Minors Are Taxed As Well
Regardless that you are a child or an adult, once you have an income that is sufficient to be taxed, you cannot escape from paying it. Those who have a profit above a certain level no matter they are under or above the age of 18, must be responsible to file for a tax return, as proven by the latest publication of IRS 929.
If you have a child whom is making a profit out of the investment that you made for him or her, the it might be necessary for your child to get hold of the sufficient knowledge and information on how to pay taxes. Or of course, you can help your child with the tax return too. If you are someone of the minor category yourself, then you must also know how to file a tax return too. If you do not know how, do not worry, you can always get help from your parents or any adult that knows how to file a return.
As long as the minor is old enough to have a valid signature, he or she can already do the tax return. A disadvantage of this will be that if the IRS is to question anything, the parents will find it difficult to answer on behalf of the child, unless it was signed on behalf by the parents themselves. Another workaround to this problem is that the parents can sign as a third party designee, which allows them to answer to the IRS without the need of attorneys.
I hope that this short article will be able to help with some questions that you might have regarding taxes on minors. Or least get you started.