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Generating Form 2555 from Schedule C Income

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Generating Form 2555 from Schedule C Income

Before you start:

Follow these steps to link Schedule C income to Form 2555:

  1. Go to the Input Return tab.
  2. On the left-side menu, select Income.
  3. Click on Business Income (Sch C).
  4. Complete all Schedule C information as you normally would.
  5. On the left-side menu, select Foreign Income Information.
  6. Scroll down to the Foreign Income Information section.
  7. Select the appropriate Form 2555 name or number (Click on arrow to select from list).
  8. Enter the Percentage foreign if not 100%, if applicable. The program limits net income and expenses by this percentage to carry to Form 2555.

Note: Do not make entries in Form 1116 name or number, Name of foreign country, or Category of Income. When the Schedule C is linked to Form 2555, additionally linking it to Form 1116 may cause income from the activity to be overstated.

Related Topics

Generating Form 2555 - Foreign Income Exclusion Reporting foreign wages on Form 2555 Individual Schedule C FAQs

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