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Get your taxes done using TurboTax
@cloudywithachance There does seem to be a problem with the calculations on Form 8615. In playing with this, by chance I noticed an anomaly that might give you a way to work around the problem.
Do you have any qualified dividends on you and your wife's joint tax return? If not, go through the Child's Income interview again, and enter $1 in "Parent's Qualified Dividends." When you press Tab or click Continue you should see the tax due amount get reduced. Go back and delete the qualified dividends that you entered, or change it to zero. Then proceed through the rest of the Child's Income interview until you get back to the income summary screen. Does Form 8615 look correct now, and is the effective tax rate about what you expect?
ā€ˇFebruary 10, 2021
1:04 PM