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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.
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.
Purpose of Form For children under age 18 and certain older children described below in Who Must File, unearned income over $2,200 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 $2,200, use Form 8615 to figure the child's tax. Unearned 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.
5 gru 2023 · 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. However, for this particular tax, a larger definition is utilized for unearned income and more sources of income in the child's name are considered.
Purpose of Form. Use Form 8615 to figure your tax on unearned income over $2,200 if you are under age 18, and in certain situations if you are older. See Who Must File, later. Unearned Income. For Form 8615, “unearned income” includes all taxable income other than earned income.
The primary purpose of this form is to prevent parents from shifting large amounts of income to their children to take advantage of the child's lower tax rate. Purpose and Significance: The form helps ensure fairness in the tax system and contributes to the equitable distribution of tax liabilities across different income groups.
