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| "PeterL" <po.ning[at]gmail.com> wrote in message news:ca88edbe-29a7-44d6-8ace-cfc0b63da75d[at]d2g2000pra.googlegroups.com... - quote - > On Apr 14, 7:33 am, leewa10_at_hotmail_dot_...[at]foo.com (leebop) wrote:
I don't see any reason why the foreign employer has to be (or should be)> > Hello, I have foreign earned income that isn't on a W-2 (or any kind of > > document). For various reasons, it may be less costly to report it and > > pay income tax than to claim the foreign earned income exclusion. Since > > there is no documentation for the income, do I just write it on Line 7 > > form 1040, or do I need to also attach an explanation of where these wages > > came from/how the total was figured, etc? Thanks. > My son has the same situation. I am doing his taxes and just write in > the total income with payer name and address (foreign). If you are a > full time foreign resident, you can claim the foreign earned income > exclusion regardless of whether you have documentation or not. identified. If the IRS wants to know, let them ask for it. - quote - > From 1999-2003, I had a client who was working in Australia for a Hong Kong
and the IRS never asked, nor did they ask about my conversions of AU$ toCompany. I did not identify the employer, either on the 1040 or the 2555, USD. No explanation is needed. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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| On Apr 14, 7:33*am, leewa10_at_hotmail_dot_...[at]foo.com (leebop) wrote: - quote - > Hello, I have foreign earned income that isn't on a W-2 (or any kind of > document). *For various reasons, it may be less costly to report it and > pay income tax than to claim the foreign earned income exclusion. *Since > there is no documentation for the income, do I just write it on Line 7 > form 1040, or do I need to also attach an explanation of where these wages > came from/how the total was figured, etc? *Thanks. My son has the same situation. I am doing his taxes and just write in the total income with payer name and address (foreign). If you are a full time foreign resident, you can claim the foreign earned income exclusion regardless of whether you have documentation or not. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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| leebop <leewa10_at_hotmail_dot_com[at]foo.com> wrote: - quote - > Hello, I have foreign earned income that isn't on a W-2
It reenforces my belief in the integrity of people when> (or any kind of document). For various reasons, it may > be less costly to report it and pay income tax than to > claim the foreign earned income exclusion. Since there > is no documentation for the income, do I just write it > on Line 7 form 1040, or do I need to also attach an > explanation of where these wages came from/how the total > was figured, etc? Thanks. someone asks how to declare undocumented income. The correctanswer depends on from where these wages came and what you did to earn them. They most likely belong on Schedule C and, if so, you have to pay self-employment taxes. There are some narrow exceptions, but it would be easier to respond if you would explain what did to earn the income. As for the Foreign Earned Income Exclusion, you MUST: 1. live and work abroad, 2. have a tax home in a foreign country, and 3. meet either the bona fide residence test or the physical presence test. Thus, taxpayers residing in the United States are not eligible for the exclusion. Dick -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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| Hello, I have foreign earned income that isn't on a W-2 (or any kind of document). For various reasons, it may be less costly to report it and pay income tax than to claim the foreign earned income exclusion. Since there is no documentation for the income, do I just write it on Line 7 form 1040, or do I need to also attach an explanation of where these wages came from/how the total was figured, etc? Thanks. ----- ##-----------------------------------------------## Newsgroup Access Courtesy http://www.rockryno.com/ Tax and Accounting Software Forums Web and RSS access to your favorite newsgroup - misc.taxes.moderated - 21483 messages and counting! ##-----------------------------------------------## -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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