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2555 foreign income
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2555 foreign income
The amount is actually $101,300 for 2016. To include your foreign income and taxes paid follow these steps:
How to Enter Foreign Income
• Open your tax return in Turbotax
• Go to Federal Taxes
• Select Wages & Income
• Click I'll choose what I work on
• Scroll down the page to the last section Less Common Income and select Show More
• Select Start to the right of Foreign Earned Income and Exclusion
• Go through this section and enter the income that you earned abroad.
• Please note: if you received a W-2, it should be flagged as foreign income in the follow-up questions of the W-2 entry. You need to check the box indicating that you worked outside the U.S.
How to Enter Foreign Taxes:
• Open your tax return in Turbotax
• Select the Federal Taxes tab at the top of your screen
• Select Deductions and Credits
• Click I'll choose what I work on
• Scroll down the page to the section titled Estimates and Other Taxes Paid and click Show More
• Scroll down to Foreign Taxes and click Start/Revisit to the right
• Go through this section and enter the foreign taxes that you paid.
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