Get the free 2012 Form 8814. Parents' Election To Report Child's Interest and Dividends

Caution: DRIFTNET FOR FILING This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information as a courtesy. Do not file draft forms.

How to fill out 2012 form 8814 parents

How to fill out 2012 form 8814 parents

1. Obtain Form 8814 from the Internal Revenue Service (IRS) website or your local IRS office.
2. Read the instructions carefully to understand the requirements and provisions of this form.
3. Gather all the necessary information and documents, including your personal details and your parents' information.
4. Fill out the first section of the form, providing your name, social security number, and other required identification details.
5. Proceed to the second section of the form, where you need to enter your parents' information, including their names, social security numbers, and relationship to you.
6. Complete the rest of the form by following the instructions for each line or section. Provide accurate information about your parents' income and the portion attributable to them.
7. Double-check all the entries to ensure accuracy and avoid any potential errors.
8. Attach any supporting documents or schedules as required by the instructions. These may include additional income statements or other relevant forms.
9. Sign and date the form, certifying that the information provided is true and accurate to the best of your knowledge.
10. Make a copy of the completed form for your records and submit the original to the IRS by mail or electronically.
11. Retain all relevant documentation and records in case of future inquiries or audits.

Who needs 2012 form 8814 parents?

1. Form 8814 is specifically designed for parents who have investment income, such as dividends, interest, or capital gains, reported in their child's name.
2. If your child is under 19 years old, or under 24 and a full-time student, and has investment income exceeding the threshold set by the IRS, you may need to fill out Form 8814.
3. This form is used to calculate and report the portion of your child's investment income that is contingent upon your tax rate, rather than the child's typically lower tax rate.
4. If your child meets the age and income criteria, and you want to benefit from the potentially lower tax rates associated with your own tax bracket, you should use Form 8814.

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What is form 8814 parents election?

Form 8814 is used by parents to report their child's interest, dividends, and capital gain distributions on their tax return instead of filing a separate return for the child.

Who is required to file form 8814 parents election?

Parents are required to file form 8814 if they meet certain criteria, such as when their child has unearned income over a certain threshold.

How to fill out form 8814 parents election?

To fill out form 8814, parents need to report their child's income and calculate the tax using the child's tax rate, then include this information on their own tax return.

What is the purpose of form 8814 parents election?

The purpose of form 8814 is to simplify the tax reporting process for parents with children who have unearned income, by allowing the parents to include this income on their own tax return.

What information must be reported on form 8814 parents election?

Parents must report their child's interest, dividends, and capital gain distributions on form 8814, along with any relevant deductions and credits.