1099-NEC and Roth
Client who is a minor made $750 at part time job last year. Received 1099-NEC. Is he eligible to make a Roth contribution?
Even though a minor, he is self employed and if his net earnings from SE are over $400, he must file even though he will not owe any income tax. I doubt that he has expenses of $350 to eliminate the SE tax, but his eligible Roth contribution would be his net earnings after expenses less 1/2 his SE tax.
Permalink Submitted by Alan - IRA critic on Thu, 2024-02-22 23:12
Why was’t this reported on a W-2? What type of service was provided?