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Form 8615, Tax for Certain Children who have Investment Income is expected to be available on 03/06/2020.
But how do I opt to use parents' tax rate rather than the Trust rates? I updated TurboTax yesterday; the update was marked CRITICAL, but I see no way to take advantage of the parents' much lower tax rate, e.g. zero tax on capital gains.
I am pretty sure that the first time I opened the student's tax return on the updated TurboTax, I saw an option to select the alternative tax computation, but I can't find it again.
Thanks for any help you can give.
To use your parent's tax rates, you would need to choose the Pre-TCJA rates on the screen.
In TurboTax online,
If this does not work, you may want to delete the Form 8615, then revisit the section. To delete, here are the steps:
I found that if I switched to the Step-by-Step process (I prefer to work directly on the forms) that as soon as I had entered interest, dividends, w-2s, and 1099-MISC, I was shown that screen about opting for parents' tax rates. But thank you for posting this alternative method.
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