ETax847 Posted March 26, 2021 Report Share Posted March 26, 2021 Client's child has $2,424 in capital gains from a brokerage account in child's name. This is my first time filling out form 8615 and I show the tax to the child on her return to be ~ $1k. Is there something I'm missing? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 26, 2021 Report Share Posted March 26, 2021 Did you enter the parents' information correctly? And, that of any siblings? Step through the worksheet your software generates. Basically, the first $1,100 is excluded, the second $1,100 is at the child's rate (10%), and the excess at the parent's marginal rate. Did child have any other income? If parents' rate is low enough, capital gains can be at the 0% rate. Step through the worksheet... 3 Quote Link to comment Share on other sites More sharing options...
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