Publication 570 (2023): Tax Guide For Individuals With Income From US Possessions

Publication 570, also known as the "Tax Guide for Individuals with Income from U.S. Possessions," is a resource provided by the Internal Revenue Service (IRS) for individuals who earned income in specific US territories and possessions during the tax year.

Who should use Publication 570?

This guide is relevant for individuals who received income from:

  • American Samoa
  • The Commonwealth of Puerto Rico
  • The Commonwealth of the Northern Mariana Islands (CNMI)
  • Guam
  • The U.S. Virgin Islands (USVI)

Key points covered in Publication 570

A. Bona fide residence: Explains how to determine if you qualify as a bona fide resident of a U.S. possession for tax purposes.

B. Source of income: Guides you on how to identify the source of your income (U.S. or possession) to determine filing requirements.

C. Tax treatment: Explains the different tax treatment for various types of income, including wages, salaries, investments, and business income, earned in U.S. possessions.

D. Deductions and credits: Provides information on claiming deductions and credits available to taxpayers with income from U.S. possessions.

E. Self-employment tax: Explains self-employment tax rules for bona fide residents of U.S. possessions.

F. Filing requirements: Details the specific filing requirements for individuals with income from U.S. possessions, including filing forms and deadlines.

G. Special rules: Addresses situations like nonresident aliens earning income in U.S. possessions and disaster tax relief provisions.

NOTE: Publication 570 focuses on general tax information and may not cover specific situations. If your tax situation is complex or requires further guidance, it's advisable to consult a tax professional.

For the current year's Publication 570, click here.