Where do I find other childrens net qualified dividends/capital gain when turbotax sends me to 8615 line 5 worksheet but I don't have a line 5 worksheet for that child?

[joonakiiski]

Update. In my case children had only capital losses and no qualified dividends. It seems that in this case, no Line 5 Worksheet is generated, and I can leave the corresponding fields empty.

[DawnC]

Correct.  @joonakiiski 

[Daulton]

Complete all children's forms up to that point. When you go to print the pdf, be sure to print ALL of the calculation worksheets. You'll see the  8615 form early in the pdf, but scroll down and you'll find more 8615 worksheets  ... the  mysterious "lines 1 and 2 with rows A through R and 'Page 2' " etc.

Net qualified Dividends came up as zero for my kids. It doesn't like having zero entered, but it's happy to be left blank.

Complete PITA ... I have three kids.

[TheVeryOldMan]

I still do not understand the difference between "Total Net Capital Gain" and "Net Capital Gain" in the "Other Children Filing Form 8615 - Line 5 and Schedule D Smart Worksheet". I got the NCG for Child 1 from Child 2's Form 8615 Wks and vice versa. What I cannot find is the TNCG for Child 1 or Child 2.

[Daulton]

Agreed that the terms are phrased POORLY. Total Capital Gains vs. Net Capital Gains would make a lot more sense.

On the worksheet you are looking at, if there is no value where Turbotax is telling you to look, then leave it blank.

When I made PDF's of all calculation worksheets, I was able to see the lines that the help-dialog-box was referencing.

[DaveF1006]

To clarify, did Daulton answer your question? If you have additional questions, please reach out.

@TheVeryOldMan  

[TheVeryOldMan]

For Total Capital Gains I used the values from the 1099-div Cap Gains distribution plus the 1099B totals. It did not seem to make any difference what number I put in the worksheet. 

[Daulton]

I only had to deal with INT and DIV forms, so the way I understand it, even though money was earned through interest and dividends, neither was considered capital gains.

I can only assume that when dealing with a 1099 B form which, if sales of stocks/bonds etc occurred and profit was made from these sales (sale price greater than purchase price) then you do have true capital gains.

Did you enter this info in the TurboTax section on your child's taxes under the "Investment Income 1099-B or broker statements" section? If you did, then I can only assume that the info you are looking for should appear when you look at ALL the 8615 worksheets (again, go to print PDF and select ALL worksheets, not just the calculated ones).   

When you say it made no difference, do you mean that the taxes owed value did not change?

[TheVeryOldMan]

The 1099-B information went into their Schedule D worksheet. I don't have TT in front of me but IIRC changing the numbers for "Net Total Capital Gains" earned by Child A did not appear to change the total taxes due for Child B. What a stupid mess this is!

[Daulton]

completely speculating here, but I don't think that the net total capital gains of child A are supposed to affect the taxes of child B ... or, they may only change things once a certain threshold/higher-bracket is met. My understanding of this process, listing the parent's taxable income and qualified dividends on the dependent's (child's) return, along with the values from siblings, is simply for the IRS to make sure no parent is trying to pull a fast one. With all this info, they can then cross check more easily.

 Agreed, total mess. It may be easier next year if you just declare everything on your taxes as opposed to your children's. You'll be paying the same rate.

[taxanaut]

@DaveF1006,

I can't find anywhere that clearly distinguishes what goes in 'Total Net Capital Gain' and 'Net Capital Gain' on the 'Other Children Filing Form 8615 - Line 5 ... Smart Worksheet.'

Under 'Form 8615 Wks' 'Worksheet 1' for my other children (other than the one I'm working on), I can see lines for:

"Qualified dividends on Form 8615, line 5"

"Net Capital Gain on Form 8615, line 5"

but nothing for 'Total Net Capital Gain'

I tried to read the related threads but didn't come up with a good answer.  Thanks.

[ItsTaxing]

The earlier post is correct!  TurboTax has it's own version of the 8615 worksheet.  In the 2024 desktop version, you must click on the File menu -> Save As PDF to create a copy of the worksheet as a PDF.  The below dialog will appear.  Select the option "Forms to review or keep for your records".  Under that option, select: "Tax return, all calculation worksheets".  Lastly click on the bottom "Save As PDF".  Pick a location on your computer for the PDF.  After it saves, open the file and search within the file for the text 8615.  There will be lots of results.  Eventually you'll see a set of worksheets that TurboTax created for form 8615.  These worksheets will match the on screen help instructions from the help.  See below screenshots:

Saving a PDF of the worksheets

TurboTax wizard to enter this information with help (help is shown by clicking on blue underlined text)

Example worksheet (from the PDF saved above) that corresponds to the help instructions above.  NOTE: I blurred the numbers on the right, but yours will show the values from your return.