent's filing status by checking the appropriate box.
4. Report the child's total investment income in the designated section. This includes interest, dividends, capital gains, and any other income from investments.
5. Subtract the child's applicable deductions and exemptions from their investment income. These deductions can include expenses related to generating investment income.
6. Calculate the child's tax using the tax rates for a child with investment income.
7. If the parents elect to include the child's income on their tax return instead, indicate this on Form 8615 and follow the instructions accordingly.
8. Complete any other required sections or schedules, such as Schedule D if the child has capital gains or losses.
9. Review the completed form for accuracy and ensure that all necessary information has been provided.
10. Sign and date the form before mailing it to the appropriate tax authority, as specified in the instructions.

Who needs Form 8615:

1. Form 8615 is needed for individuals who have a child with significant investment income. This form is used to calculate the child's tax liability separate from the parent's tax return.
2. Generally, the child must be under the age of 18, a full-time student under the age of 24, or have a disability.
3. If the child's investment income exceeds a certain threshold (as determined by the IRS), the parents are required to file Form 8615 to report and calculate the child's tax liability.
4. It is important to consult the specific instructions and guidelines provided by the IRS to determine if Form 8615 is necessary for your situation.
5. Failing to file Form 8615 when required can result in penalties and may lead to an incorrect tax liability calculation.

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