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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4501
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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If i ran an US LLC for 4 months working outside of the US and

Customer Question

If i ran an US LLC for 4 months working outside of the US and then joined a company outside the US - how is the 1040 form filled out when using a form 2555 for total earned income outside the US but Line 12 only covers the business income from 1040 Schedule C. Where does the rest of the income earned get shown.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

NPVAdvisor :

Hi

NPVAdvisor :

THis would be line 7 wages

Customer:

but that implies a W2 but the company I am working for is Irish.

NPVAdvisor :

If you were working here, yes

NPVAdvisor :

but this is still wages

NPVAdvisor :

you are an employee?

Customer:

I am an employee of an Irish company in Ireland from May - Dec. Before that I was consulting in Europe for 4 months using my LLC

NPVAdvisor :

Note that line 7 is titled "Wages, salaries, tips, etc. "

NPVAdvisor :

right

Customer:

true - but says "attach a W2"...maybe I just attach my P60 which is Irish equivalent...

NPVAdvisor :

the wages from the Irish company goes on line 7 and the business incme (or loss) flows to line 12

NPVAdvisor :

that's right ... if you have a W-2 to attach, you muct attach it

NPVAdvisor :

That would be a great way to docukent

NPVAdvisor :

sorry

NPVAdvisor :

document

Customer:

that was the closest line I could find to put it in...so I guess as long as I report all the income and do it consistently then that will be at least a good faith effort to get it in the right place... :D

NPVAdvisor :

You nailed it

NPVAdvisor :

SO many don't even report

NPVAdvisor :

by attaching the P60, you're pre-empting any questions

NPVAdvisor :

the point I was trying to make earlier was that even tips go there ....(won't always be a W-2)

NPVAdvisor :

and as you alluded earlier ... can't excluded it if it's up there somewhere

NPVAdvisor :

Don't mean to make light

Customer:

interestingly enough Ireland wants to know all income you earned in the year (much like the US) but will only tax what they can (in this case the last 7 months). So actually the P60 will show all income I earned in 2012 but I will split it on line 7 and line 12. Again, it will all tick and tie.

Customer:

got it!

Customer:

not a problem

NPVAdvisor :

line 7 is the appropriate place here

Customer:

thanks for your help. Much appreciated.

NPVAdvisor :

Yep, two DIFFERENT taxing authorities

NPVAdvisor :

You are welome

Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4501
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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Lane
Lane
JD, MBA, CFP, CRPS
3637 Satisfied Customers
Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986