Self employment tax for minors?
Hi,my name is Anne,I did the following:
Q&A: Self employment tax for minors?
My son is an independant contractor with his own car wash/detailing business that he runs on weekends. He has two exclusive customers (truckers who live on our street).
We received 1099s totalling 66.50.
Does he have to pay self employment tax?
Does he file taxes himself, does it come under mine & my husbands taxes, or will the self-employment thing cover it (that is if question 1 is a yes)?
Can he open a Roth at age 11 or are there age limitations?
ANSWER:
Answer by Judy
He has to file his own return, it doesn’t go on your tax. And yes he’ll have to pay self-employment tax on it. He’ll need a form 1040, a schedule C or C-EZ, and a schedule SE.
Answer by taxreff
Judy is correct. There are no minimum age requirements for an IRA, either Roth or traditional.
Know better? Leave your own answer in the comments!
