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April 13, 2022
Question

Form 8814, is it an option?

  • April 13, 2022
  • 1 reply
  • 0 views

My son has the following income, is under 24 and was a student in 2021.

1) W-2 with $1,151 in wages

2) Received unemployment of $12,470

3) 1099- Int of $36

4) Stock Gains of $12,297 (Long term $1542, Short Term $10,756)

 

Filled out Form 8615 and he is paying $3800.  I am wondering if he/I would meet 8814 criteria?

Thanks

 

    1 reply

    April 13, 2022

    He doesn't meet the 8814 criteria.

     

    8814 requirements-

    Use this form if you elect to report your child’s income on your return. 

    If you do, your child will not have to file a return. You can make this election if your child meets all of the following conditions. 

    • The child was under age 19 (or under age 24 if a full-time student) at the end of 2021. “Student” is defined below. 

    • The child’s only income was from interest and dividends, including capital gain distributions and Alaska Permanent Fund dividends. 

    • The child’s gross income for 2021 was less than $11,000. 

    • The child is required to file a 2021 return. 

    • The child does not file a joint return for 2021. 

    • There were no estimated tax payments for the child for 2021 (including any overpayment of tax from his or her 2020 return applied to 2021 estimated tax). 

    • There was no federal income tax withheld from the child’s income.

     

    IRS source for the above

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    April 13, 2022

    Thank You!