Hi there,
I am 23 old student, don't have income, but I have some dividents+Interest from deposits my mom made in my name before 2018 which is coming to ~$4000. While filing via TT free file, I was prompted to fill 8615, which prompts me for my mom's info whether I choose Yes Or No for " Would you like to calculate your tax based on pre-TCJA rules?"
I am wondering why am I being asked for parents info, as I thought choosing "No" for above should not depend on parent ? .Please also advise, if I should wait till mom files her tax return to get that info as below . Thank you.
When I chose "Fix state tax return" or "Fix Federal Tax Return", it says:
"Form 3800 : Line 10 must be entered: line 10:
10 Enter the parent's tax from Form 540, line 31. Form 540NR filers: use the
Line 10 Smart Worksheet above. Do not include any tax from FTB 3803.
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If you are under age 24, a student and you have unearned income over $2,200, you are required to file Form 8615.
Tax for Certain Children Who Have Unearned Income
Use Form 8615, Tax for Certain Children Who Have Unearned Income (PDF) to figure your tax on unearned income over $2,200 if you're under age 18, and in certain situations if you're older (see below). Attach Form 8615 to your tax return if all of the following conditions are met.
Thank you. I understand that I have to file 8615. My question is about Turbotax on why I am being asked for parents info when I choose No to that question as I understand that Kiddie tax doesn't depend on parents tax info
You are required to enter your parent's income tax information because it is used to calculate the amount of tax due. When filing your return you are required to report your parent's information as stated below:
Please view this TurboTax Page for more information about figuring the tax on form 8615.
California did not conform to TCJA changes for child's unearned income exceeding $2,200, so the form CA 3800 still requires parent's income to calculate CA tax
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