My teen received a 1099 NEC for summer work. Why is TT not requiring him to file a schedule c or schedule SE? We would like to make a ROTH IRA contribution but cannot do so as the program states his "earned income" was zero. It seems if I was able to do a Schedule C, the net amount could then be put in the ROTH IRA. More importantly, I want to be sure he is paying all the required taxes.
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If you want to enter his income on Schedule C, then follow these steps:
Plan compensation for a self-employed individual
To calculate your plan compensation, you reduce your net earnings from self-employment by:
Question... Not sure how to ask a new question and mine is similar. I have business income and turbo tax created a schedule c but not an SE?? I can't figure out why.
Tom
Did you have more expenses than income? You would not pay SE tax if there were a loss.
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