Get Irs 8615 2024-2025

For 2023, Form 8615 needs to be filed if all of the following conditions apply: The child has more than $2,500 in unearned income. The child is required to file a tax return. The child does not file a joint tax return with a spouse.

Desktop: Form 8814 - Parents' Election to Report Child's Interest and Dividends. Parents may elect to include their child's income from interest, dividends, and capital gains with their tax return as long as the total taxable interest, dividends, and capital gains are less than $12,500.

If the child's unearned income is more than $2,500, use Form 8615 to figure the child's tax. Unearned income is generally all income other than salaries, wages, and other amounts received as pay for work actually performed (earned income).

Click on “Tax Tools” on the left menu bar. Select "Tools". Type in 8615 and you should see this topic now highlighted in the list, click the "Go" button to step through the interview process and review/edit your entries.

Question: Explain the two different ways that the tax on unearned income of minor children, or "kiddie tax," can be reported. The kiddie tax may be computed on Form 8615 which is attached to the child's tax return. Alternatively, the parents may elect to include the income by attaching Form 8814 .

The form is required when the child's unearned income exceeds certain limits set by the IRS. It calculates the child's tax liability, which may be different from the tax liability of the parent or guardian.

To claim a child's income on a parent's tax return, the child needs to be considered a qualifying child dependent of the parent. Parents can use IRS Form 8814 to elect to report their child's income on their tax return instead of the child filing their own return.