Buyer's Guide - If you live and work in a foreign country
Any product in the TurboTax line will handle reporting of foreign income. While you must convert your foreign earnings into U.S. dollars for income tax reporting, TurboTax will help you complete Form 2555 to take the foreign earned income exclusion or the foreign housing deduction. Or, if you prefer, you may take the foreign tax credit for any taxes you paid to the foreign country on the same earnings the United States also taxes you on.
For best results, however, use TurboTax Deluxe. With Deluxe, you're walked through every possible deduction or tax credit that could apply to your financial and tax situation to make sure you don't miss out on anything. Deluxe provides additional focus on all deductions and tax credits, so if you're considering whether to take the foreign tax credit or the deduction for foreign income taxes, Deluxe is the product for you. With its expanded summaries and deduction analysis, you'll quickly see which option is better for you.
Choose TurboTax Deluxe for maximum tax deductions.
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- Read Buyer's Guide - Should I use TurboTax Online or Desktop?