2020 Form 2555 Possible Calculation Issue

[Lewis J]

Am I missing something.

On 2020 Pro Series, I entered a bona fide residence start date of prior to 2020 and an end date of 12/16/20. That is 341 days of 366 that client lived overseas in 2020, or 93.2%.  .932 appears on line 39.  Pro Series then automatically multiples line 37 (max exclusion) of $107,600 by line 39 (.932) and yields a result on line 40 of $98,699.  When I manually multiply $107,600 by .932 I get $100,283.  IS THERE AN ERROR IN THE BASE OF SOFTWARE OR AM I MISSING SOMETHING.  (NOTE:  I have housing allowance entries in Part VI)  Thank you

[George4Tacks]

https://www.irs.gov/pub/irs-pdf/i2555.pdf

Exclusion amount. For 2020, the maximum exclusion amount has increased to $107,600.

[sjrcpa · Accepted solution]

Someone else reported the software is still using the 2019 limit for calculations.

[Lewis J]

Thank you - I just ran the numbers using the $105,900 for 2019 - and iat 93.2% (341 days) it matches the prorated number on line 40 exactly.  That's it.  THANK YOU BOTH SO MUCH for your quick turnaround and especially SJRCPA for the detailed explanation!

[sjrcpa]

You're welcome.