7:55
@WorthlessAttractiveZombie: mine did yesterday morning
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LSDefine
Simple English definitions for legal terms
blocked income
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A quick definition of blocked income:
Blocked income refers to money earned by a foreign taxpayer that cannot be converted into dollars due to restrictions in their country. This income is not subject to US taxation. Income refers to the money or payment received from employment, business, investments, gifts, and other sources. Gross income is the total income from all sources before deductions, while net income is the income after deductions. Taxable income is the income subject to taxation after allowable deductions and exemptions. Unearned income is income from investments, while earned income is income from labor or active participation.A more thorough explanation:
Blocked income refers to money earned by a foreign taxpayer that is not subject to U.S. taxation because the foreign country prohibits changing the income into dollars. For example, if a foreign worker earns money in their home country and cannot convert it to U.S. dollars, that income is considered blocked income.
Example: A foreign worker earns $10,000 in their home country but cannot convert it to U.S. dollars due to government restrictions. This $10,000 is considered blocked income and is not subject to U.S. taxation.
This example illustrates how blocked income is money earned by a foreign taxpayer that cannot be converted to U.S. dollars and is therefore not subject to U.S. taxation.