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 specifically for certain children who have unearned income.

Q: Who needs to file Form 8615?
A: Children who meet certain criteria and have unearned income may need to file Form 8615.

Q: What is unearned income?
A: Unearned income includes income from investments, trust funds, and certain types of government benefits.

Q: What are the criteria for filing Form 8615?
A: Children must meet specific age, income, and dependency status requirements to file Form 8615.

Q: What is the purpose of filing Form 8615?
A: The purpose of Form 8615 is to calculate the child's tax liability on their unearned income.

Q: Can Form 8615 be filed electronically?
A: Yes, Form 8615 can be filed electronically using IRS-approved tax software or through a professional tax preparer.

Q: What happens if I don't file Form 8615 when required?
A: If you're required to file Form 8615 but fail to do so, you may be subject to penalties and interest on the unreported income.

Q: What other forms may be required in addition to Form 8615?
A: Depending on your overall tax situation, other forms such as Form 1040 or Form 1040A may be required in addition to Form 8615.

Q: Can Form 8615 be amended if there are errors?
A: Yes, if there are errors on a previously filed Form 8615, you can file an amended form to correct the mistakes.