Questions tagged [foreign-income]
To be used for questions related to income received from outside the country in which you reside or claim as a primary residence for tax purposes
165 questions
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US state tax as credit in India?
I paid Michigan taxes during my few months' stay in the USA in FY23-24. I am a resident of India for the FY23-24. Can I apply for state taxes paid in the US (Michigan) as a credit in Indian tax ...
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Withholding of tax on nonresident aliens - US & Mauritius?
The Context:
Me: A Sole Trader with an opened business in Mauritius, currently located in Mauritius, never been to the US, constantly working remotely from Mauritius. (non US citizen)
Company Employer:...
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What's the tax system for foreign money earned in India through an international gaming business?
I run a solo gaming international business from India. People purchase gaming virtual products in GBP (Pounds) through my website hosted on "Tebex" which charges Sales Tax, Gateway Fee & ...
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Double tax treaty US-UK for UK resident
I want to understand if I'll pay taxes to the UK on my foreign income earned in the US and if the current tax treaty allows me to be exempt. Next is my understanding, and I'd like to know if it is ...
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exchange rate for taxes paid and reported on form 1116
I am US citizen living in Spain, and received interest income from deposits in Spain and India. I am reporting these on Schedule B and form 1116 to get credit for the taxes I paid on the interest ...
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double taxation when more than two countries are involved
I am a US citizen living in Spain with a bank account in India as well that earns interest. Conceptually, I understand avoiding double taxation when two countries are involved. But, how does it work ...
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Foreign Tax Compliance Question
I am writing to seek guidance on my tax compliance situation as a non-immigrant from a foreign country A(where there is no tax-treaty with USA) who came to the USA in mid-2019 on a working visa.
In ...
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Do I need to declare foreign income below the foreign earned income exclusion?
At the beginning of April 2023 I obtained my green card and became a US resident (resident alien). I resigned my position in Canada and started employment with a US entity.
January - April
Canadian ...
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Qualified business income in the US
While filing tax returns, I was asked, "Is this business effectively connected with the conduct of trade or business within the United States?" then I got a little confused.
I'm a US citizen ...
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262
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Switzerland taxation over income derived from foreign businesses
I'm considering moving to Switzerland permanently (I'm Italian, currently living in Italy), but I would like to know if my income derived from an US LLC (foreign-owned single-member LLC) is exempt ...
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Taxes for selling property in foreign country
I've been owning half of the house in Russia before I immigrated to the US and I recently inherited the 2nd part of it. Now I'm thinking to sell it.
Should I pay any taxes in the US if I sell it?
I'm ...
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New US tax resident 2022 - from Canada. RRSP/bank-accounts/income questions
I moved from Canada to USA on May 30 2022 and work here as a full-time W2 employee. That makes me a US tax resident (alien) for 2022. Here's my detailed situation:
I earned a salary until May 26 2022 ...
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As an overseas company owner, what are my tax obligations to the UK?
I'm a dual resident of the UK and Country X for tax purposes. I'm not employed in the UK or Country X. However, I have a single company registered in Country X, which has regular income. The income ...
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Where to report foreign earned income on 2022 1040 form
In 2021 and earlier (PDF), line 1 of the 1040 form said "Wages, salaries, tips, etc. Attach Form(s) W-2". So I would include foreign earned income in that line (and then deduct it further ...
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H4 visa spouse Taxes : Joint or Separate
I'm working on H1B visa since Oct 2019 in the US and married in 2022. My spouse (on H4 visa) is working in Canada and has income in Canada. She doesn't have any income in the US and has no W2 and SSN/...
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Taxes: What is the correct way to file freelance income?
I've been living and working remotely as a freelance software developer in America, but for European clients. Each month I write them an invoice for my contract hours and they pay me (in EUR, if that ...
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the correct place to report foreign income
Doing taxes by both Turbotax (TT) and TaxAct (TA), I get different answers to my relatively simple situation. Here is the summary of their respective calculations:
line#
Entry
Turbotax
TaxAct
1
...
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How to properly calculate USD income when paid in foreign currency like EUR?
Say I live and work in the United States, but mostly do contract work for European organizations. This would mean that I very often invoice and get paid in EUR, which initially might go into a EUR ...
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How to report dividend reported on French form 2777
I live in the US, but the parent company of my employer is headquartered in France. It's a privately held corporation, and I received some stock as a bonus a few years ago.
Last year they underwent ...
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Where can I find the form, schedule and line where the interest/dividends/royalties etc from foreign accounts are reported, when those values are 0?
I am a US resident. I have a non-US bank accounts. Therefore, I fill form 8938 on Turbotax.
In form 8938, I need to indicate the "schedule and line" and the "form and line" where ...
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Foreign tax credit carryover is less than foreign tax refund
I have foreign tax credit carryover for $14,000 in 2022 US tax return. In 2023 I will be getting a foreign tax refund of $21,000. What happens when I file 2023 tax return? Will I have $7000 tax due?
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Change of Residence 1040-X
I work for an American company but live and pay taxes abroad. I filed my 2021 taxes (w-2 employee) without taking advantage of the foreign income deduction (ex. I put a US mailing address as my ...
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Independent contractor taxes with J1 visa
I have a J-1 visa as Research Scholar to pursue full-time research at an American university.
The visa is sponsored by the university and expires on June 2023.
I am planning to move back to Europe ...
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How are RSUs granted in Canada but vested in the USA taxed?
I moved to the USA with a Green Card a couple months ago. My employer awarded me with RSUs a couple years ago, and some have vested after I moved to the USA. I am filing as Dual-Status Alien, so ...
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Correctly file income from NSOs as non-resident citizen
I'm a dual citizen (Belgium - USA) and have lived / worked in Belgium always.
Because I pay taxes in Belgium, I've been using the Foreign Earned Income Exclusion (FEIE) to offset my wages and paying $...
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How much net passive source income goes on Form 1116 when capital losses are way over the $3,000 limitation?
For U.S. tax year 2021, I have a large passive-category foreign source capital loss (mostly long-term), a medium-size domestic capital loss (mostly long-term), and a small passive category foreign ...
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Can submitting a form 12203 Request for Appeals help me in my situation when I am a month past last date to respond?
(I have another question related to my situation but since it was getting too long, I am breaking down my questions so it will be manageable.)
The IRS recently reclassified my reported income of tax ...
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Specific Foreign Earned Income IRS form 2555 question
I live in a western European country and qualify under the IRS Form 2555 Bona Fide Residence Test.
While living overseas, I continued to work for a US small company. My work had nothing to do with ...
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AMS points as taxable income when living and paying taxes in EU
I have been invited by Mathematical Reviews to perform reviews of articles. As compensation, I received some AMS points, which are redeemable as credit toward future purchases of books, etc, from the ...
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sold property in the Philippines and asked money to be sent here in US
Parents sold their property in the Philippines and asked their money to be sent to their bank account here.They have their green card. Will they have to pay taxes on that?
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Clarification regarding CA source income for non-resident
I am filing taxes for 2020 as CA non-resident because I have provided a CA address on my US trading account. I have foreign earned income, foreign interest, dividends from the trading account, and US ...
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Is Foreign Income taxable In India
I was abroad from 2 years(so NRI currently), Now returned to India in April and working for Portuguese company individually and they need me to send invoices monthly for the payment.
Now this company ...
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How do you report a foreign bank or brokerage account UK
How do you report foreign bank or brokerage accounts as a UK tax resident?
Is it enough to just fill out the foreign income, interest and capital gains section of the tax return? Or do I have to ...
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Can I use the standard single deduction amount on form 1040 line 9 (12,200) if I am filing a 2555?
I need to amend my 2019 taxes as I filled out the deductions incorrectly (need to submit 1040x). I have filed 1040s and 2555s for the past 5 years with a tax home in Germany.
Can I use the standard ...
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As a U.S. citizen, how does income tax work for income from non U.S. companies?
I've done freelance work online previously mainly for U.S. companies, and the tax forms were either 1099-MISC or 1099-NEC. 2020 was my first time doing freelance work online for foreign companies. ...
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Bermuda missing from S&P's list of Withholding Tax Rates - what's the rate?
S&P Dow Jones publishes a list of Witholding Tax Rates by country here.
For some reason, Bermuda is not on this list.
What is the rate for Bermuda?
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Where to report foreign income on 1040 Individual income tax return form
The 1040 Individual Income tax return form asks in field 1 to report wages/salaries/tips/etc and to attach forms W-2.
If one received both income in the US, and some income abroad, and is tax liable ...
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Am I required to use form 2555 even if I earn less than the standard deduction?
I am trying to file my U.S. taxes as an expat in Sweden to try to claim the stimulus check money. I received around $5000 in student grants (which do not need to be repaid) and $5,000 in loans.
I am ...
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Filling out form 2555 (Foreign Earned Income exclusion)
Browsing these forums for questions regarding Form 2555, for issues not mentioned in instructions it seems that there is no official answer. For example, during this year I got sick with the ...
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Does the (non-resident alien) owner of an LLC (as a disregarded entity) pay income taxes on (non-US) profits?
Let's assume the owner is the sole owner of the LLC.
Let's also assume the owner is tax resident in a country with no double tax treaty with the U.S.
Let's also assume the profits are not income ...
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Is the FEIE tax reduction, based on Physical Presence Test, prorated based on how many days you were outside of the country in the year?
Let's suppose that I am out of the USA from January 1st 2020 to December 31st 2020 for 335 days of the year.
So I do qualify, but instead of the full ~100k reduction, would I only get (335/365) * 100k ...
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Foreign earned income exclusion for PhD student income
I am a US citizen. I live abroad and am enrolled in a PhD program at a foreign university, for which I receive ~20kUSD/year.
I will refer to the money received from the university non-specifically as ...
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Has Sharesight calculated my dividend's foreign source income correctly?
I recently received my first dividend from the ASX:IVV S&P 500 ETF. In the Components of Distributions announcement it says that the Foreign Sourced Income is 99.9998% of the cash distribution.
I ...
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When is the latest that I can move out of the US to qualify for FEIE based on physical presence test
As I understand it, to qualify for the physical presence test, the last date that you can use is the date you file your tax return.
So suppose that I will file my tax returns on April 1st 2022.
Does ...
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Tax exclusion for American Expats
I am an American Citizen.
I work remotely for a company based in the US.
Working remotely means that I can live wherever I want.
If I move to a foreign country and live full-time there and ...
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1
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General FEIE question
I work for a public (state) US university but I live abroad. The university has not sent me abroad and the work does not require me to work abroad, it is purely my choice (and a deal I worked with my ...
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Social Security and other liabilities for foreign employers of US citizens working remotely
I have the following situation: I am a US citizen employed (or about to be employed, depending whom you ask) outside the US in a country that is currently under lockdown. I've asked permission to work ...
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UK tax on foreign capital gains
Are capital gains on foreign stocks taxed in the UK for a UK tax resident? If yes, what are the specific rules and rates at which they are taxed?
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Deductibility of short-term foreign capital losses in India
Since short-term capital gains on foreign stocks are taxed at the regular income (slab) rates in India, is one allowed in India to deduct short-term losses on foreign (relative to India) stocks from ...
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Would a UK resident who pays tax to a foreign country on dividends (of less than <£2,000) need to file Self Assessment for this reason?
Suppose an American expat taxpayer living in the United Kingdom earns dividends on U.S. stocks that fall below the UK's tax-free dividend allowance of £2,000, and this is the only income they have ...
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