timmik34
New Member

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.