What is Form 8814?
Form 8814, also known as the Parent's Election to Report Child's Interest and Dividends, allows parents to include their child's investment income—like interest and dividends—on their own tax return instead of requiring the child to file separately. This form simplifies the tax filing process for families, especially when a child’s investment income exceeds $2,700 for the 2024 tax year. By using Form 8814, parents can manage their tax obligations more efficiently, avoiding the extra paperwork that comes with filing a separate return for the child.
What is Form 8814 used for?
Form 8814 is a helpful tool for parents managing their child's investment income. It allows you to report this income on your tax return instead of your child filing separately. Here’s what it’s used for:
- Reporting a child's interest and dividends.
- Including capital gain distributions and Alaska Permanent Fund dividends.
- Ensuring the child meets specific age and income criteria.
- Avoiding the child's requirement to file a tax return if the parent makes the election.
How to fill out Form 8814?
- 1
Gather your child's taxable interest forms and dividends.
- 2
Enter the taxable and tax-exempt interest amounts on the form.
- 3
Report any ordinary and qualified dividends received.
- 4
Fill in the capital gain distribution section accurately.
- 5
Ensure your child meets all eligibility conditions.
- 6
Attach the completed Form 8814 to your tax return and file by the due date.
Who is required to fill out Form 8814?
Parents with children under certain conditions must complete Form 8814. This includes those whose child is under age 19 (or 24 if a full-time student), earning only interest and dividends, with a gross income less than $13,000.
Parents use Form 8814 to report their child's income on their tax return, allowing the child to avoid filing separately. This election simplifies the tax process for qualifying families.
When is Form 8814 not required?
Form 8814 isn't required if the child's income exceeds $11,000, if it includes wages, or if the child files a joint return. Children over 24 who are not full-time students must file their own tax return and report investment income separately.
When is Form 8814 due?
The deadline for Form 8814 is April 15th, which aligns with the annual tax filing deadline. It's essential to check the IRS guidelines each year for any changes. Parents should prepare this form ahead of time to ensure they meet the submission requirements.
How to get a blank Form 8814?
To get started with Form 8814, Parent's Election to Report Child's Interest and Dividends, issued by the Internal Revenue Service (IRS), simply visit our website. We have a blank version of the form ready for you to fill out. Remember, our platform aids in filling and downloading forms but does not support filing.
Do you need to sign Form 8814?
No, you do not need to sign Form 8814. Instead, complete the form and attach it to your tax return, which is generally Form 1040, 1040-SR, or 1040-NR. It's always a good idea to check for the latest updates regarding tax forms. Once you’ve filled out the form using PDF Guru, you can easily download it for your records. Remember, PDF Guru does not support submission or sharing, so handle that part separately.
Where to file Form 8814?
To submit Form 8814, attach it to your completed Form 1040, 1040-SR, or 1040-NR. Ensure all information is accurate before mailing.
Remember, Form 8814 cannot be filed online. Send it to the IRS address indicated in your tax return instructions for proper processing.
