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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Form 8615 Kiddie Tax
Form 8615 Kiddie Tax
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janeo
Level 2
02-17-2021
08:48 AM
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On the top of the Form 8615 in the Smart Worksheet the question is stated "...with INVESTMENT INCOME more than $2200..." When looking at the IRS instructions for the form it actually states Unearned Income, not Investment Income. That can make quite a difference on the outcome of the return. Unemployment is considered Unearned Income and many under the age of 23 have unemployment this year. It feels like the question should actually be stated as Unearned Income.
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Just-Lisa-Now-
Level 15
02-17-2021
08:53 AM
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It should say Unearned income, I agree...its bad wording on Intuit's worksheet.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
