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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 must be attached to the child's tax return and includes instructions for determining
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How to fill out form 8615
How to fill out Form 8615
01
Gather necessary information, including the child's and parent's income details.
02
Obtain Form 8615 from the IRS website or your tax preparation software.
03
Fill in the child's name and Social Security number at the top of the form.
04
Complete Part I by indicating the child's unearned income and any applicable deductions.
05
Move on to Part II, where you will determine the child's tax rate based on the parent's return.
06
Complete Part III to calculate the amount of tax owed on the child's unearned income.
07
Review the completed form for accuracy.
08
Attach Form 8615 to the child's tax return when filing.
Who needs Form 8615?
01
Form 8615 is required for certain children under age 18 who have significant unearned income, such as interest, dividends, or capital gains.
02
It is specifically for children whose income exceeds the threshold set by the IRS and who file their own tax returns.
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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 by certain children who have unearned income over a specific threshold to calculate their tax liability.
Who is required to file Form 8615?
Children who are under age 18, or under 24 and a full-time student, with unearned income over a certain amount, are required to file Form 8615.
How to fill out Form 8615?
To fill out Form 8615, you need to provide details about the child's unearned income, the standard deduction, and complete the relevant sections based on the child's tax situation.
What is the purpose of Form 8615?
The purpose of Form 8615 is to calculate the tax on a child's unearned income and to apply the 'kiddie tax' rules that tax certain unearned income at the parent's tax rate.
What information must be reported on Form 8615?
Form 8615 requires reporting of the child's name, Social Security number, taxable income, unearned income, and any applicable deductions.
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