Hello, could someone please confirm how to properly take both the Foreign Earned Income Exclusion and the Foreign Tax Credit in TurboTax?
Say I earned $150,000 in salary from working abroad. In the Foreign Earned Income and Exclusion section (of the Personal Income section), I would enter the full $150,000 as foreign earned income. $108,700 of that would qualify for exclusion.
Then in the Foreign Taxes section (of the Deductions & Credit section), would I enter $41,300 as Other Gross Income ($150,000 - $108,700)? And then for Foreign Taxes on Other Income, I would enter the foreign taxes I paid on just the $41,300?
The description on the Other Gross Income - [Country] page says, "Enter descriptions and amounts for any other gross income you received from sources within [Country]. Do not enter any income already reported on Form 1099-INT, Form 1099-DIV, Form 2555, or Schedule K-1." Technically, I did enter the full $150,000 in Form 2555 already, so that is where I want to get clarification on how to indicate the "leftover" income that I wasn't able to take the full Foreign Earned Income Exclusion on.
Thank you so much!
