Stock dividend tax reporting minor custodial account?

i am 16 years old, i want to open a custodial account through TD ameritrade so I can invest in Toyota. My parents are hesitant to sign for me because they are afraid they are going to have to claim dividends on their income tax. If the account is in my name and my parents are just custodians is this the case? My investment would only be around $600 dollars which is around 5 shares, wouldn't the dividends on this be peanuts?

I'm not sure if Toyota pays dividends anymore...

If your total income is below $800, your parents need not worry about paying the "kiddie tax" on your earnings.

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