tax issues when h1b status earns income or profits from other sources?
November 18, 2008
Rajesh p asked:
Hi, I am on H1-b status in US. I wanted to earn some extra bucks working on weekends or spare time. I found some opportunities but confused of tax and stuff
1. Investing in shares and earn profit
2. Joining some network marketing business like quixtar and earn monthly income
3. tutoring some subject to someone and get paid as fee.
4. setup a website and earn through Google adsense
Hi, I am on H1-b status in US. I wanted to earn some extra bucks working on weekends or spare time. I found some opportunities but confused of tax and stuff
1. Investing in shares and earn profit
2. Joining some network marketing business like quixtar and earn monthly income
3. tutoring some subject to someone and get paid as fee.
4. setup a website and earn through Google adsense
In all the above cases how do i have to report this income/profit to IRS? Are there any legal issue?
I am planning to start the process for GC soon.
Please guide me. Thanks
I am not looking for opportunities to earn money. But i want to know how legal it is and how i could go about tax filing it
2 Responses to “tax issues when h1b status earns income or profits from other sources?”
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November 21st, 2008 at 9:10 pm
The IRS requires you to report all income.
1. Investment income goes on schedule D if you are on a 1040.
2. MLM is a way to spend money, not make it.
3. Tutoring is self-employment income, gets reported on schedule C, but is in violation of your visa.
4. See 3.
November 22nd, 2008 at 6:38 am
You will not have any legal issues from IRS. You must report all your income on your tax return.
For visa related issues, post as some immigration forum or contact immigration professional.
Read about H1-B tax filing: