TaxGuyBill
Level 15
07-21-2024
02:13 PM
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You look up each income code to figure out what it is, and then report that income in the appropriate spot on the tax return.
Make sure you have asked the client the appropriate questions to determine if this goes on a 1040 or if it goes on a 1040-NR, as well as if any other foreign-related things apply to the taxpayer (tax treaties, foreign tax credits, FBAR, FATCA, etc.).