1040-US: Adjusting calculated earned income used to calculate unearned income reported on Form 8615, line 1

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Question

How do I adjust the calculated earned income used to calculate unearned income reported on Form 8615 line 1?

Answer

Use the Earned income adjustment for Form 8615 line 1 field in Screen 1040 (General folder) to adjust earned income used to calculate Form 8615 line 1, Unearned income. When an amount is entered in this field, UltraTax/1040 will use the Alternate Worksheet For Form 8615, line 1 ( Publication 929, Tax Rules for Children and Dependents) to calculate line 1. Amounts entered in the Earned income adjustment for Form 8615 line 1 field will be used to adjust line D of the alternate worksheet.

Related topic: Form 8615 - Kiddie tax FAQs (1040)

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