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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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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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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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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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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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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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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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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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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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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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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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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Borrowing money in one country to pay off debt in another
I'm currently living in Germany and can borrow a substantial amount of money at almost no interest, effective 3.4%.
In my home country I have several mortgages, basically at the moment funding ...
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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. ...
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Taxes & Work Authorizations for US Citizen Working in US for Ireland-based Company
I'm applying to a remote job that is based in Ireland. I live in and would work from the US. One of the questions on the application made me pause:
"Do you require visa sponsorship?"
Obviously, I ...
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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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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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Can I send money to indian saving account from Canada bank account?
I am confused about how to send money from Canada bank account to my Indian Saving account since I came to Canada only for work assignment for 1 year.
I came to Canada in November,2018 and moving ...
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Getting money transferred from abroad from my parents, would I get taxed?
I'm originally from Japan but living in the UK permanently on spouse visa now. My parents transfer money from Japan to my British bank every now and then like £8000 every year as a gift, does this ...
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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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Paying taxes as foreigner for working as freelancer for US company
I am a german citizen and live in Germany, and want to work as a freelance-translator for a company called "gengo" , that seems to be registered in the US (quoting from the website: "a Delaware ...
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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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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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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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Remittance of gift money from Indian bank account to UK bank account
I was born in India and came to the UK 11 years ago when I was 20 years old. I'm a British Citizen and hold a UK bank account.
I also have an Indian bank account which is managed by my father in ...
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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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