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jimskime
Level 3
August 1, 2020
Question

Foreign earned income exclusion

  • August 1, 2020
  • 2 replies
  • 22 views

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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2 replies

P
poolcleaner
Level 8
August 1, 2020

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?

M
MichaelPaz
Level 2
August 3, 2022

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

sjrcpa
sjrcpa
Level 15
August 3, 2022

You mark the Schedule C as foreign.

It should flow.

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

The more I know the more I don’t know.
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