As per every tax year, I forget all that I have learnt from the prior years!
Anyho, I am doing my taxes using turbotax and have come to the section for 2555 form.
It asks me this:
Foreign Earned Income - Deductions
Enter the deductions allowed in figuring your adjusted gross income (Form 1040, line 37) that are allocable to the excluded income. Also enter the portion that is deducted on Schedule C, C-EZ, or F, or included on Schedule E in partnership net income or (loss).
Description of allocable deductions:
Allocable deductions:
Amount deducted elsewhere on this return:
Enter the total amount of adjustments to income claimed on Form 1040 such as moving expenses, self-employment tax, and business expenses claimed on Schedule C that are allocable to excluded foreign income.
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Huh? I really do not understand what it is asking me. I do not have anything on line 37 yet as I have not completed my taxes. As far as the rest of the question, do not know what they are talking about.
Sometimes I think that the questions are for tax accountant rather than average joes like us.
Thank you for your help!!