Foreign Income from Acorn is causing my entire w-2 to show as foreign income. How do I fix that. My W-2 income is not foreign it is from a US company based in Ohio. My wife's Acorns account reported a small foreign income and I have a K-1 (from a trust) that has a small amount of foreign income and taxes withheld. These total less than $900 total. Neither show what country or countries the income is from.
No, your W-2 should not be considered Foreign Income. If you imported it, you may want to delete it and re-enter it manually.
If you received some documents that report Foreign Income/Tax, enter them in the proper section in TurboTax.
In the Foreign Tax Credit section, this income will be considered passive income, and you can use Country 'RIC' (Regulated Investment Company).
I hid the amount but this is what it is showing when i do a review of my federal taxes. The amount listed here is from box 1 on the W-2. Thank you for the RIC code on the country that helps for the K-1 and 1116 forms. but still don't understand why my normal domestic wages are showing under these boxes below.
There is an error when entering your W2 that has nothing to do with your other foreign income. You need to go back and re-enter your W2. If you imported it then you need to delete it and enter it manually. Pay careful attention to the questions that the system is asking so that you don't accidentally tell it that the income is foreign. Remember, questions about this W2 are not about any of the other income on your return.