topic foreign money earned in Get your taxes done using TurboTax

foreign money earned

am66 — Tue, 03 Mar 2020 22:31:39 GMT

I work in the US and received a W2 for my work in the US. I spoke at a conference in another country which I received a check for as compensation. I did not pay any taxes to the foreign government. Where should I enter this amount and can I deduct expenses from this like meals, transportation and lodging. Where do I enter this.

Re: foreign money earned

MinhT1 — Tue, 03 Mar 2020 22:51:07 GMT

You should report the speaking fee as self-employed income under Other self-employed income.

Against that income, you can deduct ordinary and necessary expenses.

You should use TurboTax Self-employed online or TurboTax Home & Business CD/Download.

To enter this income and related expenses in TurboTax, please see this TurboTax answer.

Re: foreign money earned

am66 — Sun, 08 Mar 2020 15:27:55 GMT

I work in the US and receive a W2. If I gave a lecture not in the US and received a check for it and put it on my taxes as self employed income does this a QBI.

Thanks

Re: foreign money earned

LinaJ2020 — Sun, 08 Mar 2020 16:54:19 GMT

Yes, it does. The Qualified Business Income deduction applies to most of the self-employed taxpayers. To see more information, click here: QBI