Questions tagged [minor]

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0
votes
1answer
184 views

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 ...
120
votes
14answers
16k views

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 ...
9
votes
1answer
685 views

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 ...
7
votes
2answers
500 views

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 ...
70
votes
13answers
21k views

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 ...
5
votes
2answers
207 views

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 ...
7
votes
2answers
242 views

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 ...
9
votes
2answers
1k views

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 ...
3
votes
1answer
227 views

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 - ...
3
votes
2answers
153 views

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 ...
43
votes
2answers
5k views

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 ...
3
votes
3answers
7k views

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 ...
2
votes
2answers
777 views

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
votes
3answers
233 views

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. ...
3
votes
2answers
2k views

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?
7
votes
5answers
3k views

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 ...
5
votes
1answer
615 views

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
votes
1answer
170 views

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?
7
votes
3answers
1k views

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 ...
0
votes
1answer
177 views

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 ...
5
votes
2answers
837 views

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 ...
4
votes
4answers
1k views

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?
12
votes
1answer
883 views

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 ...
4
votes
2answers
804 views

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 ...