Hello, i am a US citizen living in the UK, and I currently have a new job in the UK, that gives me a paycheck each month. How will I be able to add that to my American taxes as this job doesn't give me a traditional W-2 Form? Do i have to enter it in manually?
You enter your wages on the Form 2555 Foreign Earned Income.
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 box located in the upper right of the program screen. Click on Jump to foreign income
Yes, you will enter it manually as it cannot be imported to TurboTax.
Here's how to enter your foreign income:
When you enter your income, you will be asked questions to see if you are eligible for the foreign income exclusion, foreign housing exclusion or foreign income tax credit. However, you cannot take both the exclusion and deduction, only one or the other. This will help you avoid paying double taxes on the same income if you are being taxed in the UK.