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Photium
Level 2

Questions on the Form 8615

1) So there is a question that asks: "Was the child either 18 years old or a full-time student age 19 to 23

with investment income more than $2,200 and their earned income did not exceed one-half of their support?" The only thing that is wrong about this is "investment income more than $2,200". I did not have any sort of investments in a stocks/company/whatever. So why then is the answer to this question "Yes"? I can't seem to be able to change the answer to "No". 
 
2) The answer to the question "Enter the child's taxable income from Form 1040 or Form 1040-NR, line 15.
If the child files Form 2555, see the instructions" is "0" However, I had a part-time job where I earned money that was taxed. Why isn't the ~$1.1K amount listed there? Why is it 0?
 
I don't seem to be able to change anything on this form except add my parent's SSN.
 
3) Am I required to file this form if I am not a qualifying child of my parent?
1 Best answer

Accepted Solutions
ErnieS0
Expert Alumni

Questions on the Form 8615

You do not have to file Form 8615. For 2020, a child must file Form 8615 if all of the following conditions apply:

  • The child has more than $2,200 in unearned income
  • The child is required to file a tax return
  • The child does not file a joint tax return with a spouse
  • At least one of the child's parents is alive
  • The child is within certain age limits

You said you did not have any unearned income and if your only income was $1,100 from a W-2 job then you would not be required to file a tax return, though you may do so to claim a refund. If you are not being claimed as a dependent, then your filing threshold is $12,400.

 

Form 8615 would not show your W-2 income because your taxable income (line 4) is $0 after the $12,400 standard deduction.

 

Learn more at What is IRS Form 8615: Tax for Certain Children Who Have Unearned Income

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1 Reply
ErnieS0
Expert Alumni

Questions on the Form 8615

You do not have to file Form 8615. For 2020, a child must file Form 8615 if all of the following conditions apply:

  • The child has more than $2,200 in unearned income
  • The child is required to file a tax return
  • The child does not file a joint tax return with a spouse
  • At least one of the child's parents is alive
  • The child is within certain age limits

You said you did not have any unearned income and if your only income was $1,100 from a W-2 job then you would not be required to file a tax return, though you may do so to claim a refund. If you are not being claimed as a dependent, then your filing threshold is $12,400.

 

Form 8615 would not show your W-2 income because your taxable income (line 4) is $0 after the $12,400 standard deduction.

 

Learn more at What is IRS Form 8615: Tax for Certain Children Who Have Unearned Income

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