I'm a bona fide resident of a foreign country (living for more than 12 months), I'm a self employed consultant for a commission based project . I need report tax by using F1040 and F2555. Which tax software edition does I need to us? Thanks.
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@Smilecloud17 , my personal favorite is the Home & Business desktop version. This covers all the way to complicated returns such as self-emplyoment / sole proprietor scenarios and also foreign earned income exclusion / foreign tax credit. I like the desktop version because it allows me to see the forms as these are being filled and the underlying worksheets ( in the forms mode ) and everything stays on my machine for future usage and/or carryover to next year.
Yes you will need to file form 1040 and form 2555 ( for qualifying to exclude foreign earned income. Note that Bona-Fide Resident is only on approval by the IRS. Most expats easily qualify for Physical Presence Test ( 330 days abroad during any continuous test period of 12 months/365 days). Also note that while Schedule-C would be used to report your self-employment income, you will use the Schedule-SE to compute and pay self-employment taxes ( equivalent of FICA for wage earners ).
Does this answer your query? I have assumed here that you are a US citizen/Resident ( Green Card )
You can also use TurboTax Premium to file your self-employment and expenses on Schedule C Profit or Loss from Business and file Form 2555 Foreign Earned Income.
@LeonardS , ????
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