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Get your taxes done using TurboTax
I would like to double check with you.
If I enter it in miscellaneous, I don't find a way to designate it as foreign.
1) Is it sufficient as long as I write that it's from the Japanese Governement?
2) Also, I converted the amount from Japanese Yen to US dollars. Is this the correct way?
Btw, I used the IRS converstion rate.
https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates
3) I noticed that the amount I entered here equates to my adjusted gross income. Is this correct?
Lastly, I found a similar question by someone else. https://ttlc.intuit.com/community/tax-credits-deductions/discussion/where-to-enter-foreign-compensat...
My situation is similar to their #2. The answer by the expert at that time was that the person does not need to report.
Question: "The parental leave compensation is not taxed by the French government and is a social benefit. The parental leave compensation is available to parnets of young children who have worked and paid taxes for certain prior periods. "
Answer: "the parenatl leave compensation could be looked up as a employee benefit and not connected with your actual work -- i.e. all employees are eligible for it , if needed. This is like sick leave and therefore I would propose that it is not taxable or recognizable for US tax purposes. The employer is essentially giving you extra paid leave -- you are nopt getting extra money but you are getting without being present at your station of work. So no reporting required"
4) I just want to make sure that I need to report my maternity leave allowance.