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T
twatkinscpa
Level 3
February 5, 2021
Question

Form 1040 is not calculating tax correctly on a simple return

  • February 5, 2021
  • 1 reply
  • 10 views
Taxable income is $4,291.  Tax before credits is $17,131 - something is wrong with the calculation.
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1 reply

T
twatkinscpaAuthor
Level 3
February 5, 2021

Found it!  Form 8615 needs to have calculated tax AND actual tax paid by the parent(s) claiming the dependent for the calculation to reflect only the dependent's tax adjustment.  Kiddie tax form gone wild....

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