Who files Form 8615, parent or child?

Form 8615 is typically filed by the child who has unearned income over a certain threshold. The parent may need to provide information on their tax return if the child qualifies, but the child is the one who files the form.

Why do I have to fill out Form 8615?

You need to fill out Form 8615 if you are a child under age 18 (or under age 24 if a full-time student) and have unearned income exceeding $2,300. This form helps determine the tax rate on that unearned income, which may be taxed at the parent's tax rate.

When do you use Form 8615?

You use Form 8615 when you have unearned income, such as interest or dividends, that exceeds the threshold for the tax year. This form must be attached to your tax return to calculate the correct tax owed on that income.

Why am I being asked to fill out Form 8615?

You are being asked to fill out Form 8615 because your unearned income has reached a level that requires the IRS to assess your tax based on your parent's tax rate. This is known as the 'kiddie tax' and is intended to prevent parents from shifting income to their children to take advantage of lower tax rates.

Form 8615 2023-2024 - Fill Official Tax Forms

What is Form 8615?

Form 8615 is used to calculate the tax for certain children who have unearned income, like interest or dividends. This form is important because it helps determine if a child’s unearned income is taxed at their parents' higher tax rate instead of their own lower rate. Properly filling out this form ensures that families comply with tax laws and avoid potential penalties. Understanding and using Form 8615 can help parents manage their children's tax responsibilities effectively.

What is Form 8615 used for?

Form 8615 is used to calculate tax for certain children with unearned income. Here’s what it’s used for:

to determine tax liability for children under 18.
to report unearned income exceeding $2,300.
to apply special tax rates for children.

How to fill out Form 8615?

1
Determine if the child qualifies based on age and income.
2
Gather the child’s income details, including interest and dividends.
3
Complete Part I to report unearned income.
4
Fill out Part II to calculate tax based on the child’s income.
5
Review all information for accuracy.
6
Sign the form if required.

Who is required to fill out Form 8615?

Form 8615 is for certain children with unearned income, typically completed by parents and guardians. They use it to report the child's unearned income on their tax return.

Afterward, tax professionals and the IRS may use this form to verify the tax responsibilities of these children.

When is Form 8615 not required?

Form 8615 isn't necessary if a child has unearned income below $2,300 for the tax year. Additionally, if the child is not claimed as a dependent on someone else's return, the form is not required.

Children who are 18 or older and file their own tax return also do not need to fill out this form, regardless of their unearned income amount.

When is Form 8615 due?

The deadline for Form 8615 is typically April 15 of the year following the tax year for which you are filing. If April 15 falls on a weekend or holiday, the deadline is usually the next business day.

Make sure to check if you need to file this form based on your child's unearned income. If their unearned income exceeds $2,300 for the tax year, you'll need to complete and submit this form along with your tax return.

How to get a blank Form 8615?

To get a blank Form 8615, simply visit our website. The form is pre-loaded in our editor, ready for you to fill out. Once completed, you can download it for your records. Remember, our platform does not support filing the form.

Do you need to sign Form 8615?

Form 8615 does not require a signature according to official sources. However, requirements can change, so it's wise to check the IRS website for the most current information. Keeping informed helps you minimize any potential issues and avoids misinformation.