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Taxed
New Member

I live and work abroad. I have a foreign sole proprietorship. Where do I report income from the foreign sole proprietorship?

 
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GilbertC
New Member

I live and work abroad. I have a foreign sole proprietorship. Where do I report income from the foreign sole proprietorship?

4 Replies
GilbertC
New Member

I live and work abroad. I have a foreign sole proprietorship. Where do I report income from the foreign sole proprietorship?

Taxed
New Member

I live and work abroad. I have a foreign sole proprietorship. Where do I report income from the foreign sole proprietorship?

Thanks!
The online form tells me after entering the foreign income:
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You appear to have entered earnings here that belong in other areas of TurboTax. Foreign business income or partnership income should also be entered in the Business Income or K-1 sections of TurboTax. Entries made here are used only to determine how much income from those sources is potentially eligible for exclusion.
Before completing the interview to exclude foreign income, you should visit the Business Income or K-1 interviews in TurboTax to report all worldwide business or partnership income.
Note: Entries made for Foreign Wages not on a W-2 are entered only in the Foreign Earned Income interview. They should be entered here and nowhere else.
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Does this mean I have to also enter in the Business Income section even though I ONLY have foreign income? Or do I not fill anything out in the (US/normal) Business Income section because I ONLY Have foreign income.
GilbertC
New Member

I live and work abroad. I have a foreign sole proprietorship. Where do I report income from the foreign sole proprietorship?

You would enter your income in the business income section first. Then go through Foreign income and "link" it and see if you can exclude it. With self-employment income - you can exclude it if you meet the requirements - but you may still have to pay self-employment tax.
Taxed
New Member

I live and work abroad. I have a foreign sole proprietorship. Where do I report income from the foreign sole proprietorship?

Where do I enter the actual business income and expenses? For example, the interview asks for "1099-MISC Income
Business income reported to you on Form(s) 1099-MISC", but being a foreign sole proprietorship I don't have any 1099-MISC form.
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