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Tax Exemption (US Citizen)
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naturegirl321



Joined: 18 Jul 2006
Location: Home sweet home

PostPosted: Fri Feb 18, 2011 11:04 pm    Post subject: Reply with quote

Slowmotion wrote:
Since I'm all the way in Korea, how do I go about backfiling?

I heard people file for taxes in their home countries even though they've been working here. Am I going to need documents for work to show I didn't make over $85,000 or whatever?


Ironically, the US is trusting. No w2 needed. Just convert your salary to dollars. ON the day earned. So if you got paid Jan 31 2010, you'll have to find that exchange rate.

Add it up and ta-da, that's your total. It'll be less than $91,500 which is the limit for 2010 and 80K ish which was the limit before.

No worries!
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Slowmotion



Joined: 15 Aug 2009

PostPosted: Sat Feb 19, 2011 12:08 am    Post subject: Reply with quote

How are most of you filing your taxes? I tried contacting overseastaxservices.com but they weren't taking new clients at the moment.

Is turbo tax gonna cut it?

How about backfiling?
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naturegirl321



Joined: 18 Jul 2006
Location: Home sweet home

PostPosted: Sat Feb 19, 2011 2:23 am    Post subject: Reply with quote

Slowmotion wrote:
How are most of you filing your taxes? I tried contacting overseastaxservices.com but they weren't taking new clients at the moment.

Is turbo tax gonna cut it?

How about backfiling?

I used Turbotax last year . This year I just plugged the numbers in based on last year's form.

Overseastaxservice.com isn't taking new clients for the next two years.

For backfiling, you have to fill out the top of the form and write the dates, for example 1 Jan 2008 to 31 dec 2008

At the risk of sounding rude, please do a bit of investigation yourself!! Smile here's how to back file.
http://www.irs.gov/businesses/small/article/0,,id=108327,00.html
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working title



Joined: 20 Apr 2010

PostPosted: Sun Feb 20, 2011 5:47 pm    Post subject: Reply with quote

I checked the IRS / SSA link about paying FICA overseas. Here's the link:

http://www.irs.gov/businesses/small/international/article/0,,id=97160,00.html

Apparently we don't have to pay FICA when overseas (as teachers). There are several exceptions, and Korea's treaty with the U.S. (as posted above) says that we do not have to pay FICA because we pay into the Korean Pension Fund.

I think if you work for an American entity overseas, then you have to pay FICA. There several exceptions you guys can read about on the link.

This is what I've got, but to make sure I would consult with a tax attorney who specializes in overseas matters.
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Slowmotion



Joined: 15 Aug 2009

PostPosted: Thu Feb 24, 2011 7:13 am    Post subject: Reply with quote

Nevermind figured it out. For anyone who needs help with turbo tax this might be helpful, as it was very helpful to me since I had no idea what I was doing:

http://forums.eslcafe.com/korea/viewtopic.php?t=176159

Quote:


I use Turbotax Delux, Not sure if the Basic will have the foreign income exclusion options.

Here is a tip for when you get ready to enter your foreign income (it is not intuitive). You don't need to send in any documentation if you e-file.

Don't enter the income as "wages and salaries" (which come with a W-2).

Enter your Korean income by selecting "select specific topics" not "guide me through" when entering your income.
The last option is "Less common income"
The last option under there is "miscellaneous income"
The first option is "Wages not already reported"
This will take you to the page for "Wages not reported on a W-2"

There is a specific entry for "wages from a foreign source"
and you can enter that income without needing an EIN for the school.

If you are claiming the "Foreign Income Exclusion" (to deduct the income), the interview should ask you if you want to complete that form after you enter the "wages from a foreign source". If the interview doesn't take you to the "foreign income exclusion" section automatically, you can find "foreign income exclusion" yourself under the "Less common income" section again.

There is a good turbotax forum at this page for getting help on using their software:
https://ttlc.intuit.com/app/full_page
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davidmatthewsullivan



Joined: 26 Oct 2009
Location: Gwangju

PostPosted: Thu Mar 03, 2011 7:41 pm    Post subject: W-2 Question Reply with quote

naturegirl321 wrote:

Ironically, the US is trusting. No w2 needed. Just convert your salary to dollars. ON the day earned. So if you got paid Jan 31 2010, you'll have to find that exchange rate.

Add it up and ta-da, that's your total. It'll be less than $91,500 which is the limit for 2010 and 80K ish which was the limit before.

No worries!


Naturegirl,

Can you provide me a link to an IRS publication that says this about the W-2/proof of income? I'm having a conversation with my CPA who believes otherwise.

If I worked 2009-2010, pass the physical presence test, don't have a foreign resident certificate, and paid Korean income tax do I just fill out a 1040+2555ez? After reading all of the threads in the forum plus IRS materials it seems this would be acceptable to cover my income from Korea.

Thanks SO MUCH for the help! Wink


Last edited by davidmatthewsullivan on Thu Mar 03, 2011 8:07 pm; edited 1 time in total
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naturegirl321



Joined: 18 Jul 2006
Location: Home sweet home

PostPosted: Thu Mar 03, 2011 7:52 pm    Post subject: Re: W-2 Question Reply with quote

davidmatthewsullivan wrote:
Naturegirl,

Can you provide me a link to an IRS publication that says this about the W-2/proof of income? I'm having a conversation with my CPA who believes otherwise.

If I worked 2009-2010, pass the physical presence test, don't have a foreign resident certificate, and payed Korean income tax do I just fill out a 1040+2555ez? After reading all of the threads in the forum plus IRS materials it seems this would be acceptable to cover my income from Korea.

Thanks SO MUCH for the help! Wink

Nope, I can't. I called the embassy and asked. If you want to have proof of income, then you could always print out all your payslips. THat should cover it. There must be some year end summary that your school can give you. I've done the 2555 for 8 years and have never attached proof of payment / W2s. Then again, if you're like me, you're probably under the radar. Teachers don't make more than 91K, now do they?

It's paid, not payed Smile

If you worked 2009 to 2010, what dates? You mean Jan 2009 to Dec 2010. If you have no foreign residency, then you've paid Korean taxes and if you fulfill all the other reqs at the top of the 2555EZ, then you can do the EZ form instead of the 2555 long form. Plus the 1040.

I think you're worrying too much about proof of payment and payslips. The IRS knows you're a teacher and compared to expats, us teachers make squat. Seriously.
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davidmatthewsullivan



Joined: 26 Oct 2009
Location: Gwangju

PostPosted: Thu Mar 03, 2011 8:16 pm    Post subject: Reply with quote

I think he's worried since the income is reported under the 1040 that the source must have an accompanying w-2 like form.

I was in Korea 364 days of 2010 (sorry, that wasn't clear).

Thanks again for the help! I'll post to let you know how it turns out.
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davidmatthewsullivan



Joined: 26 Oct 2009
Location: Gwangju

PostPosted: Thu Mar 03, 2011 8:16 pm    Post subject: Reply with quote

I think he's worried since the income is reported under the 1040 that the source must have an accompanying w-2 like form.

I was in Korea 364 days of 2010 (sorry, that wasn't clear)

Thanks again for the help! I'll post to let you know how it turns out.
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davidmatthewsullivan



Joined: 26 Oct 2009
Location: Gwangju

PostPosted: Thu Mar 03, 2011 8:16 pm    Post subject: Reply with quote

I think he's worried since the income is reported under the 1040 that the source must have an accompanying w-2 like form.

I was in Korea 364 days of 2010 (sorry, that wasn't clear).

Thanks again for the help! I'll post to let you know how it turns out.
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naturegirl321



Joined: 18 Jul 2006
Location: Home sweet home

PostPosted: Thu Mar 03, 2011 8:27 pm    Post subject: Reply with quote

davidmatthewsullivan wrote:
I think he's worried since the income is reported under the 1040 that the source must have an accompanying w-2 like form.

I was in Korea 364 days of 2010 (sorry, that wasn't clear).

Thanks again for the help! I'll post to let you know how it turns out.


I guess you had trouble with the forum Smile

Under the 1040, it's reported on the first page and the instructions say that you have to write "2555" next to it.

http://www.irs.gov/pub/irs-pdf/f2555ez.pdf
18. Foreign earned income exclusion. Enter the smaller of line 16 or line 17 here and in parentheses on Form 1040, line 21. Next to the amount enter 2555-EZ. On Form 1040, subtract this amount from your income to arrive at total income on Form 1040, line 22 ...........
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CALVINW33



Joined: 18 Jan 2011
Location: Namwon

PostPosted: Mon Mar 07, 2011 4:03 pm    Post subject: Reply with quote

Hi, a newbie here. I just got my notice of appointment from a public school. Included was a notice about tax exemption, saying I would need to bring the following.

1. Residential Certificate - issued from your country

2. "an application for Tax Exemption" on the non-resident's Korean source income provided under the Korean Tax Treaty.

I can get the residential certificate easily enough, but could someone please explain to me what the 2nd item is and how an American citizen might obtain it? Thank you.
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naturegirl321



Joined: 18 Jul 2006
Location: Home sweet home

PostPosted: Mon Mar 07, 2011 8:34 pm    Post subject: Reply with quote

Your school will give you the second one.
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tigabalm



Joined: 18 Feb 2009

PostPosted: Mon Apr 11, 2011 12:30 am    Post subject: Reply with quote

Hey I know I should have looked this up sooner, but just kinda went with the flow when I first got here.

I started working here in March of 2009 (not as an english teacher if that matters) and my company has automatically been withdrawing taxes and insurance,etc from my paychecks.

I am wondering if I can submit my residency cert. now and get a refund on the taxes I paid during the first 2 years.

I'd appreciate any guidance.

Thanks!
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naturegirl321



Joined: 18 Jul 2006
Location: Home sweet home

PostPosted: Mon Apr 11, 2011 12:38 am    Post subject: Reply with quote

tigabalm wrote:
Hey I know I should have looked this up sooner, but just kinda went with the flow when I first got here.

I started working here in March of 2009 (not as an english teacher if that matters) and my company has automatically been withdrawing taxes and insurance,etc from my paychecks.

I am wondering if I can submit my residency cert. now and get a refund on the taxes I paid during the first 2 years.

I'd appreciate any guidance.

Thanks!

Yep, if you're company is willing to do it. We've had a couple of teachers do the tax thing retroactively.
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