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jakerram04
New Member

Hey guys, I’m 16 and I work for YouTube will I be able to file taxes? Because I never did before please help me

 
3 Replies
HelenC12
Expert Alumni

Hey guys, I’m 16 and I work for YouTube will I be able to file taxes? Because I never did before please help me

You'll definitely need to file a 2020 return with the IRS if you had $400 or more in self-employment net earnings (gross income minus expenses). The IRS treats this income as a business. 

  • You'll also need to know if your parent(s) or anyone else is claiming you as a dependent. 

If you haven't incorporated, you can file a Schedule C, Profit or Loss From Business with your personal income tax return. TurboTax automatically generates a Schedule C when you enter your business income and expenses. 

When you're self-employed, if it's directly related to the work you do, you can deduct it as an expense.

  • Work-related expenses reduce your taxes by lowering the amount of self-employment income you get taxed on. For example, if you made $50,000 in self-employment income and had $5,000 out-of-pocket expenses, you'd only get taxed on $45,000.
  • For state-specific questions regarding your work, click here to find your state’s Department of Revenue.
  • For additional information, click here.

You may use the following TurboTax products to report your business:

Note: The higher the version, the more step-by-step guidance you'll receive. 

 

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jakerram04
New Member

Hey guys, I’m 16 and I work for YouTube will I be able to file taxes? Because I never did before please help me

Will I also be able to file my taxes for the first time using TurboTax ? @HelenC12 

LenaH
Expert Alumni

Hey guys, I’m 16 and I work for YouTube will I be able to file taxes? Because I never did before please help me

Yes, you can file your taxes for the first time using TurboTax. You will need TurboTax Self-Employed if you are filing a Schedule C. Please go to TurboTax Self-Employed to create an account.  For tax purposes, self-employment income includes any part-time businesses or "side work" performed in which you are in business for yourself, rather than another person. You are also considered self-employed if you engage in business-like activities where you intend to make a profit. 

 

Once you create a TurboTax account, you can follow the on-screen instructions to complete your return. 

 

To set up your YouTube business, please follow the instructions below :

  1. Open or continue your return.
  2. Search for schedule c and click the Jump to link in the search results.
  3. Answer Yes to Did you have any self-employment income or expenses.
  4. Follow the onscreen instructions.

NOTE: If you need to report a 1099-NEC, 1099-MISC, or 1099-K, then you can do so while entering your self-employment income on the Schedule C screens. 

 

If you have any additional questions, comment below and we can assist you further.  

 

@jakerram04

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