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If your childs only income is interest and dividend income (including capital gain distributions) and totals less than $13,000, you may be able to elect to include that income on your return rather than file a return for your child. See Form 8814, Parents Election To Report Childs Interest and Dividends.
Should I file 8814 or 8615?
It may be that the $1k wages student does not need to file a return and therefore, instead of filing 8615 on their return, you should file 8814 on yours. See About Form 8615, Tax for Certain Children Who Have Investment Income and About Form 8814, Parents Election to Report Childs Interest and Dividends.
What is the IRS form 8814 Turbotax?
If your childs investment income consists only of interest and dividends, you can use IRS Form 8814 to include it on your own return and combine it with your own income. Doing this may push you into a higher tax bracket and result in higher income tax than if you prepare a separate return for your child.
What is form 8814 used for?
Form 8814 is used by parents to report a childs investment income on their tax return. In contrast, Form 8615 is required when a childs investment income is high enough to necessitate filing their own tax return. Form 8615 calculates and reports the tax due on the childs investment income.
Parents Election To Report Childs Interest and Dividends
A separate Form 8814 must be filed for each child whose income you choose to report. Parents who qualify to make the election. You qualify to make this election
Form 8814, parents election to report childs interest and
Form 8814, parents election to report childs interest and dividends. Available at Main Library Off-site Storage--Sign in to request (J84: T 22.51:8814/).
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