jimskime
Level 2
08-01-2020
01:41 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
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.
1 Reply 1
poolcleaner
Level 8
08-01-2020
03:15 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
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?