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Click ‘Get Form’ to open the 8615 in the editor.
Begin by entering the child’s name and social security number at the top of the form. Ensure accuracy as this information is crucial for tax processing.
In Part I, input the child’s net unearned income. If they did not itemize deductions, enter $2,200. Follow the instructions carefully for any adjustments.
Proceed to Part II where you will need to enter the parent’s taxable income and any amounts from other children’s Forms 8615. This section helps determine the tentative tax based on parental income.
Complete Part III by calculating the child’s tax based on their filing status. Make sure to check all calculations against IRS guidelines provided in the instructions.
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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 parents rate if the parents rate is higher than the childs. If the childs unearned income is more than $2,600, use Form 8615 to figure the childs tax.
Do I have to pay taxes on my child savings account interest?
If your childs interest, dividends, and other unearned income total more than $2,600, it may be subject to a specific tax on the unearned income of certain children. See the Instructions for Form 8615, Tax for Certain Children Who Have Unearned Income for more information.
What is the 8615 tax form used for?
Form 8615 is used to calculate taxes on childrens 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 childrens names to avoid paying higher taxes on them.
Do I have to report my childrens interest income?
Your childs investment income If your dependent childs unearned income only consists of interest and dividends, then you can elect to include it on your own return and combine it with your income. Do this by completing IRS Form 8814 and attaching it to your personal tax return (TurboTax will do this for you).
Why do I have to pay kiddie tax?
The kiddie tax, introduced with the Tax Reform Act of 1986, targets unearned income of minors and young adults to prevent families from evading taxes by shifting investment income to children.
Form 8615 must be filed for any child who meets all of the following conditions. 1. The child had more than $2,600 of unearned income. 2. The child is required
Mar 3, 2025 For the 2024 tax year, children with $2,600 or more investment income and other unearned income must file Form 8615, Tax for Certain Children
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