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Instructions for Form 8615 provide guidance on how to file taxes for children under age 14 who have investment income exceeding $1,500, detailing rules for calculating tax based on the parents' tax
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How to fill out form 8615
How to fill out Form 8615
01
Gather necessary information including your child's income for the tax year.
02
Obtain the child's Social Security Number (SSN) as well as your own.
03
Fill out Part I of Form 8615, which requires basic identification information.
04
Complete Part II by entering the child's unearned income, such as dividends or interest.
05
Calculate the tax based on the provided tax tables or instructions in Part II.
06
Complete Part III, if applicable, to claim any special tax credits or adjustments.
07
Review the form for accuracy and completeness.
08
Sign and date the form before submitting it with your tax return.
Who needs Form 8615?
01
Parents or guardians of dependents who have unearned income exceeding $2,300.
02
Children under the age of 18 who have a filing requirement due to their income level.
03
Taxpayers who are required to report the income on their tax returns if the child's income is subject to the kiddie tax.
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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 and dependents to calculate their tax on unearned income.
Who is required to file Form 8615?
Form 8615 must be filed by children or dependents who have unearned income exceeding a specific threshold and are under the age of 18, or under 24 if a full-time student.
How to fill out Form 8615?
To fill out Form 8615, gather required information about unearned income, complete the income sections, and follow the instructions to calculate the tax owed.
What is the purpose of Form 8615?
The purpose of Form 8615 is to determine the tax liability on unearned income of children and dependents, particularly to prevent potential tax avoidance by using their lower tax rates.
What information must be reported on Form 8615?
Form 8615 requires reporting of the child's or dependent's unearned income, such as interest, dividends, and capital gains, along with personal information and applicable deductions.
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