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Deductions & credits
In the Foreign Earned Income and Exclusion section in TurboTax, you would enter your gross foreign business receipts and later your foreign business expenses that relate to those receipts. For instance, assuming you are under the maximum allowed foreign income exclusion amount, if your foreign sales were $50,000 and you had $25,000 of foreign expenses relating to them, you would enter both amounts plus the foreign portion of net self-employment tax in the Foreign Earned Income and Exclusion section. The result will be your net foreign earned income for exclusion amount, which will then be automatically entered on line 8(d) of schedule 1 of your Form 1040 (foreign earned income exclusion.) Form 2555 Foreign Earned Income will also be generated automatically.
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