Heya! Essentially, i’m 13 and want to start using devex. I saw it mentions taxes. Can someone explain this please? Do i have to put it under a guardians name and they file the taxes or does taxes not apply at all?
If you’re in the US, you’ll receive a 1099-NEC form around tax season, either by mail or by downloading it from E-File Magic. This form shows that you did work for a business but were not an employee. To receive it, you must have earned at least $600 during the year.
I personally use a CPA to handle my taxes and file independently. However, if you’re still considered a dependent under your parents, you’ll need to give them this form when it’s time to file taxes.
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you should just ask your parents or legal guardian
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Thanks man few extra questions:
do you know the minimum before receiving the form in the UK?
So when filing the first cashout, I put my own details and email and just show them the form when it comes through?
My parent’s arent self employed so their taxes are done automatically. Does that mean the tax is also done automatically or do they still have to fill out a form?
I don’t live in UK, nor is this a tax advice forum, so you should research the exact tax requirements for your situation (ask a parent/guardian or someone you know, they can help!)
Personally, I file my DevEx income as “Income from other activities” in the Netherlands. As non-US resident, you would just file a W8-BEN form (Tipalti guides you through that) and you wouldn’t need additional forms nor meet thresholds.
Not sure on how it works for minors so please check with your parents.
I did some research, this is just according to the UK .gov website, so please don’t take my information as set in stone and consult an adult:
Minimum Before Tax Obligations:
• £1,000
Personal Details:
• Yes, your personal information needs to be 100% accurate. Roblox has to send the payment to someone, so having the correct information is really important.
Self-Employed:
• In the US, when you’re employed by someone, you get a W-2 to file taxes. In the UK, it’s done through PAYE (Pay As You Earn), but you can still file taxes for certain things like extra income, capital gains, business-related refunds, tax relief, etc. Filing taxes is still possible, and I’d recommend talking to your parents about it.
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Did you already receive the 1099 from Roblox for this year? I still haven’t gotten anything and devex support hasn’t responded lol
Yes, received a while ago. You should get an email from E File Magic to print it out, but they also mailed it to me around a little over a month ago.
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