Confusion about Form 8615

This is my first year as a self-employed person, so I’m filing for that. And I had to file a W-2 for a job I previously worked, and I entered a 1098T since I was a student for five months last year. I’ve pretty much finished the input on everything but it keeps asking me to fill out form 8615. My parents claimed me as a dependent on their taxes. Why do i need this form? can I delete it?

posted

Form 8615 is the kiddie tax form. This is used when you have unearned income and are claimed as a dependent. It is probably because your 1098-T had an amount in box 5 (scholarships and grants) that is greater than the amount in box 1 (Tuition and fees). This would be considered unearned income.

So, if this is the case, then no, you cannot delete the form. You will need to fill it out. If you have unearned income above $2,300, the amount above $2,300 will be taxed at your parents tax rate instead of yours.

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