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.
Why is TurboTax making me fill out form 8615?
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).
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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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