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How to report income from a book advance from a US publisher?
I am an author and my publisher is located in the US. I received a 1042S form from my agent that indicates the amount of my book advance, minus the commission they deducted. No foreign taxes were withheld. Should I classify this income under foreign income or self-employment income? Either way, how do I report it?
April 6, 2024
9:27 AM
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Troubleshooting
If this is a one time thing, then you can enter it as Foreign Income. But if you plan on going into business as an author, you can report it as self-employment income.
April 6, 2024
1:51 PM