Get What Is Irs Form 8615: Tax For Certain Children Who Have - Turbotax

IRS Form 8615 is used to calculate the tax for certain children who have unearned income. This guide provides comprehensive and easy-to-follow instructions for users to effectively complete the form online.

Follow the steps to accurately fill out the form.

1. Click ‘Get Form’ button to download the form and open it in your preferred editor.
2. Begin filling out the child’s name as shown on their tax return and enter their Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). Next, provide the parent’s name and their SSN or ITIN.
3. Select the parent’s filing status by checking the appropriate box that corresponds to their situation: Single, Married/RDP filing jointly, Married/RDP filing separately, Head of household, or Qualifying widow(er).
4. In Part I, enter the child's net unearned income in line 1, including sources like taxable interest and ordinary dividends. If this amount is $2,200 or less, you do not need to file this form.
5. If the child did not itemize deductions, enter $2,200 in line 2. If they did itemize, refer to the instructions for the correct deduction.
6. Subtract line 2 from line 1 to calculate net unearned income. If the result is zero or negative, stop here and include the form with the child’s return.
7. Continue by entering the child’s taxable income from either Form 540 or Form 540NR in line 4.
8. Line 5 requires you to enter the lesser of line 3 or line 4. If this is zero or less, stop here and attach the form to the child’s return.
9. In Part II, on line 6, enter the parent’s taxable income from either Form 540 or Form 540NR.
10. For line 7, add any total net unearned income from other children using form(s) FTB 3800, but do not include the amount from line 5.
11. Sum lines 5 through 7 on line 8.
12. Determine the tax for the amount on line 8 based on the parent's filing status, recorded in line 9.
13. Enter the parent’s tax from line 31 of Form 540 in line 10.
14. Subtract line 10 from line 9 and complete line 11.
15. For line 12, add lines 5 and 7, then use that result to calculate the decimal by dividing line 5 by line 12a for line 12b.
16. Multiply line 11 by the decimal amount on line 12b to find the tentative tax on line 13.
17. Proceed to Part III; if line 4 is equal to line 5, enter zero on line 15.
18. Subtract line 5 from line 4 and calculate the tax on the remaining amount in line 15.
19. Add lines 13 and 15 in line 16.
20. Calculate the tax for the amount on line 4 in line 17, then compare lines 16 and 17, entering the larger amount on line 18.
21. Finally, ensure the 'FTB 3800' box is checked on the child’s return before saving and submitting the form.

Start filling out the form online to ensure accurate tax calculations for certain children.