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Where can I get US tax info?
Thread poster: Joseph Royal
Joseph Royal
United States
Local time: 17:46
Spanish to English
Dec 11, 2001

maybe it\'s a bit early, but I figure it\'s a lot cheaper to be early than late on this:



Where is a good resource on information for how to report and withold on earnings i make while working for foreign translation agencies for my US income tax report?



I haven\'t found much on www.irs.gov or others. Thanks!


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xxxH.A.
English to Russian
+ ...
Here is something to read on that: Dec 12, 2001

Income earned in a foreign country is treated the same as income earned in the U. S. if taxes were paid to the central government of that country. You should report the value of the foreign income in U.S. dollars (using the exchange rate at the time of application) in both the \"Adjusted Gross Income\" line item and in the \"Income Earned From Work\" line item. Information about exchange rates can be found by searching on line, using the key words \"exchange rates.\"



Include the value of any taxes paid to the foreign government in the \"U.S. Income Tax Paid\" line item. If income earned in the foreign country was not taxed by the central government of that country, the income should be reported as untaxed income on the FAFSA.



In many cases, if you file a return with the IRS for a year in which foreign income was earned, a portion of the foreign income can be excluded on IRS Form 2555 for U.S. tax purposes. The figure reported on line 43 of Form 2555 (or line 18 of Form 2555EZ) should be reported as untaxed income on Worksheet A on page 8 of the paper FAFSA. The final total for the Form 2555 must not be reported as untaxed income because it contains other exclusions.



http://www.google.com/search?q=cache:wH67Ka7Ui6s:www.ed.gov/prog_info/SFA/FAFSA/instr00-1/foreign2.html%20"foreign%20income"&hl=en



You might also want to find out about \"double taxation\" rules applicable to the country where your income has been generated. The U.S. has a treaty with many countries allowing to avoid paying taxes twice for the same income.


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Lester  Identity Verified
United States
Local time: 20:46
Member
Portuguese to English
+ ...
Don't forget... Dec 13, 2001

the IRS\'s own site. It is a very good source of information and has a very good search feature.



www.irs.gov



Gio


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