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17 yo received 1099-misc box 5 fishing boat proceeds
My 17 year old son received 1099-misc with amount in box 5 for working on a fishing boat- 9963.97. Can he open a traditional IRA to reduce his tax bill? Currently TurboTax is telling me he is self-employed and owes 1300.00
He is claimed as a dependent on our taxes currently.
March 14, 2025
2:05 PM