Claiming a full time student that owns a LLC

[TF1999]

My son started a LLC this year and he made $1900 this year and is 18 and a full time college student and I pay over half of his expenses. Can I claim him as a dependent on my taxes or does he need to do his own with the business? 

[SusanY1]

You should claim your son as a dependent since he is a full-time student under the age of 24.  

However, he will also need to file his own tax return to report his self-employment income. When he prepares that return be sure to let him know that he needs to indicate that he is a dependent on another person's tax return when he does, so that you will both be able to successfully e-file.   

[TF1999]

He is worried he won’t get the deduction. Will he still have to pay in with only getting a 1099 for $1900? Will he still be required to pay Social Security and Medicare taxes?

[VolvoGirl]

What deduction?  He will still get the Standard Deduction.   

And he will pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C in addition to regular income tax on it.   You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400).  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  

[TF1999]

His personal exemption deduction because I will get it if I claim it correct? This is all new to me because he is a full time student and got a 1099 today for his LLC for $1900.00 today. He is just worried about how much he is going to have to pay in.