@DaveF1006 I understand the logic I have listed out the two scenarios below please let me know which is correct.
Scenario 1 -
1. Completed - Schedule C
2. Completed - Schedule F
3. Completed - FEIE Section
Results - Turbo tax shows me
- Business income : $4,788
- Farm income : 921
- Other income : -5305 ( FEIE gross income total of business income & farm income minus 1/2 of SE Tax applied by turbo tax automatically )
All these calculated automatically by turbotax from my schedule C & F & FEIE sections.
Scenario 2 -
1. Completed - Schedule C
2. Completed - Schedule F
3. Completed - FEIE Section
4. Completed manual deduction as Less Common income -> Miscellaneous Income, 1099-A, 1099-C -> Other Reportable Income -> Other taxable income, answer yes -> Foreign Self-employment income excluded and record the net income as a negative number. [ Net income: -5709 no expenses I'm not claiming any expenses for both the incomes ]
Results - Turbo tax shows me
- Business income : $4,788
- Farm income : 921
- Other income : -11014 ( Sum of manual net income amount entered with minus sign & FEIE sections gross business income & farm income minus 1/2 of SE Tax applied by turbo tax automatically )
Please let me know which scenario is correct. Looking forward to your guidance.
