All Questions
Tagged with foreign-income united-states
103 questions
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87
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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 ...
- 271
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votes
2
answers
113
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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 ...
- 271
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vote
1
answer
107
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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 ...
- 11
1
vote
1
answer
153
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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 ...
- 11
2
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1
answer
857
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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 ...
- 135
1
vote
1
answer
116
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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 ...
- 111
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2
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1k
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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 ...
- 103
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234
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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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1
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106
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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 ...
- 178
2
votes
1
answer
182
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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
...
- 271
17
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1
answer
4k
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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 ...
- 178
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132
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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 ...
- 2,055
-1
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1
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274
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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 ...
- 11.5k
2
votes
1
answer
42
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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?
- 181
2
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1
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51
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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 ...
- 135
2
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1
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227
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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 ...
- 121
2
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1
answer
1k
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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 ...
- 21
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0
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79
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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 $...
- 11
1
vote
1
answer
138
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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 ...
- 217
2
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1
answer
77
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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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6
votes
1
answer
114
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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 ...
- 161
4
votes
1
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948
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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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260
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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 ...
- 1,084
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1
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97
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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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3
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1
answer
106
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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. ...
- 133
1
vote
1
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74
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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?
- 170
1
vote
1
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604
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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 ...
- 163
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1
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135
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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 ...
- 3
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1
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220
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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 ...
- 150
2
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2
answers
208
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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 ...
1
vote
2
answers
42
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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 ...
4
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0
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58
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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 ...
6
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1
answer
155
views
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 ...
1
vote
0
answers
37
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W2 details for foreign earned income tax exemption
I'm planning on being out of the US for a 12-month period, and plan to take the foreign earned income exemption.
The problem is that my employer uses a payroll service which can only issue a W2 ...
- 111
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62
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When can I claim the Foreign Earned Income Tax Exclusion / ask employer to stop withholding?
I've decided to stay abroad for a year (abroad starting August 1, 2020) and am considering taking the foreign earned income exclusion. If I decide to go that route, when should I have my employer stop ...
- 111
3
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0
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34
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Can a tax treaty be limited by other provisions in the internal revenue code even if the saving clause does not apply?
I am a US resident. In 2019, I had some income from a short employment in Finland. I know I can claim the Foreign Tax Credit, which is equal to the minimum of the taxes I paid to Finland and the taxes ...
- 261
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1
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102
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Is IRS dual-status optional?
In 2019 I was a resident US alien for IRS purposes. In September I permanently moved out of the US. Thereafter, I got a job in the foreign country and received foreign salary for the last months of ...
- 23
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1
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76
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1042-S in the mail after staying the US as J-1
Last year I stayed in the US for one month with a J-1 exchange visitor visa. This was part of my job (following an educational bootcamp at a higher educational institution), so my own employer still ...
- 53
2
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1
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188
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Income from India to US
I have a pair of married clients from India who lent their son money to buy a restaurant in India. They now reside in the US and are naturalised US nationals, and now that the business is profitable ...
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0
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45
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Should I use another form instead of W-2 in case of foreign earned income?
I am a US/Dutch dual citizen living and working in the Netherlands permanently. I'm filing my tax return over 2019, and for the first time.
Line 1 asks me to attach form(s) W-2, but of course I can't,...
- 111
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53
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Do I need to pay capital gains on real estate purchased in india from funds provided by my father?
My dad purchased a flat for me in 2006 when I was an NRI, resident country USA. The money came from his bank account in India. The title of the flat was always in my name. I would like to sell the ...
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1
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2k
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Online Hackathon prize money taxation and exceptions
I've participated in one of the Hackathon competition on DevPost and won the prize amount of $3000 USD.
However, the claiming section asked me to fill-up the W-8BEN tax form as I'm not a US resident. ...
- 171
3
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0
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75
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Using a US state for payroll while not being a resident
I'm an American currently living in France with my wife (also an American). She has a part-time job working remotely for an American company. This company uses a US-only payroll company, so my wife ...
- 131
2
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0
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96
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Do foreign entities earning money via US marketplace platform have to pay US taxes?
I registered a one-person LLC in my country of stay (Taiwan) that I use to receive income from a US-resident online marketplace platform that connects me (offering services) to international customers ...
- 121
3
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2
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92
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Liability for US taxes on foreign company held by non-US citizen spouse?
I am a U.S. citizen, but my wife is not. If I own a foreign company, I am subject to Section 965 Transition Tax, Form 5471 and Self Employment Tax regardless of where I live.
If we are living outside ...
user32205
2
votes
1
answer
116
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Foreign inheritance subject to U.S. taxes for permanent resident?
My wife is a permanent legal resident (I am a U.S. Citizen), is the money brought into the United States in the form of an inheritance subject to taxes? Her mother recently passed away in Taiwan and ...
- 181
4
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274
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Foreign Earned Income Exclusion when working for a US company remotely
I'm a US citizen who lives and works in California. I've been looking at a possibility of working remotely and living abroad.
My understanding is that when it comes to state taxes, you pay income tax ...
- 41
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0
answers
97
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Loan forgiveness and increased income, living abroad
I am intending to pursue student loan forgiveness at the end of my 20 year period and am currently enrolled in the PAYE plan. My AGI on my income taxes for the past few years while living abroad was $...
- 141
1
vote
1
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189
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How does a US citizen residing in the US file taxes for earnings in an Estonian Company?
As an e-resident of Estonian, I worked for my Estonian company in the US working with US contracts. I earned income (say $100k) that was partially distributed to myself as the sole owner (say $50k ...
user32205
2
votes
2
answers
722
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Do I have to report empty bank accounts on form 8938 "Statement of Specified Foreign Financial Assets"
I have empty bank accounts that I no longer use. It's unclear to me if I should report those accounts on form 8938.
- 148