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This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Foreign income

Enter foreign earned income to generate Form 2555

Do the following to generate Form 2555.This topic explains how to generate Form 2555 when there's foreign earned income.
  1. Enter Form 2555 distribution information in 1 of the following screens:
    Window
    Code
    W2
    ,
    1099M
    , or
    FEC
    Select the code in the
    Form 2555
     allocation code field.
    C
     or
    F
    Enter the amount in the
    Form 2555 allowable % of foreign income
     field and select the code in the
    Form 2555 allocation code
     field.
    K-1
    Complete the statement for the
    Form 2555 share of gross foreign earned income/expenses
     field.
  2. In the
    2555
     screen, complete the
    Employer's name
     field. This field is required.
    note
    You can enter more than 1 employer name.
  3. Complete the information in the Form 2555 - General information section.
  4. Go to the
    U.S. business days and travel information
     field statement. Enter U.S. days and travel information for the bona fide residence and physical presences tests. If you enter both the bona fide residence and physical presence information, Form 2555 uses the test with the greater number of qualifying days.
  5. Complete the
    2555-2
     window. You only need to enter the following if this information isn't somewhere else on the return:
    1. Foreign earned income
    2. Deductions allocable to foreign earned income
    3. Housing exclusion/deduction information

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