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How To Amend A Previous Tax Return

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How To Amend A Previous Tax Return

How to amend a previous tax return Publication 915 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. How to amend a previous tax return Tax questions. How to amend a previous tax return Useful Items - You may want to see: Reminders Future developments. How to amend a previous tax return  The IRS has created a page on IRS. How to amend a previous tax return gov for information about Publication 915, at www. How to amend a previous tax return irs. How to amend a previous tax return gov/pub915. How to amend a previous tax return Information about any future developments affecting Publication 915 (such as legislation enacted after we release it) will be posted on that page. How to amend a previous tax return Photographs of missing children. How to amend a previous tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. How to amend a previous tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. How to amend a previous tax return You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. How to amend a previous tax return Introduction This publication explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. How to amend a previous tax return It is prepared through the joint efforts of the Internal Revenue Service (IRS), the Social Security Administration (SSA), and the U. How to amend a previous tax return S. How to amend a previous tax return Railroad Retirement Board (RRB). How to amend a previous tax return Social security benefits include monthly retirement, survivor, and disability benefits. How to amend a previous tax return They do not include supplemental security income (SSI) payments, which are not taxable. How to amend a previous tax return Equivalent tier 1 railroad retirement benefits are the part of tier 1 benefits that a railroad employee or beneficiary would have been entitled to receive under the social security system. How to amend a previous tax return They are commonly called the social security equivalent benefit (SSEB) portion of tier 1 benefits. How to amend a previous tax return If you received these benefits during 2013, you should have received a Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Payments by the Railroad Retirement Board, showing the amount. How to amend a previous tax return (If you are a nonresident alien, you should have received Form SSA-1042S, Social Security Benefit Statement, or Form RRB-1042S, Statement for Nonresident Alien Recipients of: Payments by the Railroad Retirement Board. How to amend a previous tax return ) Note. How to amend a previous tax return When the term “benefits” is used in this publication, it applies to both social security benefits and the SSEB portion of tier 1 railroad retirement benefits. How to amend a previous tax return What is covered in this publication. How to amend a previous tax return   This publication covers the following topics: Whether any of your benefits are taxable, How much is taxable, How to report taxable benefits, How to treat lump-sum benefit payments, and Deductions related to your benefits, including a deduction or credit you can claim if your repayments are more than your gross benefits. How to amend a previous tax return The Appendix at the end of this publication explains items shown on your Form SSA-1099, SSA-1042S, RRB-1099, or RRB-1042S. How to amend a previous tax return What is not covered in this publication. How to amend a previous tax return   This publication does not cover the tax rules for the following railroad retirement benefits: Non-social security equivalent benefit (NSSEB) portion of tier 1 benefits, Tier 2 benefits, Vested dual benefits, and Supplemental annuity benefits. How to amend a previous tax return For information on these taxable pension benefits, see Publication 575, Pension and Annuity Income. How to amend a previous tax return   This publication also does not cover the tax rules for foreign social security benefits. How to amend a previous tax return These benefits are taxable as annuities, unless they are exempt from U. How to amend a previous tax return S. How to amend a previous tax return tax or treated as a U. How to amend a previous tax return S. How to amend a previous tax return social security benefit under a tax treaty. How to amend a previous tax return Comments and suggestions. How to amend a previous tax return   We welcome your comments about this publication and your suggestions for future editions. How to amend a previous tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. How to amend a previous tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. How to amend a previous tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. How to amend a previous tax return   You can send your comments from www. How to amend a previous tax return irs. How to amend a previous tax return gov/formspubs/. How to amend a previous tax return Click on “More Information” and then on “Comment on Tax Forms and Publications”. How to amend a previous tax return   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. How to amend a previous tax return Ordering forms and publications. How to amend a previous tax return   Visit www. How to amend a previous tax return irs. How to amend a previous tax return gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. How to amend a previous tax return Internal Revenue Service 1201 N. How to amend a previous tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. How to amend a previous tax return   If you have a tax question, check the information available on IRS. How to amend a previous tax return gov or call 1-800-829-1040. How to amend a previous tax return We cannot answer tax questions sent to either of the above addresses. How to amend a previous tax return Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) Forms (and Instructions) 1040-ES Estimated Tax for Individuals SSA-1099 Social Security Benefit Statement RRB-1099 Payments by the Railroad Retirement Board W-4V Voluntary Withholding Request See How To Get Tax Help near the end of this publication for information about getting these publications and forms. How to amend a previous tax return Prev  Up  Next   Home   More Online Publications
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The How To Amend A Previous Tax Return

How to amend a previous tax return 31. How to amend a previous tax return   Tax on Unearned Income of Certain Children Table of Contents What's New Introduction Useful Items - You may want to see: Which Parent's Return To UseParents Who Do Not File a Joint Return Parent's Election To Report Child's Interest and DividendsEffect of Making the Election Figuring Child's Income Figuring Additional Tax Tax for Certain Children Who Have Unearned IncomeProviding Parental Information (Form 8615, lines A–C) Step 1. How to amend a previous tax return Figuring the Child's Net Unearned Income (Form 8615, Part I) Step 2. How to amend a previous tax return Figuring Tentative Tax at the Parent's Tax Rate (Form 8615, Part II) Step 3. How to amend a previous tax return Figuring the Child's Tax (Form 8615, Part III) What's New Net Investment Income Tax. How to amend a previous tax return . How to amend a previous tax return  For tax years beginning after December 31, 2012, a child whose tax is figured on Form 8615 may be subject to the Net Investment Income Tax (NIIT). How to amend a previous tax return NIIT is a 3. How to amend a previous tax return 8% tax on the lesser of the net investment income or the excess of the child's modified adjusted gross income (MAGI) over the threshold amount. How to amend a previous tax return Use Form 8960, Net Investment Income Tax, to figure this tax. How to amend a previous tax return For more information on NIIT, go to www. How to amend a previous tax return irs. How to amend a previous tax return gov and enter “Net Investment Income Tax” in the search box. How to amend a previous tax return Introduction This chapter discusses the following two rules that may affect the tax on unearned income of certain children. How to amend a previous tax return If the child's interest and dividend income (including capital gain distributions) total less than $10,000, the child's parent may be able to choose to include that income on the parent's return rather than file a return for the child. How to amend a previous tax return (See Parent's Election To Report Child's Interest and Dividends , later. How to amend a previous tax return ) If the child's interest, dividends, and other unearned income total more than $2,000, part of that income may be taxed at the parent's tax rate instead of the child's tax rate. How to amend a previous tax return (See Tax for Certain Children Who Have Unearned Income , later. How to amend a previous tax return ) For these rules, the term “child” includes a legally adopted child and a stepchild. How to amend a previous tax return These rules apply whether or not the child is a dependent. How to amend a previous tax return Useful Items - You may want to see: Publication 929 Tax Rules for Children and Dependents Form (and Instructions) 8615 Tax for Certain Children Who Have Unearned Income 8814 Parents' Election To Report Child's Interest and Dividends Which Parent's Return To Use If a child's parents are married to each other and file a joint return, use the joint return to figure the tax on the child's unearned income. How to amend a previous tax return The tax rate and other return information from that return are used to figure the child's tax as explained later under Tax for Certain Children Who Have Unearned Income . How to amend a previous tax return Parents Who Do Not File a Joint Return For parents who do not file a joint return, the following discussions explain which parent's tax return must be used to figure the tax. How to amend a previous tax return Only the parent whose tax return is used can make the election described under Parent's Election To Report Child's Interest and Dividends . How to amend a previous tax return Parents are married. How to amend a previous tax return   If the child's parents file separate returns, use the return of the parent with the greater taxable income. How to amend a previous tax return Parents not living together. How to amend a previous tax return   If the child's parents are married to each other but not living together, and the parent with whom the child lives (the custodial parent) is considered unmarried, use the return of the custodial parent. How to amend a previous tax return If the custodial parent is not considered unmarried, use the return of the parent with the greater taxable income. How to amend a previous tax return   For an explanation of when a married person living apart from his or her spouse is considered unmarried, see Head of Household in chapter 2. How to amend a previous tax return Parents are divorced. How to amend a previous tax return   If the child's parents are divorced or legally separated, and the parent who had custody of the child for the greater part of the year (the custodial parent) has not remarried, use the return of the custodial parent. How to amend a previous tax return Custodial parent remarried. How to amend a previous tax return   If the custodial parent has remarried, the stepparent (rather than the noncustodial parent) is treated as the child's other parent. How to amend a previous tax return Therefore, if the custodial parent and the stepparent file a joint return, use that joint return. How to amend a previous tax return Do not use the return of the noncustodial parent. How to amend a previous tax return   If the custodial parent and the stepparent are married, but file separate returns, use the return of the one with the greater taxable income. How to amend a previous tax return If the custodial parent and the stepparent are married but not living together, the earlier discussion under Parents not living together applies. How to amend a previous tax return Parents never married. How to amend a previous tax return   If a child's parents have never been married to each other, but lived together all year, use the return of the parent with the greater taxable income. How to amend a previous tax return If the parents did not live together all year, the rules explained earlier under Parents are divorced apply. How to amend a previous tax return Widowed parent remarried. How to amend a previous tax return   If a widow or widower remarries, the new spouse is treated as the child's other parent. How to amend a previous tax return The rules explained earlier under Custodial parent remarried apply. How to amend a previous tax return Parent's Election To Report Child's Interest and Dividends You may be able to elect to include your child's interest and dividend income (including capital gain distributions) on your tax return. How to amend a previous tax return If you do, your child will not have to file a return. How to amend a previous tax return You can make this election only if all the following conditions are met. How to amend a previous tax return Your child was under age 19 (or under age 24 if a full-time student) at the end of the year. How to amend a previous tax return Your child had income only from interest and dividends (including capital gain distributions and Alaska Permanent Fund dividends). How to amend a previous tax return The child's gross income was less than $10,000. How to amend a previous tax return The child is required to file a return unless you make this election. How to amend a previous tax return The child does not file a joint return for the year. How to amend a previous tax return No estimated tax payment was made for the year, and no overpayment from the previous year (or from any amended return) was applied to this year under your child's name and social security number. How to amend a previous tax return No federal income tax was taken out of your child's income under the backup withholding rules. How to amend a previous tax return You are the parent whose return must be used when applying the special tax rules for children. How to amend a previous tax return (See Which Parent's Return To Use , earlier. How to amend a previous tax return ) These conditions are also shown in Figure 31-A. How to amend a previous tax return Certain January 1 birthdays. How to amend a previous tax return   A child born on January 1, 1995, is considered to be age 19 at the end of 2013. How to amend a previous tax return You cannot make this election for such a child unless the child was a full-time student. How to amend a previous tax return   A child born on January 1, 1990, is considered to be age 24 at the end of 2013. How to amend a previous tax return You cannot make this election for such a child. How to amend a previous tax return Full-time student. How to amend a previous tax return   A full-time student is a child who during some part of each of any 5 calendar months of the year was enrolled as a full-time student at a school, or took a full-time on-farm training course given by a school or a state, county, or local government agency. How to amend a previous tax return A school includes a technical, trade, or mechanical school. How to amend a previous tax return It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet. How to amend a previous tax return How to make the election. How to amend a previous tax return   Make the election by attaching Form 8814 to your Form 1040. How to amend a previous tax return (If you make this election, you cannot file Form 1040A or Form 1040EZ. How to amend a previous tax return ) Attach a separate Form 8814 for each child for whom you make the election. How to amend a previous tax return You can make the election for one or more children and not for others. How to amend a previous tax return Effect of Making the Election The federal income tax on your child's income may be more if you make the Form 8814 election. How to amend a previous tax return Rate may be higher. How to amend a previous tax return   If your child received qualified dividends or capital gain distributions, you may pay up to $100 more tax if you make this election instead of filing a separate tax return for the child. How to amend a previous tax return This is because the tax rate on the child's income between $1,000 and $2,000 is 10% if you make this election. How to amend a previous tax return However, if you file a separate return for the child, the tax rate may be as low as 0% (zero percent) because of the preferential tax rates for qualified dividends and capital gain distributions. How to amend a previous tax return Deductions you cannot take. How to amend a previous tax return   By making the Form 8814 election, you cannot take any of the following deductions that the child would be entitled to on his or her return. How to amend a previous tax return The additional standard deduction if the child is blind. How to amend a previous tax return The deduction for a penalty on an early withdrawal of your child's savings. How to amend a previous tax return Itemized deductions (such as your child's investment expenses or charitable contributions). How to amend a previous tax return Reduced deductions or credits. How to amend a previous tax return   If you use Form 8814, your increased adjusted gross income may reduce certain deductions or credits on your return including the following. How to amend a previous tax return Deduction for contributions to a traditional individual retirement arrangement (IRA). How to amend a previous tax return Deduction for student loan interest. How to amend a previous tax return Itemized deductions for medical expenses, casualty and theft losses, and certain miscellaneous expenses. How to amend a previous tax return Credit for child and dependent care expenses. How to amend a previous tax return Child tax credit. How to amend a previous tax return Education tax credits. How to amend a previous tax return Earned income credit. How to amend a previous tax return Penalty for underpayment of estimated tax. How to amend a previous tax return   If you make this election for 2013 and did not have enough tax withheld or pay enough estimated tax to cover the tax you owe, you may be subject to a penalty. How to amend a previous tax return If you plan to make this election for 2014, you may need to increase your federal income tax withholding or your estimated tax payments to avoid the penalty. How to amend a previous tax return See chapter 4 for more information. How to amend a previous tax return Figuring Child's Income Use Form 8814, Part I, to figure your child's interest and dividend income to report on your return. How to amend a previous tax return Only the amount over $2,000 is added to your income. How to amend a previous tax return The amount over $2,000 is shown on Form 8814, line 6. How to amend a previous tax return Unless the child's income includes qualified dividends or capital gain distributions (discussed next), the same amount is shown on Form 8814, line 12. How to amend a previous tax return Include the amount from Form 8814, line 12, on Form 1040, line 21. How to amend a previous tax return Enter “Form 8814” on the dotted line next to line 21. How to amend a previous tax return If you file more than one Form 8814, include the total amounts from line 12 of all your Forms 8814 on Form 1040, line 21. How to amend a previous tax return Capital gain distributions and qualified dividends. How to amend a previous tax return   If your child's dividend income included any capital gain distributions, see Capital gain distributions under Figuring Child's Income in Publication 929, Part 2. How to amend a previous tax return If your child's dividend income included any qualified dividends, see Qualified dividends under Figuring Child's Income in Publication 929, Part 2. How to amend a previous tax return Figuring Additional Tax Use Form 8814, Part II, to figure the tax on the $2,000 of your child's interest and dividends that you do not include in your income. How to amend a previous tax return This tax is added to the tax figured on your income. How to amend a previous tax return This additional tax is the smaller of: 10% × (your child's gross income − $1,000), or $100. How to amend a previous tax return Include the amount from line 15 of all your Forms 8814 in the total on Form 1040, line 44. How to amend a previous tax return Check box a on Form 1040, line 44. How to amend a previous tax return Figure 31-A. How to amend a previous tax return Can You Include Your Child's Income On Your Tax Return? Please click here for the text description of the image. How to amend a previous tax return Figure 31–A. How to amend a previous tax return Can You Include Your Child's Income On Your Tax Return? Tax for Certain Children Who Have Unearned Income If a child's interest, dividends, and other unearned income total more than $2,000, part of that income may be taxed at the parent's tax rate instead of the child's tax rate. How to amend a previous tax return If the parent does not or cannot choose to include the child's income on the parent's return, use Form 8615 to figure the child's tax. How to amend a previous tax return Attach the completed form to the child's Form 1040 or Form 1040A. How to amend a previous tax return When Form 8615 must be filed. How to amend a previous tax return   Form 8615 must be filed for a child if all of the following statements are true. How to amend a previous tax return The child's investment income was more than $2,000. How to amend a previous tax return The child is required to file a return for 2013. How to amend a previous tax return The child either: Was under age 18 at the end of the year, Was age 18 at the end of the year and did not have earned income that was more than half of his or her support, or Was over age 18 and under age 24 at the end of the year, was a full-time student, and did not have earned income that was more than half of his or her support. How to amend a previous tax return At least one of the child's parents was alive at the end of 2013. How to amend a previous tax return The child does not file a joint return for 2013. How to amend a previous tax return These conditions are also shown in  Figure 31-B. How to amend a previous tax return Earned income. How to amend a previous tax return   Earned income includes salaries, wages, tips, and other payments received for personal services performed. How to amend a previous tax return It does not include unearned income as defined later in this chapter. How to amend a previous tax return Support. How to amend a previous tax return   Your child's support includes all amounts spent to provide the child with food, lodging, clothing, education, medical and dental care, recreation, transportation, and similar necessities. How to amend a previous tax return To figure your child's support, count support provided by you, your child, and others. How to amend a previous tax return However, a scholarship received by your child is not considered support if your child is a full-time student. How to amend a previous tax return See chapter 3 for details about support. How to amend a previous tax return Certain January 1 birthdays. How to amend a previous tax return   Use the following chart to determine whether certain children with January 1 birthdays meet condition 3 under When Form 8615 must be filed. How to amend a previous tax return Figure 31-B. How to amend a previous tax return Do You Have To Use Form 8615 To Figure Your Child's Tax? Please click here for the text description of the image. How to amend a previous tax return Figure 31-B. How to amend a previous tax return Do You Have To Use Form 8615 To Figure Your Child's Tax?    IF a child was born on. How to amend a previous tax return . How to amend a previous tax return . How to amend a previous tax return THEN, at the end of 2013, the child is considered to be. How to amend a previous tax return . How to amend a previous tax return . How to amend a previous tax return January 1, 1996 18* January 1, 1995 19** January 1, 1990 24*** *This child is not under age 18. How to amend a previous tax return The child meets condition 3 only if the child did not have earned income that was more than half of the child's support. How to amend a previous tax return  **This child meets condition 3 only if the child was a full-time student who did not have earned income that was more than half of the child's support. How to amend a previous tax return  ***Do not use Form 8615 for this child. How to amend a previous tax return Providing Parental Information (Form 8615, lines A–C) On Form 8615, lines A and B, enter the parent's name and social security number. How to amend a previous tax return (If the parents filed a joint return, enter the name and social security number listed first on the joint return. How to amend a previous tax return ) On line C, check the box for the parent's filing status. How to amend a previous tax return See Which Parent's Return To Use at the beginning of this chapter for information on which parent's return information must be used on Form 8615. How to amend a previous tax return Parent with different tax year. How to amend a previous tax return   If the parent and the child do not have the same tax year, complete Form 8615 using the information on the parent's return for the tax year that ends in the child's tax year. How to amend a previous tax return Parent's return information not known timely. How to amend a previous tax return   If the information needed from the parent's return is not known by the time the child's return is due (usually April 15), you can file the return using estimates. How to amend a previous tax return   You can use any reasonable estimate. How to amend a previous tax return This includes using information from last year's return. How to amend a previous tax return If you use an estimated amount on Form 8615, enter “Estimated” on the line next to the amount. How to amend a previous tax return    When you get the correct information, file an amended return on Form 1040X, Amended U. How to amend a previous tax return S. How to amend a previous tax return Individual Income Tax Return. How to amend a previous tax return   Instead of using estimates, you can get an automatic 6-month extension of time to file if, by the date your return is due, you file Form 4868, Application for Automatic Extension of Time To File U. How to amend a previous tax return S. How to amend a previous tax return Individual Income Tax Return. How to amend a previous tax return Extensions are discussed in chapter 1. How to amend a previous tax return Step 1. How to amend a previous tax return Figuring the Child's Net Unearned Income (Form 8615, Part I) The first step in figuring a child's tax using Form 8615 is to figure the child's net unearned income. How to amend a previous tax return To do that, use Form 8615, Part I. How to amend a previous tax return Line 1 (unearned income). How to amend a previous tax return   If the child had no earned income, enter on this line the adjusted gross income shown on the child's return. How to amend a previous tax return Adjusted gross income is shown on Form 1040, line 38, or Form 1040A, line 22. How to amend a previous tax return Form 1040EZ cannot be used if Form 8615 must be filed. How to amend a previous tax return   If the child had earned income, figure the amount to enter on Form 8615, line 1, by using the worksheet in the instructions for the form. How to amend a previous tax return   However, if the child has: excluded any foreign earned income, deducted either a loss from self-employment, or deducted a net operating loss from another year, then use the Alternate Worksheet for Form 8615, Line 1, in Publication 929 to figure the amount to enter on Form 8615, line 1. How to amend a previous tax return Unearned income defined. How to amend a previous tax return   Unearned income is generally all income other than salaries, wages, and other amounts received as pay for work actually done. How to amend a previous tax return It includes taxable interest, dividends (including capital gain distributions), capital gains, unemployment compensation, the taxable part of social security and pension payments, and certain distributions from trusts. How to amend a previous tax return Unearned income includes amounts produced by assets the child obtained with earned income (such as interest on a savings account into which the child deposited wages). How to amend a previous tax return Nontaxable income. How to amend a previous tax return   For this purpose, unearned income includes only amounts the child must include in total income. How to amend a previous tax return Nontaxable unearned income, such as tax-exempt interest and the nontaxable part of social security and pension payments, is not included. How to amend a previous tax return Income from property received as a gift. How to amend a previous tax return   A child's unearned income includes all income produced by property belonging to the child. How to amend a previous tax return This is true even if the property was transferred to the child, regardless of when the property was transferred or purchased or who transferred it. How to amend a previous tax return   A child's unearned income includes income produced by property given as a gift to the child. How to amend a previous tax return This includes gifts to the child from grandparents or any other person and gifts made under the Uniform Gift to Minors Act. How to amend a previous tax return Example. How to amend a previous tax return Amanda Black, age 13, received the following income. How to amend a previous tax return Dividends — $800 Wages — $2,100 Taxable interest — $1,200 Tax-exempt interest — $100 Net capital gains — $100 The dividends were qualified dividends on stock given to her by her grandparents. How to amend a previous tax return Amanda's unearned income is $2,100. How to amend a previous tax return This is the total of the dividends ($800), taxable interest ($1,200), and net capital gains ($100). How to amend a previous tax return Her wages are earned (not unearned) income because they are received for work actually done. How to amend a previous tax return Her tax-exempt interest is not included because it is nontaxable. How to amend a previous tax return Trust income. How to amend a previous tax return   If a child is the beneficiary of a trust, distributions of taxable interest, dividends, capital gains, and other unearned income from the trust are unearned income to the child. How to amend a previous tax return   However, for purposes of completing Form 8615, a taxable distribution from a qualified disability trust is considered earned income, not unearned income. How to amend a previous tax return Line 2 (deductions). How to amend a previous tax return   If the child does not itemize deductions on Schedule A (Form 1040), enter $2,000 on line 2. How to amend a previous tax return   If the child does itemize deductions, enter on line 2 the larger of: $1,000 plus the portion of the child's itemized deductions on Schedule A (Form 1040), line 29, that are directly connected with the production of unearned income entered on line 1, or $2,000. How to amend a previous tax return Directly connected. How to amend a previous tax return   Itemized deductions are directly connected with the production of unearned income if they are for expenses paid to produce or collect taxable income or to manage, conserve, or maintain property held for producing income. How to amend a previous tax return These expenses include custodian fees and service charges, service fees to collect taxable interest and dividends, and certain investment counsel fees. How to amend a previous tax return   These expenses are added to certain other miscellaneous itemized deductions on Schedule A (Form 1040). How to amend a previous tax return Only the amount greater than 2% of the child's adjusted gross income can be deducted. How to amend a previous tax return See chapter 28 for more information. How to amend a previous tax return Example 1. How to amend a previous tax return Roger, age 12, has unearned income of $8,000, no other income, no adjustments to income, and itemized deductions of $300 (net of the 2% limit) that are directly connected with his unearned income. How to amend a previous tax return His adjusted gross income is $8,000, which is entered on Form 1040, line 38, and on Form 8615, line 1. How to amend a previous tax return Roger enters $2,000 on line 2 because that is more than the total of $1,000 plus his directly connected itemized deductions of $300. How to amend a previous tax return Example 2. How to amend a previous tax return Eleanor, age 8, has unearned income of $16,000 and an early withdrawal penalty of $100. How to amend a previous tax return She has no other income. How to amend a previous tax return She has itemized deductions of $1,050 (net of the 2% limit) that are directly connected with the production of her unearned income. How to amend a previous tax return Her adjusted gross income, entered on line 1, is $15,900 ($16,000 − $100). How to amend a previous tax return The amount on line 2 is $2,050. How to amend a previous tax return This is the larger of: $1,000 plus the $1,050 of directly connected itemized deductions, or $2,000. How to amend a previous tax return Line 3. How to amend a previous tax return   Subtract line 2 from line 1 and enter the result on this line. How to amend a previous tax return If zero or less, do not complete the rest of the form. How to amend a previous tax return However, you must still attach Form 8615 to the child's tax return. How to amend a previous tax return Figure the tax on the child's taxable income in the normal manner. How to amend a previous tax return Line 4 (child's taxable income). How to amend a previous tax return   Enter on line 4 the child's taxable income from Form 1040, line 43, or Form 1040A, line 27. How to amend a previous tax return   However, if the child files Form 2555 or 2555-EZ to claim the foreign earned income exclusion, housing exclusion, or housing deduction, see the Form 8615 instructions or Pub. How to amend a previous tax return 929. How to amend a previous tax return Line 5 (net unearned income). How to amend a previous tax return   A child's net unearned income cannot be more than his or her taxable income. How to amend a previous tax return Enter on Form 8615, line 5, the smaller of line 3 or line 4. How to amend a previous tax return This is the child's net unearned income. How to amend a previous tax return   If zero or less, do not complete the rest of the form. How to amend a previous tax return However, you must still attach Form 8615 to the child's tax return. How to amend a previous tax return Figure the tax on the child's taxable income in the normal manner. How to amend a previous tax return Step 2. How to amend a previous tax return Figuring Tentative Tax at the Parent's Tax Rate (Form 8615, Part II) The next step in completing Form 8615 is to figure a tentative tax on the child's net unearned income at the parent's tax rate. How to amend a previous tax return The tentative tax at the parent's tax rate is the difference between the tax on the parent's taxable income figured with the child's net unearned income (plus the net unearned income of any other child whose Form 8615 includes the tax return information of that parent) and the tax figured without it. How to amend a previous tax return When figuring the tentative tax at the parent's tax rate on Form 8615, do not refigure any of the exclusions, deductions, or credits on the parent's return because of the child's net unearned income. How to amend a previous tax return For example, do not refigure the medical expense deduction. How to amend a previous tax return Figure the tentative tax on Form 8615, lines 6 through 13. How to amend a previous tax return Note. How to amend a previous tax return If the child or parent has any capital gains or losses, get Publication 929 for help in completing Form 8615, Part II. How to amend a previous tax return Line 6 (parent's taxable income). How to amend a previous tax return   Enter on line 6 the parent's taxable income from Form 1040, line 43, Form 1040A, line 27, or Form 1040EZ, line 6. How to amend a previous tax return   If the Foreign Earned Income Tax Worksheet (in the Form 1040 instructions) was used to figure the parent's tax, enter the amount from line 3 of that worksheet instead of the parent's taxable income. How to amend a previous tax return Line 7 (net unearned income of other children). How to amend a previous tax return   If the tax return information of the parent is also used on any other child's Form 8615, enter on line 7 the total of the amounts from line 5 of all the other children's Forms 8615. How to amend a previous tax return Do not include the amount from line 5 of the Form 8615 being completed. How to amend a previous tax return Example. How to amend a previous tax return Paul and Jane Persimmon have three children, Sharon, Jerry, and Mike, who must attach Form 8615 to their tax returns. How to amend a previous tax return The children's net unearned income amounts on line 5 of their Forms 8615 are: Sharon — $800 Jerry — $600 Mike — $1,000 Line 7 of Sharon's Form 8615 will show $1,600, the total of the amounts on line 5 of Jerry's and Mike's Forms 8615. How to amend a previous tax return Line 7 of Jerry's Form 8615 will show $1,800 ($800 + $1,000). How to amend a previous tax return Line 7 of Mike's Form 8615 will show $1,400 ($800 + $600). How to amend a previous tax return Other children's information not available. How to amend a previous tax return   If the net unearned income of the other children is not available when the return is due, either file the return using estimates or get an extension of time to file. How to amend a previous tax return See Parent's return information not known timely , earlier. How to amend a previous tax return Line 11 (tentative tax). How to amend a previous tax return   Subtract line 10 from line 9 and enter the result on this line. How to amend a previous tax return This is the tentative tax. How to amend a previous tax return   If line 7 is blank, skip lines 12a and 12b and enter the amount from line 11 on line 13. How to amend a previous tax return Also skip the discussion for lines 12a and 12b that follows. How to amend a previous tax return Lines 12a and 12b (dividing the tentative tax). How to amend a previous tax return   If an amount is entered on line 7, divide the tentative tax shown on line 11 among the children according to each child's share of the total net unearned income. How to amend a previous tax return This is done on lines 12a, 12b, and 13. How to amend a previous tax return Add the amount on line 7 to the amount on line 5 and enter the total on line 12a. How to amend a previous tax return Divide the amount on line 5 by the amount on line 12a and enter the result, as a decimal, on line 12b. How to amend a previous tax return Example. How to amend a previous tax return In the earlier example under Line 7 (net unearned income of other children), Sharon's Form 8615 shows $1,600 on line 7. How to amend a previous tax return The amount entered on line 12a is $2,400, the total of the amounts on lines 5 and 7 ($800 + $1,600). How to amend a previous tax return The decimal on line 12b is  . How to amend a previous tax return 333, figured as follows and rounded to three places. How to amend a previous tax return   $800 = . How to amend a previous tax return 333     $2,400   Step 3. How to amend a previous tax return Figuring the Child's Tax (Form 8615, Part III) The final step in figuring a child's tax using Form 8615 is to determine the larger of: The total of: The child's share of the tentative tax based on the parent's tax rate, plus The tax on the child's taxable income in excess of net unearned income, figured at the child's tax rate, or The tax on the child's taxable income, figured at the child's tax rate. How to amend a previous tax return This is the child's tax. How to amend a previous tax return It is figured on Form 8615, lines 14 through 18. How to amend a previous tax return Alternative minimum tax. How to amend a previous tax return   A child may be subject to alternative minimum tax (AMT) if he or she has certain items given preferential treatment under the tax law. How to amend a previous tax return See Alternative Minimum Tax (AMT) in chapter 30. How to amend a previous tax return    For more information on who is liable for AMT and how to figure it, see Form 6251, Alternative Minimum Tax—Individuals. How to amend a previous tax return For information on special limits that apply to a child who files Form 6251, see Certain Children Under Age 24 in the Instructions for Form 6251. How to amend a previous tax return Prev  Up  Next   Home   More Online Publications