I HATE form 8615 with the power of 100 suns

[jasdlm]

All my clients who needs this form have multiple hatchlings, and I can't believe the inefficiency in going between 4 different returns to tally all of the information for the 8615 and the Family Schedule D worksheet.  What am I missing?  I feel like I have to be taking the long way around this field.  Is there a path through the center that I'm not seeing?

As an aside, I don't hate 8615 as much as I hate 8283, which I hate with the power of 1000 suns.

[Lee B]

Form 8615 is tedious but it's not complicated. However, I give my clients very specific instructions as to the information I need for the 8615,

that way I don't end filling out this form when they haul 50 pieces of clothing and several chairs supposedly "very expensive" to Goodwill .

 

[Lion EA]

Years ago at Block, I had several families with three or four kids with investment income (usually from grandma/grandpa). I'd wait until everyone went home and open the parents' return on one computer and turn on enough computers for each of the kids' returns in that family. I'd complete each return up to Form 8615. Then I'd go around from office to office (I was in a premium office) inputting kid1's 8615 and adding kid1 info to kid2 and kid3, and start the circle again a couple more times until all four returns were complete. Yes, a real pain.

When I went out on my own, software that could handle kiddie tax was a priority. The first time I prepared returns for one of those families with ProSystem fx, even though kiddie tax was one of the reasons I chose it, I couldn't believe how easy it was to point to the parents' return and the siblings returns and press a key and all the returns were complete! I actually woke up my husband at 2 am to tell him what happened (he was a school teacher on spring break, so I didn't feel guilty and had to tell someone how happy I was). Of course, he didn't understand anything I told him, except that my software had just paid for itself. Something that took me 45 minutes at Block took me no more than 4.5 seconds now!

Remember when we'd have kids that would "age out" of kiddie tax and make us happy, but then the law changed and they were subject to kiddie tax until 24 if full-time students and we were sad again?! Most of my kid-clients are aging out, because most of my referrals are similarly aged families. I do have one set of kids but am hired by grandpa who is an investment banker and runs the kids accounts. However, the parents are in another state and DIY, so each year I tell them what information/what line #s I need from them. They're in an area that had tornadoes and other natural disasters along with the pandemic, so parents don't have their returns prepared yet.

Make sure you charge enough for kiddie tax to cover your time and your talent/education.

[Abby Normal]

I used to have one with 3 kids. I believe I developed a spreadsheet to get the numbers I needed. I could usually have two or maybe even all 3 kids returns open at once, since they have very few forms in them.

[Abby Normal]

And 8283 isn't bad if you customize it extensively.

[jasdlm]

45 minutes ago, Abby Normal said:

I used to have one with 3 kids. I believe I developed a spreadsheet to get the numbers I needed. I could usually have two or maybe even all 3 kids returns open at once, since they have very few forms in them.

ATX won't let me open two returns at a time; even simple ones.  I clearly have something amiss in my setup.

[jasdlm]

44 minutes ago, Abby Normal said:

And 8283 isn't bad if you customize it extensively.

I need to make better use of this.  You should do a webinar after the season!

[Matthew in the PNW]

Wow, I just dealt with this.... WHAT A PITA! I'll add another sun to your power of dislike.

[Sara EA]

Does ATX have a more powerful (expensive) version that will do the 8615?  In UT, you simply mark one return as the parents.  Then you go to the utility, choose the parents and each sibling, and run it.  Done!  Last year it even told if it was better for the child to use the trust or parent tax rates.  I too used to set up each family member on different computers and run back and forth.  It was work and doubtless less accurate.  Can you save or print each child's return before the kiddie tax calcs and the parent's return to somewhere and work from there (hopefully you use two monitors)?

[Lion EA]

CCH's more powerful (expensive) version that will do the 8615 is ProSystem fx!!

[BobbyCPA]

On 4/18/2021 at 11:05 AM, Abby Normal said:

And 8283 isn't bad if you customize it extensively.

Yes! I also mined a list of charity donee names, addresses, etc. from previous tax returns that I keep in an Excel spreadsheet window screen (along with college name, addresses, etc. and other data) that can be instantly copied into ATX).

[schirallicpa]

This is an old post, but out of the blue I have an 8615.  UGH!  And it seems unfair.  The father must have boatloads of money cuz he says the kids are filing single.  I only know the mom.  They all have old Apple stock so they have major gains when they cash out for college expenses.   I'm circling around the 8615s.  PITA!!!