Solved: Form 2555
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macnamband1
Level 1

Form 2555

if you received income for a project done in the US for a Japanese company in 2019, and didn't travel to that country in that year, and did not receive a W2 or other tax form, how do you fill out form 2555??

2 Best answer

Accepted Solutions
SusanY1
Employee Tax Expert

Form 2555

You don't. Form 2555 applies only to income earned while outside of the United States.

 

Income that you earned while living and working in the US is not exculdable, and is taxable income to you.

 

You will report this as self-employment income subject to self-employment tax.

 

A tax form isn't required to enter income in this area of the tax software. You will simply enter it as Income in the self employment income and expenses section of TurboTax. 

 

You can also deduct expenses related to this income.  To deduct expenses requires an upgrade to Self-employed TurboTax if using TurboTax online, but an upgrade is not required if working in a program installed on your computer.

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Critter-3
Level 15

Form 2555

The IRS considers all income from SE to be SE income even if you get no tax reporting forms ... which is why you need to keep excellent records of both income and expenses.   

View solution in original post

4 Replies
Critter-3
Level 15

Form 2555

If you lived in the US and worked in the US then you will NOT use a form 2555 ... the income and expenses go on a Sch C no matter where your clients are located even if they paid you in Yen.

SusanY1
Employee Tax Expert

Form 2555

You don't. Form 2555 applies only to income earned while outside of the United States.

 

Income that you earned while living and working in the US is not exculdable, and is taxable income to you.

 

You will report this as self-employment income subject to self-employment tax.

 

A tax form isn't required to enter income in this area of the tax software. You will simply enter it as Income in the self employment income and expenses section of TurboTax. 

 

You can also deduct expenses related to this income.  To deduct expenses requires an upgrade to Self-employed TurboTax if using TurboTax online, but an upgrade is not required if working in a program installed on your computer.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

macnamband1
Level 1

Form 2555

Thank you...  and no matter that no w2 or 1099 received, correct?

Critter-3
Level 15

Form 2555

The IRS considers all income from SE to be SE income even if you get no tax reporting forms ... which is why you need to keep excellent records of both income and expenses.   

View solution in original post

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