No, you should not just say "self-employed" for all your income. If you include the significant amount of money from your equivalent W-2 that money will be subject to self-employment tax. You will use Form 2555 Foreign Income to claim the Foreign Earned Income Exclusion (FEIE). You will report your W-2 equivalent wages, in Part IV Line 19 Total wages, salaries, bonuses, commissions, etc. . Form 2555.
To report your foreign income on Form 2555 in TurboTax follow these steps:
- Sign in to your account if it is not open
- Enter Foreign income in the search box
- Click Jump to foreign income in the results box
- On the page Did You Make Any Money Outside the United States? check yes
- Follow the screen prompts to enter your information
TurboTax will ask for the dates when you worked/resided outside of the US to verify that you qualify for the FEIE either as a bonified resident or by the physical presence test.
Edited [March 13, 2022 | 12:20 pm PDT]
@kagemusha
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