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 to report unearned income of certain children.

Q: Who should use IRS Form 8615?
A: IRS Form 8615 should be used by children who meet certain criteria and have unearned income.

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 criteria for using IRS Form 8615?
A: The criteria for using IRS Form 8615 include being under the age of 19 or under the age of 24 if a full-time student, having unearned income above a certain threshold, and having at least one living parent at the end of the tax year.

Q: What information is required on IRS Form 8615?
A: IRS Form 8615 requires information about the child's unearned income, parental information, and tax computation.

Q: When is IRS Form 8615 due?
A: IRS Form 8615 is typically due on the same date as the child's or parent's income tax return, which is usually April 15th.

Q: Is there a penalty for not filing IRS Form 8615?
A: Yes, there may be penalties for not filing IRS Form 8615 or for inaccurately reporting unearned income.