Questions tagged [minor]
The minor tag has no usage guidance.
38
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Tax treatment for minor with Roth IRA and ex-spouse
I want to open a custodial Roth IRA for my 16 year old that has some earned income. As I understand I'll need to prove that contributions aren't exceeding a maximum, which I imagine is just some tax ...
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28
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5
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Can a 13-year-old in the UK accept freelance work?
I am 13 years old and I live in the UK. I love coding and creating websites, so I thought I would turn it into a kind of business.
I am thinking of starting as a sole trader and doing bits of work for ...
- 391
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1
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Tax Reporting for Teen Freelancer using PayPal and Outsourcing Work: Necessary Steps?
I have a 16-year-old doing some freelancing as a side gig. I'm pretty certain that the PayPal income does not meet the $20k/200 threshold. There has not been any 1099 forms from PayPal. Should any ...
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How can a minor accept payments online?
Are there ways other than cryptocurrencies for minors to receive online payments without an adult intermediary?
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How much is a child's income allowed to benefit their parents? [closed]
Let's say you are an ordinary family, and one of your young children is lucky enough to be cast in a huge blockbuster movie franchise, for which they are paid many millions of dollars.
The income is ...
- 33.1k
2
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1
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Reporting stimulus money after my son files on his own
In 2021 a lot happened, including my son starting to work for the first time ever. When I filed in 2021 for 2020 taxes, I filed for me, wife, son, and daughter.
I received the 3rd stimulus in April ...
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1
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508
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What will happen if I deposited a check that was part of a scam and I already spent some of the money?
I deposited a check and spent a 700 before knowing it was a scam and I got lured but my bank account isn’t set up to do overdrafts because I’m still consider a minor what will happen??
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8
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How much tax to pay on award money for a minor
I am a minor (16 years old) and I won $5000 from a research competition. My teacher informed me I have to pay taxes on this - is there some way to calculate how much I'd have to pay? I live in the USA....
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2
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Can minors withdraw check?
I want to send a gift - named check. The issuer is a US resident, sending from the US. The minor is a US non-resident, located in the US.
Can I go to the bank, issue the check with the kid's name on ...
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6
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Is it legal for a minor to be hired by a college to take notes for students with accessibility difficulties?
I'm enrolled in a local community college as a dual-credit student (basically that means I can complete high school courses in college to get a college degree and high school diploma simultaneously), ...
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What are the options for minors to invest in Europe?
I am teaching my daughter about finances, inflation, and investing.
We had opened her a minor account in Swedbank Lithuania.
During spring break she made several hundred Euros doing various chores and ...
2
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1
answer
711
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My mom coerced me into giving her all my paychecks
I'm currently 19 for some background...(in aurora Colorado)
My mom is a single mom raising me even though my father and her are technically still married. She made me get a job when I was 16 which I ...
- 21
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0
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44
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account type recommendation for minor beneficiaries of a trust (US)
As the trustee of a trust, I’m looking for suggestions as to how to make distributions to minor great-grandchildren. This is not a lot of money, but not trivial. I’m considering UTMA/UGMA/529b type ...
- 489
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3
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4k
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How to name a revocable living trust?
The abbreviated context of the question is this: I have young children that are too young to name as secondary beneficiaries (my wife is the primary beneficiary) on various accounts. I am creating a ...
- 163
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267
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Do I get a reduced tax rate as a minor for my business selling items on eBay?
I recently turned 13 and I have an eBay business that is growing quickly. I have about a 5-6k net worth of merchandise (I just bought a huge order). I predict that I will have 100k by the end of next ...
119
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14
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As a 16 year old, how can I keep my money safe from my mother?
I am 16 and still in HS and work 20+ hours a week. I live with my mother (my Dad left us when I was a kid and I don't see him anymore). My mother is an alcoholic and has trouble keeping a job. I don't ...
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My 14 year old Son has won prize money in the EPIC fornite competition - Tax on his winnings?
My 14 year old son born and living in the UK has winnings coming to him from competing in a USA based on-line gaming company (EPIC) international competition (the game is called Fortnite) and he has ...
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2
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695
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When did banks stop allowing minors to open their own bank accounts?
While reading Mother abusing my finances (and others like it in the past) I always remember when I opened my own checking and savings accounts as a 13 year old. No adult involvement at all, except ...
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68
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13
answers
26k
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Mother abusing my finances
I'm in a bit of a predicament so I want to give some background.
I'm a 17-year-old who has a bank account with my mother as an account holder given that as a minor I cannot legally enter into an ...
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5
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2
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672
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Stock owned by minor reaching adult age
I am not a US person. My son (also not a US Person) has stock in a companies traded on the NYSE and held by an agent registry. (eg. Computershare).
As he reaches 18, is there anything I need to ...
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264
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How can I reasonably estimate what percentage of my income should be saved for taxes during my first year of work
I am a minor in Michigan, and I'm currently in my first financial year. I work for a nonprofit, which doesn't take any money out of my pay. The per-hour salary that I say I make is how much I actually ...
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Any way to get a debit card as a minor without parent consent?
Yes, this question has been asked before, but never really answered. Most questions involve a credit card, which in this case I'm asking about a debit card.
Hi, I'm a 16 year old student facing some ...
user66027
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1
answer
250
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I am going to recieve £10k and I am a minor [duplicate]
My grandmother is going to go into care very soon and as a result, sell her house. Each of her four grandchildren are going to recieve £10,000 from the sale of the house to help kickstart ourselves - ...
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Who should pay taxes in my typical case?
I'm currently 17 and will be turning 18 in a month. I made money by freelancing and paid taxes in my name. However, when I wanted to invest in the stock market, I couldn't have an account in my name ...
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44
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2
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5k
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What US tax laws apply to a 13 year old game developer?
I'm a thirteen year old game developer and I am wondering what the tax laws are as a minor in the US. I don't currently make any money off of my games but I'm thinking of selling on the Google play ...
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3
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How old do I have to be to take a loan, and how should I go about the process?
I'm currently 16 and have been invited to attend a National Youth Conference for National Security in Washington DC this upcoming fall. I just moved in with my mom and this trip isn't exactly ideal ...
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1k
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Under 18, loan possible?
I'm 17 and I got a car for dirt cheap, my mom and dad helped buy it at the time because it was a great one-time deal. The only problem is that driving school in MA is about $700 and it would really ...
5
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3
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265
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What's the smartest way to invest money gifted to a child?
I have two sets of very doting grandparents with the first grandchild in the family, and as such, they are being fairly generous already (Not even a year old yet) with giving money and other items.
...
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How do you declare revenues from YouTube earnings in the USA if you are a minor?
You are under 18 making thousands of $$ with your videos.
Can you declare them?
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Debit card for minor (< 8 y.o.) [closed]
I have a child who has expressed interest in using a debit card. He knows about money, can count coins and banknotes, and really wants to have a debit card. I want to use this as a learning experience ...
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5
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1
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Minors financial rights in the US
I've been looking at options for minors in the USA regarding their finances and everywhere I look, I see 'people under 18, need a guardian, parent etc. to open a checking/saving/brokerage account' and ...
2
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1
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187
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Minors and taxes?
I am 15 years old and I just started freelance development. Currently I am making $200-$400 a week and I live in the US. Anyway, my question is do I have to pay taxes and how?
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Can I gift money out of a UTMA account to my child's sibling?
My Father gifted $50,000 to my daughter over a 5 year period. This money is in a UGMA account on my daughter's behalf. I now have three children. My father's intent was to provide for all of my ...
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Can my mother keep the money in my custodial account from me?
I'm seventeen, about to be eighteen in five months, and the other day, my mother said that if I didn't prove that I can be responsible with my money, she would stop me from closing my custodial ...
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Does a child own an Education IRA (Coverdell Education Savings Account) upon turning 18?
If I am custodian for an Education IRA (Coverdell Education Savings Account). What happens when the child turns 18 (age of majority)? Do they get control or does it remain with the custodian?
My ...
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I'm 13. Can I buy supplies at a pet store without a parent/adult present?
Can I (a 13 year old) buy supplies for a cat by myself with no parent there?
Or do I have to bring my older sister (an 18 year old) with me to get them?
Or do my parents have to go with me?
Monica
12
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1
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969
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How to claim a minor's income?
When a child earns money babysitting or doing yardwork for neighbors, it's common to ignore claiming the income, as income earned by the minor has its own deduction, and would likely not generate any ...
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If I buy a property in an underage dependent's name am I exempt from capital gains (losses) on my income tax?
If I purchase a property in an underage dependent's name (son or daughter), and then sell it before they reach the age of majority, do I need to claim the capital gains (losses) on income tax if I ...
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