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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- How to revoke the foreign earned income exclusion?
How to revoke the foreign earned income exclusion?
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NJ_EA
Level 3
04-18-2021
05:36 PM
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Client, US citizen, earned $50,000 while living in Austria in 2020. She also contributed to her IRA in 2020. If she elects to exclude her foreign earned income she will show no earned income on 1040, which will invalidate her IRA contribution, so I want to revoke the exclusion and just take the foreign tax credit, but I can't see how to do it in ProSeries.
There is nowhere I can see on 2555 worksheets to revoke the exclusion. I could just not prepare 2555, but then she shows no earned income. Any ideas?
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1 Comment 1
sjrcpa
Level 15
04-19-2021
08:25 AM
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"I could just not prepare 2555, but then she shows no earned income"
Obviously that's not right. You need to enter the wages as wages.
The more I know, the more I don't know.
