- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
If your son considers his gaming a business activity that he pursues for profit, instead of a hobby, he can file a Schedule C with his tax return and deduct the "ordinary and necessary" expenses for his business. In addition to any taxable income generated by the net income, your son will owe self-employment taxes if he has more than $400 of net income.
Your son will enter the income from the 1099-MISC as gross income for his business in the Federal>>Income & Expenses>>Self-employment income and expenses section. The taxes withheld will be entered in the Federal>>Deductions and Credits>>Estimates and Other Taxes Paid>>Income Taxes Paid section.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 3, 2020
5:09 AM
197 Views