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Page 3 Form 8814 (2015) General Instructions Future Developments For the latest information about developments related to Form 8814 and its instructions, such as legislation enacted after they were

How to fill out 2015 form 8814

How to fill out 2015 form 8814:

1. Gather the necessary information: Before starting to fill out the form, gather all the required information such as the child's name, Social Security number, and any income they received during the year.
2. Complete the child's information: On the form, provide the child's name, Social Security number, and relationship to the taxpayer. Ensure accuracy and double-check for any typos or errors.
3. Calculate the child's income: If the child had any earned income during the year, calculate and report it in the appropriate section of the form. Earned income can include wages from a job, self-employment income, or taxable scholarships.
4. Determine the investment income: If the child had any unearned income, such as dividends or interest from bank accounts, report it in the appropriate section of the form. Include documentation or any supporting statements if needed.
5. Complete Part I: In Part I of the form, you need to calculate the child's taxable income. Follow the instructions provided and include the necessary figures from the child's income and investment sections.
6. Complete Part II: Part II requires you to determine the parents' taxable income and tax liability before considering the child's income. Use the provided worksheet and follow the instructions to accurately complete this section.
7. Fill in the necessary filling status: Indicate the appropriate filing status in Part III of the form. This will depend on the parents' marital status and whether they are filing jointly or separately.
8. Calculate and report the child's tax: Use the worksheet provided in Part IV to calculate the child's tax based on their income. Report this amount in the relevant section.
9. Complete the Parent's Election: If the parents choose to include the child's income on their own return, fill out this section and attach a statement with any additional information required.

Who needs 2015 form 8814:

1. Taxpayers with a child who had unearned income: The 2015 form 8814 is specifically designed for taxpayers who have a child with unearned income, such as interest, dividends, or capital gains. It is used to calculate the child's tax liability and determine if the parents can include that income on their return.
2. Parents who want to elect to include the child's income: This form is required for parents who choose to include their child's income on their own tax return. By doing so, parents may benefit from different tax brackets or deductions, potentially reducing their overall tax liability.
3. Families with dependent children: If you have a child who had unearned income during the tax year and you want to accurately report and calculate their tax liability, you will need to use the 2015 form 8814.

Please note that this is a general overview of how to fill out the 2015 form 8814 and who needs it. It is always recommended to consult with a tax professional or refer to the official IRS instructions for specific guidance tailored to your situation.

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What is form 8814 - wwwzillionformscom?

Form 8814 is used to report a child's income above the threshold for a custodial parent to include it on their tax return.

Who is required to file form 8814 - wwwzillionformscom?

A custodial parent is required to file form 8814 if their child has unearned income exceeding the threshold.

How to fill out form 8814 - wwwzillionformscom?

Form 8814 requires information about the child's income, deductions, and the calculation of the parent's tax liability including the child's income.

What is the purpose of form 8814 - wwwzillionformscom?

The purpose of form 8814 is to allow a parent to report a child's unearned income on their own tax return.

What information must be reported on form 8814 - wwwzillionformscom?

Form 8814 requires details about the child's unearned income, deductions, and the parent's tax calculations with the child's income.