turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

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 

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

 

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?

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies