If a child's income from interest and dividends plus any other investment income totals more than $2,100, part of the child's income will be taxed at the parent's tax rate.
To include Form 8615 with a child's tax return, from the Main Menu of the child's tax return (Form 1040) select:
- Tax Computation Menu
- Tax for Children Under Age 18 (8615)
- Enter the Parent’s Information
- Complete the Form 8615 Edit Menu - You will need a copy of the parent's tax return to complete this form.
It may be in the child's best interest for the parents to include the child's investment income in their tax return. Include Form 8814 with the parent's tax return to determine the best filing solution for your client.
NOTE: This is a guide on entering Form 8615 into the TaxSlayer Pro program. This is not intended as tax advice. For additional information refer to the Additional Link below.