Form 8814 - Parents' Election To Report Child'S Interest And Dividends - 2000 Page 2
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Form 8814 (2000)
Page
Additional Information. See Pub. 929 for
Note: If you and the child’s other parent
Line 3. Enter the capital gain distributions
were not married but lived together during
more details.
received by your child in 2000. Capital gain
the year with the child, you qualify to make
distributions should be shown in box 2a of
Line Instructions
the election only if you are the parent with
Form 1099-DIV. Also, see the instructions
the higher taxable income.
for line 6.
Name and Social Security Number. If
Tax Benefits You May Not Take. If you
If your child received, as a nominee,
filing a joint return, include your spouse’s
elect to report your child’s income on your
capital gain distributions that actually
name but enter the social security number
return, you may not take any of the
belong to another person, enter the
of the person whose name is shown first
following deductions that your child could
amount and “ND” on the dotted line next
on the return.
take on his or her own return.
to line 3. Do not include amounts received
Line 1a. Enter all taxable interest income
as a nominee in the total for line 3.
● Standard deduction of $1,800 for a blind
received by your child in 2000. If your child
child.
Line 6. If you checked the box on line C,
received a Form 1099-INT for tax-exempt
add the amounts from line 6 of all your
● Penalty on early withdrawal of child’s
interest, such as from municipal bonds,
Forms 8814. Include the total on line 21 of
enter the amount and “Tax-exempt
savings.
Form 1040 or Form 1040NR, whichever
interest” on the dotted line next to line 1a.
● Itemized deductions such as child’s
applies. Be sure to enter “Form 8814” and
Do not include this interest in the total for
investment expenses or charitable
the total of the line 6 amounts in the space
line 1a but be sure to include it on line 1b.
contributions.
next to line 21.
If your child received, as a nominee,
If your child received capital gain
If your child received capital gain
interest that actually belongs to another
distributions, you may pay up to $35
distributions, part or all of those
person, enter the amount and “ND” (for
more tax on those distributions if you
distributions must be reported on your
nominee distribution) on the dotted line
make this election instead of filing a
Schedule D (Form 1040) or on Form 1040
next to line 1a. Do not include amounts
separate tax return for the child. This is
or on Form 1040NR instead of on Form
received as a nominee in the total for
because the tax rate on the child’s income
8814, line 6. See Pub. 929 for details.
line 1a.
between $700 and $1,400 is 15% if you
Line 9. If you checked the box on line C,
If your child had accrued interest that
make the election. However, if you file a
add the amounts from line 9 of all your
was paid to the seller of a bond,
separate return for the child, the tax rate
Forms 8814. Include the total on Form
amortizable bond premium (ABP) allowed
on those distributions may be 10%
1040, line 40, or Form 1040NR, line 39. Be
as a reduction to interest income, or if any
because of the preferential capital gains
sure to check box a on that line.
original issue discount (OID) included on
tax rates.
line 1a is less than the amount shown on
If any of the above apply to your child,
your child’s Form 1099-OID, follow the
Paperwork Reduction Act Notice. We
first figure the tax on your child’s income
instructions above for nominee interest to
ask for the information on this form to
as if he or she is filing a return. Next, figure
see how to report the nontaxable amounts.
carry out the Internal Revenue laws of the
the tax as if you are electing to report your
But on the dotted line next to line 1a, enter
United States. You are required to give us
child’s income on your return. Then,
the nontaxable amount and “Accrued
the information. We need it to ensure that
compare the methods to determine which
interest,” “ABP adjustment,” or “OID
you are complying with these laws and to
results in the lower tax.
adjustment,” whichever applies. Do not
allow us to figure and collect the right
Alternative Minimum Tax. If your child
include any nontaxable amounts in the
amount of tax.
received tax-exempt interest (or
total for line 1a.
You are not required to provide the
exempt-interest dividends paid by a
Line 1b. If your child received any tax-
information requested on a form that is
regulated investment company) from
exempt interest income, such as from
subject to the Paperwork Reduction Act
certain private activity bonds, you must
certain state and municipal bonds, report it
unless the form displays a valid OMB
take this into account in determining if you
on line 1b. Also, include any
control number. Books or records relating
owe the alternative minimum tax. See
exempt-interest dividends your child
to a form or its instructions must be
Form 6251, Alternative Minimum Tax—
received as a shareholder in a mutual fund
retained as long as their contents may
Individuals, and its instructions for details.
or other regulated investment company.
become material in the administration of
Investment Interest Expense. Your child’s
any Internal Revenue law. Generally, tax
Note: If line 1b includes tax-exempt
income (other than Alaska Permanent Fund
returns and return information are
interest or exempt-interest dividends paid
dividends and capital gain distributions)
confidential, as required by Internal
by a regulated investment company from
that you report on your return is
Revenue Code section 6103.
private activity bonds, see Alternative
considered to be your investment income
Minimum Tax on this page.
The time needed to complete and file
for purposes of figuring your investment
this form will vary depending on individual
Line 2. Enter the ordinary dividends
interest expense deduction. If your child
circumstances. The estimated average time
received by your child in 2000. Ordinary
received Alaska Permanent Fund dividends
is: Recordkeeping, 26 min.; Learning
dividends should be shown in box 1 of
or capital gain distributions, see Pub. 550,
about the law or the form, 10 min.;
Form 1099-DIV. Also, include ordinary
Investment Income and Expenses, to figure
Preparing the form, 24 min.; and
dividends your child received through a
the amount you may treat as your
Copying, assembling, and sending the
partnership, an S corporation, or an estate
investment income.
form to the IRS, 17 min.
or trust.
Foreign Accounts and Trusts. Complete
If you have comments concerning the
If your child received, as a nominee,
Part III of Schedule B (Form 1040) for your
accuracy of these time estimates or
ordinary dividends that actually belong to
child if he or she (1) had a foreign financial
suggestions for making this form simpler,
another person, enter the amount and
account or (2) received a distribution from,
we would be happy to hear from you. See
“ND” on the dotted line next to line 2. Do
or was the grantor of, or transferor to, a
the instructions for the tax return with
not include amounts received as a
foreign trust. If you answer “Yes” to either
which this form is filed.
nominee in the total for line 2.
question, you must file this Schedule B
with your return. Enter “Form 8814” next
to line 7a or line 8, whichever applies.
Also, complete line 7b if applicable.
Change of Address. If your child filed a
return for a year before 2000 and the
address shown on the last return filed is
not your child’s current address, be sure to
notify the IRS, in writing, of the new
address. To do this, you may use Form
8822, Change of Address.
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