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