Form 8814 - Parents' Election To Report Child'S Interest And Dividends - 2003 Page 2
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Form 8814 (2003)
Page
Note: If you and the child’s other parent
Change of Address. If your child filed a
Line 3. Enter the capital gain distributions
were not married but lived together during
return for a previous year and the address
received by your child in 2003. Capital gain
the year with the child, you qualify to make
shown on the last return filed is not your
distributions should be shown in box 2a of
the election only if you are the parent with
child’s current address, be sure to notify
Form 1099-DIV. Also, see the instructions
the higher taxable income.
the IRS, in writing, of the new address. To
for line 6.
do this, you may use Form 8822, Change
Tax Benefits You May Not Take. If you
If your child received, as a nominee,
of Address.
elect to report your child’s income on your
capital gain distributions that actually
return, you may not take any of the
belong to another person, enter the
Additional Information. See Pub. 929,
following deductions that your child could
amount and “ND” on the dotted line next
Tax Rules for Children and Dependents, for
take on his or her own return.
to line 3. Do not include amounts received
more details.
as a nominee in the total for line 3.
● Standard deduction of $1,900 for a blind
Line Instructions
child.
Line 6. If you checked the box on line C,
add the amounts from line 6 of all your
● Penalty on early withdrawal of child’s
Name and Social Security Number. If
Forms 8814. Unless the exception below
savings.
filing a joint return, include your spouse’s
applies, include this amount in the total on
● Itemized deductions such as child’s
name but enter the social security number
line 21 of Form 1040 or Form 1040NR,
investment expenses or charitable
of the person whose name is shown first
whichever applies. Be sure to enter “Form
contributions.
on the return.
8814” and the total of the line 6 amounts
If your child received qualified dividends
Line 1a. Enter all taxable interest income
in the space next to line 21.
or capital gain distributions, you may pay
received by your child in 2003. If your child
Exception. If your child received
up to $37.50 more tax if you make this
received a Form 1099-INT for tax-exempt
qualified dividends or capital gain
election instead of filing a separate tax
interest, such as from municipal bonds,
distributions, part or all of that income
return for the child. This is because the tax
enter the amount and “Tax-exempt
must be reported on your Form 1040 or
rate on the child’s income between $750
interest” on the dotted line next to line 1a.
Form 1040NR instead of on Form 8814,
and $1,500 is 10% if you make this
Do not include this interest in the total for
line 6. See Pub. 929 for details.
election. However, if you file a separate
line 1a but be sure to include it on line 1b.
Line 9. If you checked the box on line C,
return for the child, the tax rate may be as
If your child received, as a nominee,
add the amounts from line 9 of all your
low as 5% because of the preferential tax
interest that actually belongs to another
Forms 8814. Include the total on Form
rates for qualified dividends and post-May
person, enter the amount and “ND” (for
1040, line 41, or Form 1040NR, line 39. Be
5 capital gain distributions (8% on qualified
nominee distribution) on the dotted line
sure to check box a on that line.
5-year gain).
next to line 1a. Do not include amounts
If any of the above apply to your child,
received as a nominee in the total for
first figure the tax on your child’s income
Paperwork Reduction Act Notice. We
line 1a.
as if he or she is filing a return. Next, figure
ask for the information on this form to
If your child had accrued interest that
the tax as if you are electing to report your
carry out the Internal Revenue laws of the
was paid to the seller of a bond,
child’s income on your return. Then,
United States. You are required to give us
amortizable bond premium (ABP) allowed
compare the methods to determine which
the information. We need it to ensure that
as a reduction to interest income, or if any
results in the lower tax.
you are complying with these laws and to
original issue discount (OID) is less than
allow us to figure and collect the right
Alternative Minimum Tax. If your child
the amount shown on your child’s Form
amount of tax.
received tax-exempt interest (or
1099-OID, enter the nontaxable amount on
exempt-interest dividends paid by a
You are not required to provide the
the dotted line next to line 1a and
regulated investment company) from
information requested on a form that is
“Accrued interest,” “ABP adjustment,” or
certain private activity bonds, you must
subject to the Paperwork Reduction Act
“OID adjustment,” whichever applies. Do
take this into account in determining if you
unless the form displays a valid OMB
not include any nontaxable amounts in the
owe the alternative minimum tax. See
control number. Books or records relating
total for line 1a.
Form 6251, Alternative Minimum Tax—
to a form or its instructions must be
Line 1b. If your child received any tax-
Individuals, and its instructions for details.
retained as long as their contents may
exempt interest income, such as from
become material in the administration of
Investment Interest Expense. Your child’s
certain state and municipal bonds, report it
any Internal Revenue law. Generally, tax
income (other than qualified dividends,
on line 1b. Also, include any
returns and return information are
Alaska Permanent Fund dividends, and
exempt-interest dividends your child
confidential, as required by Internal
capital gain distributions) that you report
received as a shareholder in a mutual fund
Revenue Code section 6103.
on your return is considered to be your
or other regulated investment company.
investment income for purposes of figuring
The time needed to complete and file
Note: If line 1b includes tax-exempt
your investment interest expense
this form will vary depending on individual
interest or exempt-interest dividends paid
deduction. If your child received qualified
circumstances. The estimated average time
by a regulated investment company from
dividends, Alaska Permanent Fund
is: Recordkeeping, 26 min.; Learning
private activity bonds, see Alternative
dividends, or capital gain distributions, see
about the law or the form, 9 min.;
Minimum Tax on this page.
Pub. 550, Investment Income and
Preparing the form, 24 min.; and
Line 2. Enter the ordinary dividends
Expenses, to figure the amount you may
Copying, assembling, and sending the
received by your child in 2003. Ordinary
treat as your investment income.
form to the IRS, 16 min.
dividends should be shown in box 1a of
Foreign Accounts and Trusts. Complete
If you have comments concerning the
Form 1099-DIV. Also, include ordinary
Part III of Schedule B (Form 1040) for your
accuracy of these time estimates or
dividends your child received through a
child if he or she (a) had a foreign financial
suggestions for making this form simpler,
partnership, an S corporation, or an estate
account or (b) received a distribution from,
we would be happy to hear from you. See
or trust.
or was the grantor of, or transferor to, a
the instructions for the tax return with
If your child received, as a nominee,
foreign trust. If you answer “Yes” to either
which this form is filed.
ordinary dividends that actually belong to
question, you must file this Schedule B
another person, enter the amount and
with your return. Enter “Form 8814” next
“ND” on the dotted line next to line 2. Do
to line 7a or line 8, whichever applies.
not include amounts received as a
Also, complete line 7b if applicable.
nominee in the total for line 2.
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