Korean Job Discussion Forums

pedrotaves · Joined: 02 Mar 2011

In the same vein as the question about government/NGO work, does anyone have experience going from Korea to an International Relations-ish graduate program in the States?

I'd like to know how much a factor it plays--if at all--in the admissions process. I'll have spent a year in Korea by the time I would enroll for school.

morrisonhotel · Joined: 18 Jul 2009 Location: Gyeonggi-do

Adventurer · Joined: 28 Jan 2006

Konglishman · Joined: 14 Sep 2007 Location: Shanghai

I am actually now planning to go back to graduate school next year in the US either in Fall 2012 or in Spring 2013. It is going to be hard to leave Korea.

Captain Corea · Joined: 28 Feb 2005 Location: Seoul

Two links about starting up Health Care in Canada (after living abroad).

General

chicken_shake · Joined: 01 Mar 2011

I hope this is a good place for this question...

My inquiries are directed for those of you who have been in Korea for a few years or so and managed to save a sizable chunk of money.

When you take this money back to America, have you had any IRS tax-related problems, considering this is income earned in a foreign country. How did you go about handling these matters?

-did you just transfer it from your bank in Korea to your bank in the states?
-did you line your suitcases with 10's of thousands of dollars?!
-how were you (or were you even) reporting your income in Korea over the years when filing taxes in the US?

If I have over $100,000 in savings, how do I bring it back to the States???

Thanks all!

PatrickGHBusan · Posted: Mon Jan 30, 2012 12:13 pm Post subject: Re: taxable income

cincynate · Joined: 07 Jul 2009 Location: Jeju-do, South Korea

Don't line your suitcase with 10's of thousands of dollars. The maximum you are allowed to walk into the US with is $10,000. If you have more, they will confiscate it whether it is legitimate or not.

You should have been reporting your income over the years on your yearly tax return. Anything under $80,000 earned abroad is tax free, so you wouldn't pay any tax on it. If you make a sizable transfer to a US bank account, (say $100,000), the bank will report the transfer to the IRS, but you would have your previous tax returns to prove the income was reported. Easy as that.

If you have not been filing tax returns, then you need to talk to a tax attorney before transferring ANY money home. Thanks to the PATRIOT act, the government monitors incoming and outgoing wire transfers more closely and a $100,000 transfer will through up red flags, especially if you haven't filed a tax return in the past 5 years.

Good luck!

NilesQ · Joined: 27 Nov 2006

For any Canadians heading home, take some of your money and take a trade at a community college in Alberta. If you are even an apprentice Welder, Pipefitter, Heavy Equipment Mechanic or Operator, etc you quite reasonably expect to earn up to $100,000 per year. Best way is to get a camp job where you fly in and fly out and live in an area with a lower cost of living.

There are lots of jobs out there, you just need to get training that is directed at a specific job. Blue collar work is where the money is in Canada's oil economy right now. Choose carefully and your skilled trade will be transferable to many industries. With the right situation, skilled trade work will allow you to work half the year and still travel or do whatever else you enjoy the rest of the time.