Form 8615 - Tax For Certain Children Who Have Unearned Income

Form 8615 is used for reporting the "Tax for Certain Children Who Have Unearned Income." This form is specifically designed to calculate the tax liability for a child who has unearned income above a certain threshold.

Unearned income includes income such as dividends, interest, and capital gains. The purpose of Form 8615 is to ensure that children with significant unearned income are not able to avoid taxation by utilizing their parents' tax brackets. In some cases, children may have substantial investment income, and the IRS has implemented Form 8615 to address the taxation of such income.