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🔍 Form 8615 calculates unemployment income

According to the IRS guidelines for Form 8615, any income not considered earned income (as defined on page 2 of the instructions for Form 8615), is considered investment income for purposes of this form. Unemployment income is not defined as earned income in the instructions.

📝 Unearned Income

Unearned income is generally all income other than salaries, wages, and other amounts received as pay for work actually performed (earned income). It includes taxable interest, dividends, capital gains (including capital gain distributions), rents, royalties, pension and annuity income, taxable scholarship and fellowship grants not reported on Form W-2, unemployment compensation, alimony, the taxable part of social security and pension payments, and income other than earned income) received as the beneficiary of a trust.

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