Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Foreign earned income exclusion

Highlighted
Level 2
last updated ‎August 01, 2020 1:41 PM

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.

 

Labels (1)
0 Cheers
1 Reply 1
Highlighted
Level 8
last updated ‎August 01, 2020 1:41 PM

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?

0 Cheers