Wiki - Kiddie tax update

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LadyGeek
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Wiki - Kiddie tax update

Post by LadyGeek »

Via email, sscritic expressed concerns on the accuracy of the wiki's Kiddie tax article.*

Long story short, I worked with sscritic to create this draft page: User:LadyGeek/Kiddie tax

I don't have experience in this area and would like the experts to review this update. Once we have a consensus, we can update the "live" article.

Comments / questions / corrections are welcome. Wiki editors can update the page directly.

* Our email address is listed in the first section of the Forum Policies. Also, the Contact link on the site's home page.
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For those interested in editing the wiki:

The draft page was created and edited using the wiki's Visual Editor. If anyone was holding back becoming an editor because they thought editing was too hard, please reconsider. Inserting the table was literally a copy-n-paste from the IRS website.

You can request to become an editor by posting in Join the Wiki!.
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sycamore
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Re: Wiki - Kiddie tax update

Post by sycamore »

In the article section on Form 8615 - tax for certain children who have unearned income, it starts off:
The Form 8615 instructions state that Form 8615 must be filed for any child who meets all of the following conditions.

The child had more than $2,200 of unearned income.

The child is required to file a tax return. (see the 1040 instructions above)

The child meets the qualifying child requirements.

Under current law, the incomes of all the children have to be pooled, as they were before 2018. Line 7 of Form 8615[10] (2020) says:
...
1. Regarding the "all of the following conditions", does that specifically mean the three subsequent sentences that start with "The child ..." ?

2. I assume per convention we should enter those conditions as bulleted list items?

3. Regarding "The child meets the qualifying child requirements" - I may have it missed it, but where are those requirements? I don't know if those requirements need to be spelled out or merely referenced.
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LadyGeek
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Re: Wiki - Kiddie tax update

Post by LadyGeek »

Thanks! The wiki has been revised: User:LadyGeek/Kiddie tax

Via email from sscritic, the requirements have been spelled out. Also, there is an additional explanation on how to determine the child's age per the Form 8615 instructions.

Also fixed - A typo in the Form 8615 instructions in Note 1 (footnote).

Comments / questions / concerns are welcome.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
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