Hi Bo Ceder,
As noted by another responder, the income is certainly reported. If the foreign income exceeds $10,000, additional reporting requirements will apply. This additional reporting is not included in Turbo Tax. Chief among them is the FBAR! The reporting of accounts in a Foreign bank and other accounts is reported on form 114. If the above requirements are met, please see this site for further instructions.
https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...
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