Which version of TurboTax do I need for foreign income?

To report your foreign income, you will need to use either Turbo Tax Deluxe, Premier, or Self-Employed. The foreign income forms are not supported by the Federal Free Edition.

Can TurboTax do foreign income?

TurboTax is designed specifically for US taxpayers living and working in America. … Turbotax Foreign Earned Income Exclusion is available, however, to claim it, you will need to do a lot of prep work yourself before the software will jump in, such as: Determine which Form 2555 test you qualify under.

How do I enter foreign earned income on TurboTax?

To enter foreign earned income in TurboTax, please follow these steps:

  1. Click on Federal Taxes > Income & Expenses.
  2. In the Less Common Income section, click START on Foreign Earned Income and Exclusion.
  3. On the screen Did You Make Any Money Outside the United States?

Which tax software is best for foreign income?

Best Tax Software for Expatriates in 2022

  • Best Overall: TaxAct.
  • Best for Self-Employed: H&R Block Expat Tax Services.
  • Best for Business Owners: MyExpatTaxes.
  • Best Free Option: TaxAct IRS Free File Edition.
  • Best for Extra Features: TurboTax by Intuit.
  • Best for Simple Returns: TaxSlayer.
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Does TurboTax do international taxes?

Yes, TurboTax will prepare U.S. or state returns for its expats. The following posts have some overlap but together they cover how to report foreign income, exclude foreign income from U.S. tax and how to get credit for foreign taxes you paid.

How do I report foreign income on TurboTax?

Use Form 1116 to claim the Foreign Tax Credit (FTC) and subtract the taxes they paid to another country from whatever they owe the IRS. Use Form 2555 to claim the Foreign Earned-Income Exclusion (FEIE), which allows those who qualify to exclude some or all of their foreign-earned income from their U.S. taxes.

How do I enter a foreign tax credit on TurboTax?

Go to Wages & Income to enter any income you earned while working in another country and the taxes you paid. You can also enter info from your 1099-INT, 1099-DIV and K-1 forms, which includes foreign taxes paid. Once you’re done, go to Deductions & Credits to see if you’re eligible for the Foreign Tax Credit.”

How do I report foreign income?

Generally, you report your foreign income where you normally report your U.S. income on your tax return. Earned income (wages) is reported on line 7 of Form 1040; interest and dividend income is reported on Schedule B; income from rental properties is reported on Schedule E, etc.

How do I deduct foreign income tax?

To choose the foreign tax credit, you generally must complete Form 1116, Foreign Tax Credit and attach it to your U.S. tax return. However, you may qualify for an exception that allows you to claim the foreign tax credit without using Form 1116.

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How do I report foreign income without W2 on TurboTax?

I have no W-2 from my foriegn employer. You can use TurboTax to enter your income earned abroad, even if it is not reported on a Form W-2. TurboTax supports Form 2555, Foreign Earned Income, to calculate your foreign earned income exclusion and foreign housing exclusion or deduction.

Does TurboTax have form 2555?

Yes – TurboTax supports filing Form 2555, Foreign Earned Income, to calculate your foreign earned income exclusion and foreign housing exclusion or deduction.

Does TurboTax free include form 2555?

Yes – TurboTax supports filing Form 2555, Foreign Earned Income. The Deluxe, Premier and Self-Employed versions of TurboTax Online all support Form 2555 (not Federal Free).

What is the difference between form 1116 and 2555?

Form 2555 – Foreign Earned Income, used by taxpayers to claim the foreign-earned income exclusion, housing exclusion, and housing deduction. Form 1116 – Foreign Tax Credit, used by taxpayers to claim a credit against U.S. income tax liability for income taxes paid to a foreign jurisdiction.

What tax forms do I need to file as an expatriate?

US Expat Taxes Explained: Common Expat Tax Forms

  • What Tax Forms Expats Need: Start With Form 1040. …
  • Form 2555 – Foreign Earned Income Exclusion (FEIE) …
  • Form 1116 – Foreign Tax Credit (FTC) …
  • Form 8938 – Statement of Specified Foreign Assets. …
  • Form 8833 – Treaty-Based Return Position Disclosure.