Foreign income

[Sandyt]

What forms do I use to report foreign income for the entertainemnt industry

[Koss]

Foreign Income

Is it wages or self-employment?

Foreign wages can get complicated, because the foreign employer generally does not issue Form W-2, and there is no withholding of US tax, and it is generally not subject to FICA...

But if it is self-employment income, you just report it on Schedule C.

BMK

[Sandyt]

Is it wages or self-employment?

Foreign wages can get complicated, because the foreign employer generally does not issue Form W-2, and there is no withholding of US tax, and it is generally not subject to FICA...

But if it is self-employment income, you just report it on Schedule C.

BMK

Are there any credits that can be taken. The situation is: this is a UK Co. that is paying the wages. No taxes are withheld, its a movie production co.,what do entertainers do when they travel overseas and are paid by a foreign co.

[Burke]

First he must convert the funds into USD if he was paid in foreign currency. Then he has to report the wages on his 1040 tax return as usual, assuming he was treated as an employee. In the case of an entertainer, I would think he had some type of contract and was paid a fixed amount for whatever it was he did. That would go on Sched C, and be treated as self-employment income. Whether or not he would qualify for the Foreign Earned Income exclusion depends on the amount he received and whether he meets the rules. See Form 2555 and instructions.

[Sandyt]

Thank your for your input

[Sandyt]

Is it wages or self-employment?

Foreign wages can get complicated, because the foreign employer generally does not issue Form W-2, and there is no withholding of US tax, and it is generally not subject to FICA...

But if it is self-employment income, you just report it on Schedule C.

BMK

Thank you very much..appreciate the info