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skeeter
Joined: 25 Jan 2003
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 Posted: Mon Jan 27, 2003 4:27 pm Post subject: |
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| The 2-year tax exemption for Americans is only for Korean income taxes. I haven't paid Korean income tax for three years - two years at my last university and this year at my present university. It appears that when you get a new job (new visa, new alien registration card), the two-year exemption starts again at the beginning. |
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Derrek
Joined: 15 Jan 2003
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| Posted: Mon Jan 27, 2003 7:57 pm Post subject: Ok... I'm stupid |
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I still am confused. Here is my situation...
Lets say I stay working at Hagwons for 3 years -- making less than 70,000 per year (of course).
At what point to I have to start paying taxes to Uncle Sam in the USA? After 3 years? Never? What's your input?
Thanks. |
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mack the knife
Joined: 16 Jan 2003
Location: standing right behind you...
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| Posted: Mon Jan 27, 2003 8:22 pm Post subject: earned vs. savings |
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derrek
are you asking whether or not you have to pay taxes on your savings?
you never have to pay taxes for any given year if you make less than (now, apparently 80 thou) a year....
if you have saved 80 thou, and are earning interest on it, do you have to pay taxes on the earned interest? is that what you are asking? |
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Derrek
Joined: 15 Jan 2003
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| Posted: Mon Jan 27, 2003 8:36 pm Post subject: Hmmm |
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Hadn't thought about taxes on money in the bank...
My concern is income tax. Wondering if I'll have to start paying income tax to the USA one day for the money I'm making in Korea.
Thanks |
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rasta man
Guest
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| Posted: Mon Jan 27, 2003 10:38 pm Post subject: |
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in a word "never" when you meet the requirements for the year thats it the first $80k that year is exempt and always will be, you wont have to pay taxes on it in the future unless you did something to cause an audit and they disallow it.
above all file every year you are here. If you skip a couple of years that will raise a huge flag with them when you do file |
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Pilcrshr
Joined: 22 Jan 2003
Location: Seoul, Korea
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| Posted: Tue Jan 28, 2003 12:11 am Post subject: Re: 2555EZ |
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| gajackson1 wrote: |
| Also, the exclusion is US$ 80k - |
It is indeed $80kUSD. I stand corrected. The form you need is the 2555 Foreign Earned Income. The tax exclusion was raised to $80k from $70k over a period of 5 years beginning 1997. I'm working on old material.  You should use the 2555 EZ Foreign Income Earned Exclusion to file with the IRS.
You must file every single year. If you earn less than $80k per year, then you will not have to pay US Taxes. As stated in the above post, it is all all earned, unearned, and variable income must fall below $80k.
Here's a link to the IRS website http://www.irs.gov/pub/irs-pdf/p54.pdf. |
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The Hammer
Joined: 18 Jan 2003
Location: Ullungdo 37.5 N, 130.9 E, altitude : 223 m
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| Posted: Tue Feb 04, 2003 11:03 pm Post subject: |
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Let's say...
 I am an American
My uni pays me 2M won per month (Pretax)
 Do I understand correctly that they are not supposed to take tax deductions from my pay? or Are they supposed to make deductions?
The Hammer  |
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beebee
Joined: 03 Feb 2003
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| Posted: Wed Feb 05, 2003 7:42 am Post subject: |
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| non-americans are exempt for your first year at a uni. I got all my tax back - just get a korean friend to ring the tax office give the name and no of who you spoke to to your pay office -worked for me |
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