Foreign company income

[dipsatch]

I am the joint owner of a foreign company (in my country of citizenship). How do I report that & its income on turbotax online? Please tell me the steps.

[MarilynG1]

If you are filing as a Resident Alien, as a joint owner of a business, report your Income/Expenses on Schedule C.  You will still pay Self Employment Tax on this income. 

Click this link for info on Reporting Business Income and Expenses.

If you paid Foreign Tax on your business income, you can claim a Foreign Tax Credit.

This link has detailed info on Tax Tips for Resident and Non-Resident Aliens.