Form 8615 Data Entry

[G2R]

I'm trying to figure out what the previous CPA did.  17 year old son has unearned income, no wages and is claimed by mom.  Her taxable income last year was $80k.  Tax she owed was $5500.  Here's what the previous CPA's 8615 looks like. 

Shouldn't the highlighted areas have the above amounts listed?  

 

[kathyc2]

Was the Mom the custodial parent?  

[G2R]

8 minutes ago, kathyc2 said:

Was the Mom the custodial parent?  

yes. 

[BulldogTom]

It appears the prior preparer and you have a different number for the parent's taxable income.   I think the kid should be paying at 15% since his mom was in the 22% bracket (assuming she was HOH) and that would make the Cap Gains taxed at 15%.   I am pretty sure that is how that works.

Tom
Longview, TX

[G2R]

13 minutes ago, BulldogTom said:

It appears the prior preparer and you have a different number for the parent's taxable income.   I think the kid should be paying at 15% since his mom was in the 22% bracket (assuming she was HOH) and that would make the Cap Gains taxed at 15%.   I am pretty sure that is how that works.

Tom
Longview, TX

The prior CPA filed both the mom and the kid's return last year.  I took the numbers I quoted above from the tax return he filed for mom.  Just trying to see if I'm missing something, or if it's an error on his part. I have to complete an 8615 for the kid this year and the previous CPAs 8615 has me second-guessing myself.  So here I am, asking the pros. 

[Lion EA]

Looks like he relied on his software to link mom and son's returns for the 8615, but forgot to recalculate son's return after preparing mom's return. I agree with your analysis of the numbers on the prior year 8615.