- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have input the correct information from the parent's return. The child only has $2,784 of investment income ($184 taxable after the $2600 deduction) However line 9 is generating an additional $3000 balance due. Can anybody walk me through what I am doing incorrect?
Your assistance is greatly appreciated!!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Look at the 8615.
Answers are easy. Questions are hard!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thanks for your response. My problem relates specifically to the calculations on the 8615. The parents taxable income on line 6 is $311,000. The child has $184 of taxable investment income, making Line 8 $311,184. The tax calculated on line 9 is $60,000. However the parents tax on line 10 is $57,000. Meaning the child has a tax liability of $3,000. On the $184 of additional income? Something is wrong with Line 9 but I can not figure it out!
Thanks again
