Yes. Form 8615 is also known as kiddie tax form, which is meant to have the child's unearned income be taxed at the parents tax rate. This is basically so parents cannot avoid paying taxes on income by putting it in their children's name.
You must file form 8615 when the following apply:
- The child had more than $2,600 of unearned income.
- The child is required to file a tax return.
- The child either: a. Was under age 18 at the end of 2024,
- b. Was age 18 at the end of 2024 and didn’t have earned income that was more than half of the child's support, or
- c. Was a full-time student at least age 19 and under age 24 at the end of 2024 and didn’t have earned income that was more than half of the child's support. (Earned income is defined later. Support is defined below.)
- At least one of the child's parents was alive at the end of 2024.
- The child doesn’t file a joint return for 2024.
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