2. I'm a US citizen living outside US since Nov 2019. Am taking the "Foreign Earned income exclusion" only from this year though !
Im a bonafide resident with a foreign tax home. I don't plan to take any foreign tax or the income credit. Just the foreign earned income exclusion.
My pay comes from only one source - 1099 -NEC and my entire income was for my work in the foreign country. ( My employer is CA based & my income is credited to my US account)
I have claimed business expenses on Schedule C, so while I enter my foreign earned income.....what do I enter in the "Foreign Gross Profit " section ? My entire 1099 income or deduct the business expense ?
My income is well within the excludable threshold !
1. With the entire income coming for work outside US, I don't think I qualify for QBI !
