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To enter Foreign Earned Income -
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Less Common Income
- On Foreign Earned Income and Exclusion, click on the start or update button
Or enter foreign income in the Search/Find box located in the upper right of the program screen. Click on Jump to foreign income
See this TurboTax support FAQ for reporting foreign earned income - https://ttlc.intuit.com/questions/1895445-do-i-need-to-report-foreign-income
If you are including the full amount of your foreign wages on your US income tax return and if you pay foreign taxes on these wages, you will be allowed an offset for these foreign taxes on your US tax return.
If you take a foreign tax credit, your US tax liability will be reduced by the amount of taxes that you would have paid if the transaction took place in the US (see this link Claim Foreign Tax Credit).
If you take a foreign tax deduction on Schedule A, you will be allowed to deduct the full amount of the foreign taxes paid but you will need to itemize (which could limit your ability to take the full deduction). The TurboTax software will help you determine which of these options will lower your overall tax liability.
Contact TurboTax support and speak directly with a TurboTax support agent concerning this situation if you still need help ...
