Instructions for IRS Form 8615 Tax for Certain Children Who Have Unearned Income

IRS Form 8615 Tax for Certain Children Who Have Unearned Income

This document contains official instructions for IRS Form 8615 , Tax for Certain Children Who Have Unearned Income - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8615 is available for download through this link.

FAQ

Q: What is IRS Form 8615?
A: IRS Form 8615 is a tax form used for reporting unearned income of certain children.

Q: Who is required to file IRS Form 8615?
A: Children who meet certain requirements and have unearned income above a certain threshold are required to file Form 8615.

Q: What is unearned income?
A: Unearned income refers to income that is not earned through employment or self-employment, such as interest, dividends, and capital gains.

Q: What are the requirements for filing Form 8615?
A: The child must be under 18 years old (or under 24 if a full-time student) and have unearned income above a certain threshold, typically $2,200 for 2020.

Q: What information is needed to fill out Form 8615?
A: You will need to provide the child's personal information, details of their unearned income, and calculate the tax based on the applicable rates.

Q: When is the deadline for filing Form 8615?
A: Form 8615 must generally be filed with the child's annual tax return, which is typically due on April 15th of each year.

Q: Are there any exemptions or deductions available for children filing Form 8615?
A: Yes, there are certain exemptions and deductions available for children filing Form 8615, such as the kiddie tax and the standard deduction.

Q: Can I e-file Form 8615?
A: Yes, you can e-file Form 8615 using IRS-approved tax software or through a tax professional.

Q: What are the consequences of not filing Form 8615 when required?
A: Failure to file Form 8615 when required can result in penalties and interest charges imposed by the IRS.