Kiddie Tax: 8615 - Is there a simplified way to fill this out so that it will assume the parents are in the top brackets, without knowing exact amounts?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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The kids have dividend income over $10k, and parents don't get around to filing taxes till October. It would be nice for the kids to be able to submit their taxes well before then - if the parents are well into all the top tax brackets, the exact details aren't going to matter anyway, right?

Hal_Al

Employee

No. But, you can use estimates for the parent's income. After the parents actually file, you will only have to file amended returns for the kids if their bottom line changes

A

ad95PqrQAuthor

Employee

But surely the max dividend tax rate stays the max? If the kids report some very large number for parents income, why would the bottom line end up changing? Does AMT status of the parent come into play? (Parent dividend income exceeds $250k and involves an expensive accountant. The idea here is to simplify the children's returns, not to attain an irrelevant degree of accuracy.)