KochuK
Employee Tax Expert

Get your taxes done using TurboTax

Hi AraujoGJA, thanks for your questions.

 

In general, inheritance is not taxable income. Once inherited, income derived from inheritance is taxable, such as interest income from cash received, rent received form inherited rental property, etc.

 

Generally, Foreign 401K is taxable income, should be reported on Form 1040, line 5a and 5b.

 

Side gig (independent consultant) is to be reported on Schedule C Profit or Loss from Business. Gross receipt less business expenses = net income, which is subject to your marginal income tax rate + approx. $14.13% self employment tax.

 

Please use 

TurboTax Tax Calculator 2021

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

to project your 2022 tax liability.

 

And use https://www.irs.gov/payments to make estimated tax payments for the short fall.

 

Hope the above helps.

 

 

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