Child with DIV and unearned IRA income

[MacTigger]

Where in TT deluxe can I find the place where a parent's income is added (or changed)?

My son had DIV income and an RMD from a ben. IRA, and I added in his mom's (custodial parent) income during the process.

But now, I need to change her income amount, and I cannot find the place in TT where I can do that.

Can anyone help?

Th

[DianeW777 · Accepted solution]

When you are working on your child's return you can use the Search (upper right) and type 'kiddie tax' then click the Jump to.. link to arrive at the section where you complete Form 8615, Tax for Certain Children Who Have Unearned Income. Continue here to enter or change the income of his parent.

• What is Form 8615?

This form is required under the following circumstances.

For 2021, 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

For tax purposes, the child's "age" is the age on December 31. The child must file the form if any of these conditions apply:

• The child is under 18 at the end of the year
• The child is 18 years old and does not have earned income that is more than half of the child's support for the year, or
• The child was a full-time student age 19-23 and does not have earned income that is more than half of the child's support

[MacTigger]

When I put 'kiddie tax' in the search area, I see several articles, but nothing on form 8615.

Mac

[MacTigger]

Wait, I found it, in "Search Topics", in the middle of the screen, on the top.

Thanks.

Mac

[Wcheckan]

I wanted to know how I can cancel my tax return being it got rejected but I gave turbo tax my bank info and they have a payment scheduled to come out tomororw for 180$ and I’d like to not have that happen cause im doing my taxes elsewhere. 

[VolvoGirl]

180 for Turbo Tax fees or for the tax due?  If your efile got rejected then nothing got sent to the IRS or state so they won't take it out.  Unless you went to the IRS website and set up a payment directly online.   

[Wcheckan]

Yes they are charging me 170$ in tax fees but it’s not cleared but pending in my account and yes they got rejected so you are saying that the money won’t come out of my account ? 

[VolvoGirl]

If it was for Turbo Tax fees then they will still charge your credit card.   You should always assume anywhere you enter your credit card you will get charged right away.  The Turbo Tax fees are to prepare the return whether  you efile or mail them or even don't file.  Turbo Tax is free up to the point you decide to file, print or pay.