2023 Form 8814 - Parents Election To Report Child Interest And Dividends

Form 8814, known as "Parents' Election to Report Child's Interest and Dividends," allows you to report your child's investment income on your tax return. This form is useful if your child has income from investments like interest and dividends, and you'd prefer to include this income on your tax return rather than having your child file separately.

Eligibility Criteria

To use Form 8814, your child must meet these criteria:

• They were under 19 (or under 24 if a full-time student) at the end of the tax year.
• Their only income was from interest and dividends, including capital gain distributions and Alaska Permanent Fund dividends.
• Their gross income for the year was less than $12,500.
• They are required to file a current-year return.
• They didn’t file a joint return for the current year.
• No estimated tax payments were made for them for the current year.
• No federal income tax was withheld from their income.

You must also qualify to make this election. Refer to the Form 8814 instructions for more details.

Alternative: Form 8615

If your child doesn’t qualify for a Form 8814 election, you may need to file Form 8615 with their separate return. Form 8615 helps calculate the correct tax rate based on your income and tax liability.

For the current year's Form 8814, click here.