My teen 15 yr old old received a 1099 NEC but I wasn't sure what the requirements are for filing or if he has to file.
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Yes he has to file a return for it. Be sure on his return he checks the box that says he can be claimed on someone else's return. It's under My Info.
1099NEC is self employment income and you HAVE to file it on Schedule C and pay self employment tax on it. The SE tax is to pay both the Social Security and Medicare tax that wasn't taken out like on a W2 job.
You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to the Premium version. Or use any of the Desktop CD/Download programs.
How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...
It depends on the amount of income that your son received on his 1099-NEC. If the amount of income is at least $400, then he has to file a tax return.
Refer to the TurboTax Help article Tax Filing Requirements for Children for additional information.
If your son has to file a tax return, when completing his taxes, make sure that he enters that he can be claimed as a dependent on someone else’s tax return. Refer to the TurboTax article: How do I indicate that I can be claimed as a dependent on someone else's return?
To enter his 1099-NEC, follow the steps below. His income will be reported on a Schedule C as the IRS considers that he is self-employed.
For additional information, refer to the TurboTax article How to File Taxes with IRS Form 1099-NEC.
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