Problem: 6 year old child earning 100K a year for the last three years. (You've seen her on TV.) Trusts set up,CDs set up, making a killing in the market,pension plan in place, you name it. The IRS has a particular lust for her money because said fool has very few write offs as a minor. What to do?
Enjoy the ride, and pay the taxes. If it weren't for the IRS "lusting" after our money, the government would collapse, and with it, the economy that makes if possible for pre-schoolers to out-earn college professors.Sheesh! Michael
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