I am 15 years old and I just started freelance development. Currently I am making $200-$400 a week and I live in the US. Anyway, my question is do I have to pay taxes and how?

  • possible duplicate of Indie Software Developers - How do I handle taxes? – ChrisInEdmonton Mar 22 '15 at 12:55
  • @ChrisInEdmonton the question you marked this to be a dup of is relevant, but the situation is not the same. The answers there are irrelevant to this poster (and probably to the one who asked that question as well, although one answer was accepted). – littleadv Mar 22 '15 at 20:25

Since you're a minor (I'm assuming you also live with your parents), you generally don't need to file your own tax return unless you earn quite a lot of money on your own.

How much is quite a lot? At least $6200 a year, for earned income only, which in your case it looks like you have. If you have un-earned income (interest/dividends/capital gains) then the limit is lower: $1000.

Since you are above the threshold, you'll need to file your own tax return (your parents will need to file it for you, more likely). The detailed instructions on what to do are published by the IRS in Publication 929.

As a sidenote, you may want to consider depositing your income to a Roth IRA account, where it will grow tax free and provide a very nice cushion (tax free as well) for your retirement in the future.

| improve this answer | |

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.