Does a Minor Pay Taxes?

[SallyX]

Florida

I am the custodian of my 14 year old's savings account. It's a small account that earned approx $59 interest in 2011. I just received a 1099-INT from the bank. Do I need to file a return for my daughter, or do I need to report this interest on my taxes?
Thank you.

 

[tranquility]

Nope to both. Daughter just got FREE MONEY!

 

[SallyX]

Thank you. Appreciate the quick reply.

 

[HomeGuru]

Florida

I am the custodian of my 14 year old's savings account. It's a small account that earned approx $59 interest in 2011. I just received a 1099-INT from the bank. Do I need to file a return for my daughter, or do I need to report this interest on my taxes?
Thank you.

**A: read the IRS website as there is a document where there is a section, "who is required to file"

 

[FlyingRon]

The answer to "Does a minor pay taxes?" is yes.
But as already have been pointed out, there are minimum thresholds on income and you're daughter is nowhere near it.

 

[SallyX]

Thanks, everyone, for the replies.