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Help with form 8615 (Kiddie Tax) has anyone used an online program that has the new update ready?
fidoprincess
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Replies to: Help with form 8615 (Kiddie Tax) has anyone used an online program that has the new update ready?
https://www.irs.gov/e-file-providers/before-starting-free-file-fillable-forms
There used to be pdf files of tax forms that you filled in and then printed and mailed in.
@BelknapPoint you can e-file the free fillable forms, how does that work?
You might want to confirm with them.
Free File Fillable Forms... like using Turbo Tax, etc. except you need to fill out all the forms online (basic math calculations are done for you). It's an efficient way to learn the tax rules, fill out the forms online, and file electronically for the fastest refund (direct deposit or a paper check). You have to be willing to educate yourself as to what you need to do and how to do it to your best financial advantage. So, if you're not used to doing your own taxes, the first year can be a little painful.
Give a man a fish, and you've fed him for a day. Teach a man to fish...
Just in case anyone else is also looking, there are NO programs updated at this point. Most are saying 3/5 at the earliest or 3/12. That's so suprising to me considering it was a revision reverting back to calculating tax year 2017 so I'm not sure why it's so delayed. It is corrected on the forms directly from the IRS though like Belknap point said so you could use that right now if needed.
Thanks again!
The kiddie tax law was modified by congress at the end of last year (part of the SECURE Act), so this didn't give the IRS, or the commercial tax preparation companies, much time to update all the forms and software. That's why things have been so delayed.
The major modification for the kiddie tax is that for tax year 2020 it will go back to using the parents' highest marginal rate to figure the tax, as opposed to using the estates and trusts rates and brackets. For tax year 2019, the returns that people are working on now, the taxpayer has the option to use either method to calculate the tax, and there is also the option to go back and amend tax year 2018 returns to use the parents' rate instead of the estates and trusts rates.
Do you think it is just a case of more waiting or am I just not looking in the right place on the IRS website? Has anyone else found it? Thanks again.
The 2018 version of form 8615 is here,
https://www.irs.gov/pub/irs-prior/f8615--2018.pdf,
but I don't think the IRS has "revised" it to account for the latest change in the kiddie tax law. In other forums, people have been wondering how and when the IRS is going to handle the retroactive application of the change to 2018 filings, and as far as I know there is no answer yet to these questions.