IRS Form 8814 Parents' Election to Report Child's Interest and Dividends

What Is IRS Form 8814?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 8814?
A: IRS Form 8814 is a form used by parents to report their child's interest and dividends on their tax return.

Q: Who uses IRS Form 8814?
A: Parents use IRS Form 8814 to report their child's interest and dividends.

Q: What is the purpose of IRS Form 8814?
A: The purpose of IRS Form 8814 is to report a child's interest and dividends and elect to include them on the parent's tax return.

Q: When is IRS Form 8814 used?
A: IRS Form 8814 is used when a child has interest and dividend income and the parent wants to report it on their own tax return.

Q: Is IRS Form 8814 required?
A: IRS Form 8814 is not always required, but it may be beneficial for parents to report their child's interest and dividends on their own tax return.

Q: Are there any eligibility requirements to use IRS Form 8814?
A: Yes, there are eligibility requirements for using IRS Form 8814. The child must be under the age of 19 (or under 24 if a full-time student) and must not file a joint return.

Q: What should I do if I have questions about filling out IRS Form 8814?
A: If you have questions about filling out IRS Form 8814, you can consult the instructions provided by the IRS or seek guidance from a tax professional.

Q: Can I electronically file IRS Form 8814?
A: Yes, you can electronically file IRS Form 8814 using tax software or through a paid tax professional.

Q: What are the consequences of not filing IRS Form 8814?
A: If you are required to file IRS Form 8814 and fail to do so, you may face penalties and interest on any unreported income.