What Options Are Available for Reporting and Paying Tax on the Unearned

question 89

Essay

What options are available for reporting and paying tax on the unearned income of a child under age 24?

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Definitions:

Penalty

refers to a punishment imposed for breaking a law, rule, or contract.

Breach

An act of breaking or failing to observe a law, agreement, or code of conduct.

Wallace and Bruce

Refers to William Wallace and Robert the Bruce, key figures in the Scottish struggle for independence from England in the late 13th and early 14th centuries.

Restatement of Torts

A legal treatise produced by the American Law Institute that summarizes the general principles of tort law in the United States, including liability, negligence, and damages.