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posted Jul 20, 2020 2:11:26 PM

Working for a foreign company

I trade a foreign company's investment account and at the end of every month i take 70% of the profit and they take 30%. I get payed by ACH transactions. They dont send 1099s since their based outside of the US. Would I be considered a self employed/contractor? The income is not taxed by anyone.

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1 Replies
Level 15
Jul 20, 2020 9:26:17 PM

@stantheman226 , it is self-employment income. Even without a 1099, you need to recognize this income as if you had a 1099. Also since the work is being done  by you ( a US citizen/Resident ) in the USA, it is not foreign source income.

 

So you will file a schedule-C showing the gross earnings and any allowable expenses associated with this income and schedule-SE on most of the net income ( at 15.3% ).

 

Does this help ?