Hello,
Thank you a lot for your reply. Your information was very helpful. I am at the last hurdle it seems. I am asking this question within this thread as it may be helpful for others.
I have entered my 1099-Q Coverdell ESA income information and I am prompted to enter information for form 8615, Tax for Certain Children Who Have Unearned Income. This is because I am under age 23 and claimed as a dependent by my father. My unearned income from my Coverdell ESA funds exceeded $2,300, so I believe this means that I am being taxed at my parent's tax rate. Please correct me if I am wrong.
I entered their taxable income from line 15, form 1040. I also entered their qualified dividends from line 3a, form 1040. The value for 3a is assumed to be 0 until I can confirm, but there is 90% certainty from my parents that it is 0. I am then required to enter their capital gains information from Schedule D. My question is: If my parents have 0 for their qualified dividends in line 3a, form 1040, can the parental capital gains section of form 8615 be left blank? TurboTax is asking for the following information:
- Schedule D, Line 7.
- Schedule D, Line 15 OR Qualified Div/Cap Gain Wrksht Line 3
- Schedule D, Line 18
- Schedule D, Line 19
- Form 4952, Line 4g
I am assuming if qualified dividends in form 1040 is -0-, the information above can be left blank since they all pertain to dividend gain / loss. Please correct me if I am wrong.
Thank you so much for your help!
All the best,
taug
