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

jimskime
Level 3

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.

 

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

3 Comments 3
poolcleaner
Level 9

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
MichaelPaz
Level 1

I too hope someone can answer this... not much of a chance 2 years later

0 Cheers
sjrcpa
Level 15

You mark the Schedule C as foreign.

It should flow.

1/2 SE tax and SE health insurance are included as deductions/expenses, too.


Ex-AllStar