If you have not filed, to return to the Foreign Income section in the program. Here are the steps:
In TurboTax online,
- After sign into your account, select Pick up where you left off
- At the right upper corner, in the search box, type in foreign income and Enter
- Select Jump to foreign income
- Follow prompts
After you enter the information, if you qualify for a foreign earned income exclusion, the program will prompt you to continue to the Foreign Income Exclusion section. It will generate a Form 2555. To qualify, you have to live outside the United States for at least 330 days during 12 consecutive months. For more information, please see Foreign income and exclusion and Extension.
You would use Form 2555 to calculate the excludable portion of your foreign income that you made and the housing exclusion deduction while working on foreign soil. For 2020, the maximum exclusion amount has increased to $107,600. Due to the global health emergency caused by COVID-19, the IRS has provided relief related to the time requirement necessary to meet either the bona fide residence test or physical presence test. To learn more, click here: https://www.irs.gov/instructions/i2555
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