How do I report income and 401K contributions from foreign employer without W2?

[2beagles]

I am a US citizen, living in the US but working for a organization based in Bermuda.  I am paid monthly and no US nor Bermuda taxes are withheld. I do contribute to an employer 401K that appears on my paystub as a payroll deduction.  My employer is not providing a W2 or any other type of year end statement.

1.  Where do I report this income in turbo tax?  I don't qualify for a foreign tax credit since I did not pay any taxes in either the US or Bermuda.  Should I enter this under Less Common Income> Foreign Earned Income?  Or should it be entered under Less Common Income > Miscellaneous Income?  

2.  Where do I enter 401K contributions that were deducted from my pay?  Or do I subtract them from my gross and only report the net (gross pay - deductions) under foreign or misc income? 

Thanks in advance for your help. 

[AmyC]

1. Enter it as foreign earned income

2. Report only the net income, subtract out the 401k and any other monies subtracted before pay. You have savings in a foreign country and may have additional rules.

Here is a comparison of the FATCA (Form 8938) and FBAR requirements. Certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold must report information about those assets on Form 8938, which must be attached to the taxpayer's annual income tax return.

• About Form 8938.  
• Basic Questions and Answers on Form 8938

[2beagles]

Thank you @AmyC  - very helpful.

Do I need to worry about qualifying for Social Security or Self Employment taxes?  I don't feel as if I'm self employed but I've seen other advice saying I need to file as such. 

[AmyC]

You are not self-employed so this does not apply to you. 

The Social Security did cross my mind. If you want to claim your income for it to count towards your Social Security someday, then you would need to pay both parts, the employer part and the employee part, since your employer isn't paying. The only way to pay both parts is through the self-employment tax. This would mean you file a sch C - self-employed-  for your income and pay the SE tax, in order to get credit for Social Security. You pay 15.3% SE tax on 92.35% of your income greater than $400. Depending on your income, plans, etc it may be a great idea or an expensive one.

This is in addition to the federal tax due. You would have to figure out how to make it a business rather than employment to claim and pay. If you were a contractor, you would be self-employed, but not with a 401k from your employer. The pieces just don't seem to add up to a sch C and SE taxes for you.

Reference: About Schedule SE (Form 1040), Self-Employment Tax - IRS