Parent'S Election To Report Child'S Interest And Dividends Form 8814 (1991) (Page 2 of 2) in pdf

Form 8814 (1991)

Page

General Instructions

interest on line 1b but do not include it

Line 8.— If you are filing more than one

(continued)

in the total for line 1a.

Form 8814, add the amounts from line 8

Parents Who Qualify To Make the

of ALL your Forms 8814 and include the

If your child received, as a nominee,

Election. You qualify to make this

total on Form 1040, line 38 (or Form

interest that actually belongs to another

election if you file Form 1040 or Form

1040NR, line 36). Be sure to enter the

person, write the amount and “ND” (for

1040NR and any of the following applies

total of the line 8 amounts in the space

nominee distribution) on the dotted line

to you:

provided next to line 38 on Form 1040

next to line 1a. Do not include amounts

You and the child’s other parent were

(next to line 36 on Form 1040NR).

received as a nominee in the total for

married to each other and you are filing

line 1a.

Alternative Minimum Tax. If your child

a joint return for 1991.

received any tax-exempt interest (or

If your child had accrued interest that

You and the child’s other parent were

exempt-interest dividends paid by a

was paid to the seller of a bond,

married to each other but you file

regulated investment company) from

amortizable bond premium (ABP)

separate returns for 1991 AND you had

certain private activity bonds, you must

allowed as a reduction to interest

the higher taxable income. (If you do

take this into account in determining if

income, or if any original issue discount

not know if you had the higher taxable

you owe the alternative minimum tax.

(OID) included on line 1a is less than the

income, get Pub. 929, Tax Rules for

Get Form 6251, Alternative Minimum

amount shown on your child’s Form

Children and Dependents.)

Tax—Individuals, and its instructions for

1099-OID, follow the instructions above

You were unmarried, treated as

details.

for nominee interest to see how to report

unmarried for Federal income tax

the nontaxable amounts. But, on the

Foreign Accounts and Foreign Trusts.

purposes, or separated from the child’s

dotted line next to line 1a, write the

If your child had a foreign financial

other parent by a divorce or separate

nontaxable amount and “Accrued

account or was the grantor of, or

maintenance decree. You must have had

interest,” “ABP adjustment,” or “OID

transferor to, a foreign trust, Part III of

custody of your child for most of the

adjustment,” whichever applies. Do not

Schedule B (Form 1040) would have to

year (you were the custodial parent). If

include any nontaxable amounts in the

be completed and attached to the

you were the custodial parent and you

total for line 1a.

child’s return if he or she was filing a

remarried, you may make the election on

return. If Part III of Schedule B had been

Line 1b. If your child received any tax-

a joint return with your new spouse. But

completed for your child, would either of

exempt interest income, such as interest

if you and your new spouse (your child’s

on certain state and municipal bonds,

the questions have been answered

stepparent) do not file a joint return, you

enter the total tax-exempt interest on

“Yes”? If so, you must file Schedule B

qualify to make the election only if you

line 1b. Also include any exempt-interest

with your return and answer “Yes” to the

had higher taxable income than your

question(s). Also complete line 11b if

dividends your child received as a

new spouse.

applicable. Write “Form 8814” next to

shareholder in a mutual fund or other

Note: If you and the child’s other parent

regulated investment company. Do not

line 11a or line 12, whichever applies, on

were not married but you lived together

your Schedule B.

include this interest on lines 1a or 3.

during the year with the child, you

Note: If line 1b includes tax-exempt

Change of Address. If your child filed a

qualify to make the election only if you

interest (or exempt-interest dividends

return for a year before 1991 and the

are the parent with the higher taxable

paid by a regulated investment company)

address shown on the last return filed is

income.

from private activity bonds, see

not your child’s current address, be sure

Deductions You May Not Take.— If you

Alternative Minimum Tax on this page.

to notify the IRS, in writing, of the new

elect to report your child’s income on

address. To do this, you may use Form

Line 2a. Enter gross dividends received

your return, you may not take any of the

8822, Change of Address, or you may

by your child in 1991, including capital

following deductions that your child

write to the Internal Revenue Service

gain distributions and nontaxable

would be entitled to on his or her own

Center where your child’s last return was

distributions. Form 1099-DIV shows

return.

filed, or to the Chief, Taxpayer Service

gross dividends in Box 1a. Also include

Standard deduction of $550 ($1,400

Division, in your local IRS district office.

dividends your child received through a

for a blind child).

partnership, an S corporation, or an

Penalty on early withdrawal of child’s

estate or trust.

Paperwork Reduction Act Notice. We

savings.

If line 2a includes any capital gain

ask for the information on this form to

Itemized deductions (such as child’s

distributions (from Form 1099-DIV, Box

carry out the Internal Revenue laws of

investment expenses or charitable

1c), see the line 5 instuctions below.

the United States. You are required to

contributions).

give us the information. We need it to

If your child received, as a nominee,

If any of the above applies to your

ensure that you are complying with

dividends that actually belong to another

child, you should figure the tax on the

these laws and to allow us to figure and

person, write the amount and “ND” (for

child’s income as if he or she is filing a

collect the right amount of tax.

nominee distribution) on the dotted line

return and as if you are electing to

next to line 2a. Do not include amounts

The time needed to complete and file

report the income on your return to find

received as a nominee in the total for

this form will vary depending on

out which results in the lowest amount

line 2a.

individual circumstances. The estimated

of tax.

average time is: Recordkeeping, 20

Line 5. If you are filing more than one

Additional Information.— For more

min.; Learning about the law or the

Form 8814, add the amounts from line 5

information, see Pub. 929.

form, 8 min.; Preparing the form, 16

of ALL your Forms 8814 and include the

Line Instructions

min.; and Copying, assembling, and

total on Form 1040, line 22 (or Form

sending the form to the IRS, 35 min.

1040NR, line 22). Be sure to write “Form

Parent’s Name and Social Security

8814” and show the total of the line 5

If you have comments concerning the

Number. Enter the name(s) shown on

amounts in the space next to line 22.

accuracy of these time estimates or

your return. If filing a joint return, enter

If line 2a includes any capital gain

suggestions for making this form more

the social security number of the person

distributions and you are filing

simple, we would be happy to hear from

whose name is shown first on the return.

Schedule D, (Form 1040), part or all of

you. You can write to both the IRS and

Line 1a. Enter ALL taxable interest

your child’s capital gain distributions

the Office of Management and Budget

income received by your child in 1991. If

should be reported on your Schedule D

at the addresses listed in the

your child received a Form 1099-INT for

instead of on Form 8814, line 5. Before

instructions of the tax return with which

tax-exempt interest, such as from

you enter an amount on line 5, see Pub.

this form is filed.

municipal bonds, write the amount and

929 for details on how to figure the

“Tax-exempt interest” on the dotted line

amount to report on your Schedule D.

next to line 1a. Be sure to include this

Parent'S Election To Report Child'S Interest And Dividends Form 8814 (1991) Page 2

Related Articles

Related forms

Related Categories