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Level 2
July 14, 2020
Question

HOW TO REPORT FOREIGN INCOME

  • July 14, 2020
  • 1 reply
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HOW TO REPORT A SCHEDULE C FOREIGN INCOME
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1 reply

kreinard
Employee
July 14, 2020
How do I generate Form 2555 from Business Income (Schedule C)?
 

Solution

Follow these steps to generate the Foreign Income Exclusion on a From 2555 for Schedule C:
  1. Go to Screen 31.1, Foreign Income Exclusion (2555).
  2. Enter the name of business and business address under the Employer subsection.
  3. Enter the appropriate information in the section Travel Information or the Bona Fide Residence Test section.
  4. Go to Screen 16, Business Income (Sch C).
  5. Scroll down to the Foreign Income Information section.
  6. Select the Business from Form 2555 Name & Number (Ctrl+T) drop-down menu.