GLOSSARY · VISA-HOLDER FINANCE
Worldwide income
The rule that US citizens and resident aliens are taxed on income from every country, not only income earned in the United States. A visa holder who passes the substantial presence test moves from being taxed mainly on US-source income to being taxed on interest, rent, dividends and gains from abroad as well. Tax paid abroad on the same income can usually be credited.
Also called: income from all sources, global income, foreign income taxed in the US
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CHAPTER · TAXES, MONEY BACK HOME AND REPORTING · STRATEGIESWhen the US Taxes Your Income from EverywhereRELATED TERMS
SOURCES
- Publication 519, U.S. Tax Guide for Aliens. Internal Revenue Service.