You will need to file your income. Two ways to go: As a business owner, you can file a sch C to claim the income and pay the taxes. You can file form 1116 for a credit against any taxes paid to friendly foreign countries. You may qualify to file Form 2555 to exempt your foreign income. See About Form 2555, Foreign Earned Income | Internal Revenue which states Who Qualifies:You qualify to exclude your foreign earned income from gross income if both of the following apply. You meet the tax home test (discussed later). You meet either the bona fide residence test or the physical presence test (discussed later). However, see COVID-19 Emergency Relief, later.

Question

Hi all - I live and work abroad in the UK. I have a limited company, and am the owner/only employee. How should I enter my income? No 1099's as all work is in UK

Forum|Forum|5 years ago
February 13, 2021
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TurboTax Self Employed Online

AmyC

Employee

You will need to file your income. Two ways to go:

As a business owner, you can file a sch C to claim the income and pay the taxes. You can file form 1116 for a credit against any taxes paid to friendly foreign countries.
You may qualify to file Form 2555 to exempt your foreign income. See About Form 2555, Foreign Earned Income | Internal Revenue which states Who Qualifies:

You qualify to exclude your foreign earned income from gross income if both of the following apply.

You meet the tax home test (discussed later).
You meet either the bona fide residence test or the physical presence test (discussed later). However, see COVID-19 Emergency Relief, later.

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