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Federal Form 8615 Tax for Certain Children Who Have Unearned Income

Forum|Forum|5 years ago
March 4, 2021
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For 2020, the tax calculation on Form 8615, Part III, Line 15 does not appear to be accurate. Line 15 says "Enter the tax on the amount on line 14 based on the child's filing status." The amount on Line 14 is $1,100. When I go to the tax tables the amount for Single filing status is $109. Turbotax shows $1,744. This just so happens to be the amount of tax on the figure from Part I, Line 4. Does the formula in the software use Line 4 instead of Line 14??

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Best answer by jljl222

We ran into the same problem. Same as @cyclonechic23, ours is also the simple case where, if done manually, Line 15 would be a Tax Table lookup of the Line 14 amount.

Using Windows Download Premier edition here.

Workaround/hack:

Clicking the "QuickZoom" button near Line 15 launches the Form 8615 Schedule D Tax Worksheet, which apparently forces the correct calculation (even though this worksheet isn't applicable for our case). Line 15 gets corrected to be the tax on Line 14.

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ThomasM125

Line 15 says to enter the tax on the amount on line 14, but is also says "See instructions."

Then it references the Qualified Dividends and Capital Gains Tax Worksheet, Schedule D Worksheets, or Schedule J (Form 1040). So it may not be as simple as entering the tax on the amount on line 14.

You would have to read the instructions and look on the worksheets to learn how the tax is being calculated.

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C

cyclonechic23Author

Yes, I went to the IRS website and downloaded the 2020 Form 8615 and the Instructions. I filled out a paper copy of the Form 8615 in pencil using my information. My numbers match the Turbotax numbers exactly except for line 15. None of the other scenarios in the instructions applied to my situation so I used the 2020 Tax Table to figure my tax on $1,100 with a single filing status. 2020 Tax Table says $109. Turbotax shows $1,744.

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lmred17

I have the same issue! Line 14 and line 15 do not match.

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jljl222Answer

We ran into the same problem. Same as @cyclonechic23, ours is also the simple case where, if done manually, Line 15 would be a Tax Table lookup of the Line 14 amount.

Using Windows Download Premier edition here.

Workaround/hack:

Clicking the "QuickZoom" button near Line 15 launches the Form 8615 Schedule D Tax Worksheet, which apparently forces the correct calculation (even though this worksheet isn't applicable for our case). Line 15 gets corrected to be the tax on Line 14.