foriegn business income

[bacwilks]

How do I enter my foreign business income so that it calculates as Business Income not Personal Income?

[Carl]

What kind of foreign business? It matters. Sole proprietorship? Single member LLC? Multi-member LLC? Partnership? S-Corp? C-Corp?

[AmyC]

If you are running a sole proprietor business in a foreign country, you can use the schedule C for business income and then claim a credit for the foreign tax paid on the business. You will not qualify for QBI. f I choose the foreign earned income exclusion as self-employed can I still claim the qualified busi...

If you have another set up, please reply so we can help.

[bacwilks]

single member llc

[KurtL1]

For a single member LLC, you should enter the Income and expenses on Schedule C.

When the business entity is a sole proprietorship, your business income is also your personal income. On your return the Schedule C income will qualify for the Qualified Business Income deduction. (QBI).