form 8814 or 8615

Forum|Forum|4 years ago
March 20, 2022
1 reply
16 views

hello everyone

lets say my kiddie has capital gains somewhere between 2200 and 12000(or the threshold to file a federal) .

after reading up on both 8814 and 8615 i am not seeing any benefit over using one over the over because in form 8615 one has to indicate the parents agi and their respective tax bracket.

am I missing or misunderstanding something. is there a tax benefit of using one form vs the other?

Not A Product Question

ColeenD3

Level 15

Not necessarily. It is more of a convenience factor. Some parents just want to include the information on their own return and not have the bother of creating a separate tax return.

Not everyone can use Form 8814. Only interest and dividends plus capital gain distributions are allowed.

Purpose of Form

Use this form if you elect to report your child’s income on your return. If you do, your child will not have to file a return. You can make this election if your child meets all of the following conditions.

• The child was under age 19 (or under age 24 if a full-time student) at the end of 2021. “Student” is defined below. • The child’s only income was from interest and dividends, including capital gain distributions and Alaska Permanent Fund dividends.

• The child’s gross income for 2021 was less than $11,000.

• The child is required to file a 2021 return.

• The child does not file a joint return for 2021.

• There were no estimated tax payments for the child for 2021 (including any overpayment of tax from his or her 2020 return applied to 2021 estimated tax).

• There was no federal income tax withheld from the child’s income.