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Does TP have to report foreign business income on Form 1040? TP provided a foreign business tax return.

Ecabrera
Level 1

I'm not sure if foreign business income is reported on Taxpayer's Form 1040 since it is not classified as wages.

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abctax55
Level 15

A US resident reports ALL world-wide income....  so yes, even if not classified as wages.  

FTC might be available, if the income is double taxed.

edit - is this connected to your other question regarding non-resident alien spouse?

https://accountants-community.intuit.com/questions/1793367-client-husband-is-a-u-s-citizen-and-spous...

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"

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1 Comment 1
abctax55
Level 15

A US resident reports ALL world-wide income....  so yes, even if not classified as wages.  

FTC might be available, if the income is double taxed.

edit - is this connected to your other question regarding non-resident alien spouse?

https://accountants-community.intuit.com/questions/1793367-client-husband-is-a-u-s-citizen-and-spous...

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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