Yes, you can use the TurboTax Deluxe version to report your foreign (Swiss) sourced earned income (in US Dollars) on your US income tax return.
Please note that the TurboTax software is only for preparing US income tax return filings. If you are a US citizen or resident and need to file a US income tax return to report your foreign (Swiss) sourced earnings, you will be able to use TurboTax Deluxe version or higher to prepare your US income tax return only.
To enter this
transaction in TurboTax, log into your tax return (for TurboTax Online sign-in,
click Here and click on "Take
me to my return") type "foreign earned
income" in the search bar then select "jump to foreign earned income". TurboTax will guide you in
entering this information
You would be able to
take a Foreign Tax Credit for
taxes paid in Switzerland on Swiss income that is also taxed in the US.
The Internal Revenue Service has no official
exchange rate. The IRS will normally accept any posted exchange rate
that is used consistently. You can translate the foreign currency to U.S.
dollars using the yearly average currency exchange rate for the tax year.
In general, use the exchange rate prevailing (i.e., the spot rate) when you
receive, pay or accrue the item. Please refer to the following IRS links for
more information about Foreign
Currency and Currency Exchange Rates and Yearly
Average Currency Exchange Rates.
