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ALEX O
ALEX O,
Category: Tax
Satisfied Customers: 703
Experience:  Founding Partner at O&G Tax and Accounting Services, LLC
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What form should I use to report individual income that

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Hello, What form should I use to report individual income that comes from out of the country?

 

Hello, my name is Alex, a licensed CPA. Happy to help you get this resolved.

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Was it wage or income from self employment?

Customer: replied 13 days ago.
its from a company from abroad that they receive money here in the U.S
Customer: replied 13 days ago.
she is a resident of Miami, and was told she needed to report all income from around the world but she doesn't know what form to file, which she said should be the 1040 and the FBAR?

Generally, you report your foreign income where you normally report your U.S. income on your tax return.

Earned income (wages) is reported on line 7 of Form 1040; interest and dividend income is reported on Schedule B; income from rental properties is reported on Schedule E, etc

she is a resident of Miami, and was told she needed to report all income from around the world but she doesn't know what form to file, which she said should be the 1040 and the FBAR?

 

Yes , a US person reports worldwide income , both domestic and international

 

Below is a requirement for filing FBAR

Who Must File the FBAR? A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year

 

ALEX O and 2 other Tax Specialists are ready to help you
Customer: replied 13 days ago.
thank you. :)

Thanks