Get Form 1040 Form 8814.pdf - Form 8814 Department Of The ...

Filling out Form 8814 is a crucial step for parents wishing to report their child's interest and dividend income on their tax return. This guide provides step-by-step instructions to assist users in completing the form accurately and effectively online.

Follow the steps to fill out Form 8814 correctly.

1. Click the ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin by entering your child's name and social security number in the designated fields at the top of the form. Ensure the information is accurate to prevent issues with processing.
3. In Part I, you will report your child's interest and dividends. Start with line 1a, entering the taxable interest income your child received in the year. If your child received tax-exempt interest, include that on line 1b.
4. For line 2a and 2b, report any ordinary dividends and qualified dividends respectively. These amounts should be obtained from the child's Forms 1099-DIV.
5. On line 3, enter any capital gain distributions your child received. Again, refer to the child's Forms 1099-DIV for accurate reporting.
6. Add the amounts from lines 1a, 2a, and 3. If the total is $2,200 or less, skip lines 5-12 and go directly to line 13. If the total is $11,000 or more, your child must file their own tax return.
7. Continue through the remaining lines in Part I based on the total calculated to determine the tax on your child's interest and dividends if eligible.
8. In Part II, calculate the tax on the first $2,200 of the child’s interest and dividends, following the specific instructions provided for lines 13-15.
9. Finally, review all entries for accuracy, save changes, and then choose to either download, print, or share the completed form as needed.

Complete Form 8814 online today to ensure your child's income is accurately reported.