G2R Posted April 3, 2023 Report Share Posted April 3, 2023 I'm trying to figure out what the previous CPA did. 17 year old son has unearned income, no wages and is claimed by mom. Her taxable income last year was $80k. Tax she owed was $5500. Here's what the previous CPA's 8615 looks like. Shouldn't the highlighted areas have the above amounts listed? Quote Link to comment Share on other sites More sharing options...
kathyc2 Posted April 3, 2023 Report Share Posted April 3, 2023 Was the Mom the custodial parent? Quote Link to comment Share on other sites More sharing options...
G2R Posted April 3, 2023 Author Report Share Posted April 3, 2023 8 minutes ago, kathyc2 said: Was the Mom the custodial parent? yes. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted April 3, 2023 Report Share Posted April 3, 2023 It appears the prior preparer and you have a different number for the parent's taxable income. I think the kid should be paying at 15% since his mom was in the 22% bracket (assuming she was HOH) and that would make the Cap Gains taxed at 15%. I am pretty sure that is how that works. Tom Longview, TX Quote Link to comment Share on other sites More sharing options...
G2R Posted April 3, 2023 Author Report Share Posted April 3, 2023 13 minutes ago, BulldogTom said: It appears the prior preparer and you have a different number for the parent's taxable income. I think the kid should be paying at 15% since his mom was in the 22% bracket (assuming she was HOH) and that would make the Cap Gains taxed at 15%. I am pretty sure that is how that works. Tom Longview, TX The prior CPA filed both the mom and the kid's return last year. I took the numbers I quoted above from the tax return he filed for mom. Just trying to see if I'm missing something, or if it's an error on his part. I have to complete an 8615 for the kid this year and the previous CPAs 8615 has me second-guessing myself. So here I am, asking the pros. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 3, 2023 Report Share Posted April 3, 2023 Looks like he relied on his software to link mom and son's returns for the 8615, but forgot to recalculate son's return after preparing mom's return. I agree with your analysis of the numbers on the prior year 8615. 3 1 Quote Link to comment Share on other sites More sharing options...
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