Just a heads up for anyone who is doing the Form 8615, Kiddie Tax Form, that it isn't calculating the tax correctly. I contacted Pro Series about the issue over a week ago and have not heard back and a fix hasn't been done. I thought I would alert everyone since we will all be doing more of these this year with Unemployment Comp being included unearned income.
Line 15 is supposed to be calculating the tax on Line 14 and adding it to the tax on Line 13 (which is the additional tax based on the parents' taxable income). Instead it is calculating the tax on the child's total taxable income (Line 4) and adding it to the additional tax based on the parents' taxable income resulting in a much higher tax than should be paid. In my case it is about $2,050 more than the child should be paying.
Hopefully, it will be fixed soon.
I should have posted this last week rather than trying to go through Pro Series! Opening the Schedule D didn't work, but if you "Quick Zoom to the Schedule D Calculation Worksheet" within the form 8615 that fixed the problem. Thank you so much!
I did speak with them about it and sent them a sanitized copy of the return but was getting impatient waiting for a fix and figured I better let everyone else know. I am glad I did so I could do the workaround and get this one completed. My hopes are that they are going to fix it soon.
Thank you for bringing this to our attention. I will get this information over to the respective development team for review.
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