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Foreign earned income exclusion

Level 2

A self-employed client operates as a Schedule C in China. The gross income flows to Form 2555 but I want the net to flow to Form 2555. How do I enter that? Wages are simple but Schedule C is not. Happy to pay Self employment tax but not income tax.


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Level 8

Hopefully someone with Lacerte experience will come along to help you.  ProSeries lets me enter the net Schedule C income directly on Line 20a of the 2555 and then reduces the amount available for exclusion by 1/2 of SE and the SE health insurance deduction (and if applicable, the prorated amount of SEP, IRA,etc. deductions).  Is that the line you are questioning?

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