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SoePaing
Level 2

Is foreign salary income considered as nonbusiness income?

As the title says, is foreign salary income a nonbusiness income? I need to figure out my net operation loss. In the worksheet, it asks for nonbusiness income.

 

TurboTax doesn't consider my foreign income as taxable income because I meet some qualifications. I'm not sure whether foreign income is nonbusiness income though when calculating net operation loss.

3 Replies
tagteam
Level 15

Is foreign salary income considered as nonbusiness income?

See https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/foreign-earned-income-e...

 

Which may only be marginally relevant. 

 

However, I will page @AmeliesUncle 

AmeliesUncle
Level 13

Is foreign salary income considered as nonbusiness income?

No, any salary (regardless of it being foreign or being excluded) is NOT non-business income.

 

https://www.irs.gov/publications/p536#en_US_2021_publink10008451

 

SoePaing
Level 2

Is foreign salary income considered as nonbusiness income?

AmeliesUncle wrote:

 

"No, any salary (regardless of it being foreign or being excluded) is NOT non-business income."

 

Thank you for the reply and the link.

 

According to the linked article, interest on investments is counted as nonbusiness income. What about bank interest? Is putting money in a bank considered an investment?

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