Where to report foreign income on 1040

[r2i_007]

Asking a very basic question that I've not been able to figure out.

Say I received $x for income from US for which I got a W2 and $y as foreign income. Where should $y be added to the total income?

Should Line 7 be $x + $y and other income should be (-$y) if taking the FEI exclusion or should $y be reported on Line 17 "Other Taxable Income"?

Appreciate if someone can clarify this.

Thanks.

[Desi]

Asking a very basic question that I've not been able to figure out.

Say I received $x for income from US for which I got a W2 and $y as foreign income. Where should $y be added to the total income?

Should Line 7 be $x + $y and other income should be (-$y) if taking the FEI exclusion or should $y be reported on Line 17 "Other Taxable Income"?

Appreciate if someone can clarify this.

Thanks.

Your foreign earned income goes on line 7. You need to fill out form 2555 for foreign earned income exclusion. The form will explain the numbers from FEI form that will go on line 21 (in parenthesis as a negative number) of form 1040 for foreign earned income exclusion.

[r2i_007]

Your foreign earned income goes on line 7. You need to fill out form 2555 for foreign earned income exclusion. The form will explain the numbers from FEI form that will go on line 21 (in parenthesis as a negative number) of form 1040 for foreign earned income exclusion.

Thanks a lot for your response. Doesn't line 7 include only wages reported on a W2? Also, just to make sure since I have part year US income, does the FEI get excluded on the state (CA) tax return as well or are you taxed on the gloal income for state?

Thanks.

[Desi]

Thanks a lot for your response. Doesn't line 7 include only wages reported on a W2? Also, just to make sure since I have part year US income, does the FEI get excluded on the state (CA) tax return as well or are you taxed on the gloal income for state?

Thanks.

Line 7 should include W2 wages and any foreign wages, salary.
Similarly (on the line for interest) foreign interest, cap gains (on line for cap gains and on schedule D), etc must be reported along with local US interest and cap gains etc. This is passive income as opposed to earned income.

I am not familiar with tax laws of California, hence cannot offer you an answer on your query re California.

[kkassociate]

You can avail FEI only for Earned Income i.e your Salary and Self Employment Income, No FEI is available for passive category income i.e. interest, dividend, rental income etc., You can avail only the Foreign Tax Credit benefit in passive income category.

For more information or details you can email me on [email protected]

Regards,
KKA

[pragash]

I assume we need to include PF (employer's contribution ), Gratuity, SA as part of Foreign Employer Compensation. Can we consider this as Foreign Earned Income and deduct it as part of 2555?

Thanks,
Pragash

[greyfri]

I assume we need to include PF (employer's contribution ), Gratuity, SA as part of Foreign Employer Compensation. Can we consider this as Foreign Earned Income and deduct it as part of 2555?

Thanks,
Pragash

Yes. HRA can be used against Foreign housing exclusion.

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