You'll need to sign in or create an account to connect with an expert.
That is correct that the first $1,100 is not taxable. However, based on the dollar amounts you have described, there should be a tax due. This should be calculated in Part II of Form 8814. I cannot see your return to review the specific details. Information and instructions on Form 8814 are provided below:
Pardon me for jumping in here with a question related to the original post…. Should TurboTax reduce the amounts of income attributable to the parent by the amounts which are declared in the 8814s since taxes are calculated there and presumably added to the return? In my case, it didn't do so and I'm wondering if I need to reduce those income amounts manually.
No, Form 8814 calculates the tax on the child's income separately. The income on Form 8814 is not reported elsewhere on your tax return. The child's income is reported on Form 8814 and the calculated tax is on Line 15. And that amount of tax gets added to your Form 1040 on Line 16. @rbrookefox
Don't add the child's income that was taxed on Form 8814 anywhere else on your return.
Thank you very much for that. In my case the amounts were imported from my brokerage and included in my income. TurboTax correctly created the 8814s but didn't populate them with information, and after I did so did not reduce my income accordingly. To me that looks like a program shortcoming, and that I need to go in there and manually remove them. I see that a few bucks have been added from the kids' 8814s.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
heyyou11
New Member
user17758646606
New Member
angelight3311
Level 2
JebBetz
New Member
ckcadoret
New Member