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This qualitative study explored parents' perceptions of the onset and factors contributing to academic underachievement in their gifted children. Twelve parents of 10 underachieving gifted children (ages 12-16) in the Midwestern U.S. were interviewed. The study employed a qualitative narrative inquiry design. Parents described a common trajectory where their child started showing early academic promise, but underachievement emerged in late elementary or middle school. Internal factors, including motivation, self-regulation, and mental health, interacted with external influences, including family dynamics, school environment, student-teacher relationships, and peer relationships.