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Get your taxes done using TurboTax
Yes, since you are filing as a resident alien for 2023, you need to report the 1042 S income as self-employment income and report all the expenses that you incurred with the work. In addition, you may claim a foreign tax credit on the income that was taxed by Japan.
- Open or continue your return.
- Select Search, enter schedule c and select the Jump to schedule c.
- Or go to Wages & Income and select Start or Revisit next to Self-employment income and expenses under Self-Employment.
- Answer Yes to Did you have any self-employment income or expenses?
- If you've already entered self-employment work and need to enter more, select Add another line of work.
- Follow the on-screen instructions to enter your Schedule C.
- In the section where you would enter income, indicate this is other income that is not 1099 NEC or 1099 MISC.
Continue through the section until it is complete.
To claim a foreign tax credit.
- Go to Federal
- Deductions and credits
- Estimate and other taxes paid
- Foreign Tax Credit>start or revisit
- When it asks We just need to check if you have any uncommon situations indicate I paid foreign taxes on income I earned while working in another country.
- Navigate and record the entries that the program asks for and when you reach the page that mentions Foreign Tax Credit Worksheet, this is where you take notice.
- The first that you will be asked is what category of income is it, you will say General Category income.
- Next screen will say Country Summary, select add a country
- When it says Other Gross Income - XXXX, Here you put in the Gross Amount you earned in that country.
- Then you will navigate through the screens until you come to a screen that says Foreign Taxes Paid - XXXX, here is where you record the amount paid under Foreign Taxes.
- Finish out the section.
As an FYI, i have included a link that may be of interest to you.
the self-employed expenses you can deduct and where to enter them.
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March 25, 2024
10:09 AM