Hello,
For the 2024 tax year, I am trying to figure out why TurboTax used the Schedule D Tax Worksheet to calculate Line 9 on Form 8615 vs. the Qualified Dividends and Capital Gains Tax Worksheet.
My situation: Form 8615 Line 8 includes amounts from my (parent's) taxable income, which includes qualified dividends. Line 8 also includes amounts from my son's net unearned income, which also includes qualified dividends (via line 5, I presume). Based on how I interpret the Line 9 instructions, that means I should be using the Qualified Dividends and Capital Gains Tax Worksheet vs. what TurboTax used - the Schedule D Tax Worksheet.
(There is no Schedule J on my (parent's) tax return, and there is no 28% rate gain or unrecaptured section 1250 gain on any of our tax returns. There is also no Form 2555 filed on the child's return.)
Form 8615 lines 1 - 5 are as follows:
1) 2,954
2) 2,600
3) 354
4) 2,504
5) 354
Line 6 is my (parent's) taxable income from my Form 1040, line 15 which is inclusive of qualified dividends asuming I am interpreting correctly.
What am I missing?
Thank you!
