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He should file his own tax return for this income.  Be sure he indicates on his tax return that he can and is claimed as a dependent by someone else (his parents).

If you use TurboTax Online, you can file one federal return with up to five state returns per Intuit Account.

If you use TurboTax Desktop, you can file five federal returns with up to three state returns each.

No more than five Intuit accounts and five corresponding federal returns (for example, for a family of five) may be created, purchased, and filed using any one email address.

Per IRS rules, you can only e-file up to five federal returns using the same email address or phone number with personal tax return preparation products.

To report a 4-H Project in TurboTax follow these steps:

1. Open your return.
2. Select the Wages & Income tab.
3. Scroll down to Less common income click Start.
4. On the page Let's Work on Any Miscellaneous Income, click on Other reportable income.
5. On the page Any Other Taxable Income?  Select Yes.
6. On the page, Other Taxable Income enter 4-H Project Livestock Sold for the description and the amount.
7. Select continue and Select Done if you have no other items.

This will show up on Schedule 1, Line 8z as "Other taxable income:" and include the description and amount of what it was for.

"If an individual participates in a 4-H Club or National FFA Organization (FFA) project, any net income received from sales or prizes related to the project may be subject to income tax. Report the net income as “Other income” on Schedule 1 (Form 1040), line 8z. If necessary, attach a statement showing the gross income and expenses. The net income may not be subject to SE tax if the project is primarily for educational purposes and not for profit, and is completed by the individual under the rules and economic restrictions of the sponsoring 4-H or FFA organization. Such a project is generally not considered a trade or business. For information on the filing requirements and other tax information for dependents, see Pub. 929."

IRS Pub. 255 - Farmer's Tax Guide (page 77)