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General Instructions. Purpose of Form. For children under age 18 and certain older children described below in Who Must File , unearned income over $2,500 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 $2,500, use Form 8615 to figure the child's tax. Unearned Income.
2023 Form 8615. C Parent’s filing status (check one): For Paperwork Reduction Act Notice, see your tax return instructions.
3 paź 2024 · A child who has more than $2,500 in unearned income and meets certain qualifications should use IRS Form 8615 when filing a tax return. Form 8615 requires the child's name and SSN, as well as the name, SSN, and filing status of a parent.
The 8615 form, otherwise known as the "Tax for Certain Children Who Have Unearned Income," is a tax document used in the United States to determine the tax owed on a child’s unearned income.
5 gru 2023 · What is Form 8615? Form 8615 is used to calculate taxes on certain children's unearned income. Unearned income typically refers to investment income such as interest, dividends, capital gains, and rental income.
What is Form 8615, Tax For Children Under Age 18? Form 8615 must be filed with the child’s tax return if all of the following apply: The child had more than $2,500 of unearned income. The child is required to file a tax return. The child was either: Under age 18 at the end of the tax year.
If you choose to modify the tax on your unearned income using the tentative tax based on the tax rate of your parent, you will need to use the 2018 or 2019 Instructions for Form 8615 and file an amended return, Form 1040-X, Amended U.S. Individual Income Tax Return.
