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Get your taxes done using TurboTax
Your son is considered to be self-employed and his income is considered earned income for IRA contribution requirements. Self-employed individuals must file a return if their income is $400 or more. He must file a return and include his self-employment income in Schedule C. He will be able to claim any expenses he had related to his work, like any supplies, tools, or mileage. See the following TurboTax help articles to see more information:
Reporting Self-Employment Business Income and Deductions
What's the difference between a traditional IRA and a Roth?
‎April 24, 2024
3:40 PM