Submit Biz/Farm Supplement for self-employed student

Paying for College
1

<p>My son is technically self-employed as a referee and has to file tax returns (and pay self-employment tax, even though earnings are <$1000). I just called College Board IDOC and asked if we have to submit a Business/Farm Supplement for him, and was told YES because he is self-employed. I wish I had asked another question (because the wait time to get someone was 45 minutes!), because the form clearly says "Parents' Business/Farm Information". To the best of my knowledge, I don't see any place to indicate information about a self-employed student.</p>

<p>I too am self-employed, with a small (very small) writing business, and the form is crazy for me. There are no assets, except a 6-year-old laptop and printer, but I am required to fill out this form! So should I fill out a form for my son, too? Or just ship it to IDOC without a form for him? His tax return includes Schedule C-EZ so maybe IDOC will expect to see a Biz/Farm Supplement.</p>

<p>Can't find any information on this issue on the College Board website!</p>

2

<p>Your son is self-employed does not mean he owns a business. Any income greater than $400 and reported on form 1099-MISC is considered self-employment (independent contractor) income. If your son worked for someone and got form 1099-MISC then he only needs to file schedule C-EZ.</p>

3

<p>Thanks, coolweather.</p>