Yes, enter your Business Income from the Business tab in TurboTax Home & Business (or Self-Employed). Then enter the amount of business income you wish to exclude from the Personal tab (Less Common Income) to claim the Foreign Earned Income Exclusion.
The income you enter for the Foreign Earned Income Exclusion is used to calculate a tax credit. The amount should not increase your total taxable income.
Per the IRS Foreign Earned Income Exclusion: A qualifying individual may claim the foreign earned income exclusion on foreign earned self-employment income. The excluded amount will reduce the individual’s regular income tax, but will not reduce the individual’s self-employment tax.
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