2002 Instructions For Form 8615 (Page 2 of 2) in pdf

Generally, it is the total of the

included on line 8. If any farm income

to figure the tax unless the Capital

amounts reported on Form 1040,

is included on line 8, the tax may be

Gain Tax Worksheet may be used. If

lines 7, 12, and 18; Form 1040A, line

less if you use Schedule J. If

any farm income is included on line 4,

7; or Form 1040NR, lines 8, 13, and

Schedule J was used to figure the tax

the tax may be less if you use

19.

on the parent’s return, see Pub. 929

Schedule J.

for how to figure the tax.

Line 2

Paperwork Reduction Act Notice.

Line 10

If the child itemized deductions, enter

We ask for the information on this

the larger of:

If the parent filed a joint return, enter

form to carry out the Internal

•

$1,500 or

the tax shown on that return even if

Revenue laws of the United States.

•

$750 plus the portion of the amount

the parent’s spouse is not the child’s

You are required to give us the

on Schedule A (Form 1040), line 28

parent.

information. We need it to ensure that

(or line 17 of the Form 1040NR

you are complying with these laws

Line 15

Schedule A), that is directly

and to allow us to figure and collect

connected with the production of the

Figure the tax using the Tax Table,

the right amount of tax.

investment income on Form 8615,

Tax Rate Schedule X, Capital Gain

You are not required to provide the

line 1.

Tax Worksheet, or Schedule D or J,

information requested on a form that

whichever applies. If line 14 includes

is subject to the Paperwork Reduction

Line 6

any net capital gain, use Schedule D

Act unless the form displays a valid

If the parent filed a joint return, enter

to figure the tax unless the Capital

OMB control number. Books or

the taxable income shown on that

Gain Tax Worksheet may be used.

records relating to a form or its

return even if the parent’s spouse is

See Pub. 929 for details on how to

instructions must be retained as long

not the child’s parent.

figure the net capital gain included on

as their contents may become

line 14. If any farm income is included

material in the administration of any

Line 9

on line 14, the tax may be less if you

Internal Revenue law. Generally, tax

use Schedule J.

Figure the tax using the Tax Table,

returns and return information are

Tax Rate Schedules, Capital Gain

confidential, as required by section

Line 17

Tax Worksheet, or Schedule D or J,

6103.

whichever applies. If any net capital

Figure the tax using the Tax Table,

The time needed to complete and

gain is included on line 8, Schedule D

Tax Rate Schedule X, Capital Gain

file this form will vary depending on

must be used to figure the tax unless

Tax Worksheet, or Schedule D or J,

individual circumstances. The

the Capital Gain Tax Worksheet may

whichever applies. If line 4 includes

estimated average time is:

be used. See Pub. 929 for details on

any net capital gain, use Schedule D

Recordkeeping, 26 min.; Learning

how to figure the net capital gain

about the law or the form, 11 min.;

Preparing the form, 42 min.; and

Copying, assembling, and sending

Child’s Investment Income Worksheet — Line 1 (keep for your records)

the form to the IRS, 20 min.

Enter the amount from the child’s Form 1040, line 22; Form

If you have comments concerning

1040A, line 15; or Form 1040NR, line 23, whichever applies . . 1.

the accuracy of these time estimates

or suggestions for making this form

Enter the child’s earned income (defined on page 1) plus any

simpler, we would be happy to hear

amount from the child’s Form 1040, line 32, or Form 1040NR,

from you. See the instructions for the

line 31, whichever applies . . . . . . . . . . . . . . . . . . . . . . . . . . 2.

tax return with which this form is filed.

Subtract line 2 from line 1. Enter the result here and on Form

8615, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.

-2-

2002 Instructions For Form 8615 Page 2

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