<prompt> Human: My daughter was cast in a traveling production of a Broadway play. She will be earning 1200 for her 4 performances. The production company will be sending us a contract and application to the local actors union. She is not required to be in the union, but would there be a benefit? At her age do I need to report the income? Basically what should I do to prepare herour family for the income? Will she be paying taxes? Should we open a trust or just a savings account?1200 is not life changing but I see more gigs coming her way in the future. She really loves performing. I want to have her money saved for her in the most responsible way I can. What should I do?  <response>: So, if 1,200 is all she earns for the year, she wont have to pay any income taxes, since this amount would be less than the standard deduction. It would still be worth your time to file a tax return to get a refund if income taxes are withheld.I would open a savings account. Maybe an education savings account. Sounds like a great way to start saying for college or Theatre school!. 