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US Taxes!! :(

 
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ThisDude



Joined: 19 Aug 2011

PostPosted: Tue Feb 03, 2015 6:47 pm    Post subject: US Taxes!! :( Reply with quote

Yes yes another thread about taxes, sorry. I've read the sticky and gone through some other threads through the search bar. I'm still a bit confused since I've been reading all different kinds of situations everyone has.

I've been in Korea for about 4 months now (On a one year contract with a hakwon). I did some search on the IRS website, I looked up Pub. 54 as mentioned in a thread I found, I found Figure 4-A on Pub. 54. I'm a USA citizen and according to the chart, because I haven't been in Korea for over 330 days that means I CANNOT claim foreign earned income tax exemption.

In such a case... What would I do? Just put all zeros and stuff since I'm not earning over 90k or whatever the threshold was?

Thanks for any and all help on this matter! Much appreciated Wink



PS.

I've asked several of my coworkers and friends who are teaching on E-2 or F-4 visas and have been teaching for over a year up to several years about this and all of them have never filed or didn't even know about it.
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drcrazy



Joined: 19 Feb 2003
Location: Pusan. Yes, that's right. Pusan NOT Busan. I ain't never been to no place called Busan

PostPosted: Tue Feb 03, 2015 8:42 pm    Post subject: Reply with quote

For an American to not report foreign earned income is a major crime. And, we can not use the excuse we do not know, because it is in our passports. So, yes do it. But, one poster here who knows a lot once said that you can wait to file until you have been here long enough. In any case, we do not have to file until June 15, not April (that is with no automatic extension). But then, you can get an automatic extention (by sending the form) until October 15. You need to just ask for specific details from IRS. The do have an email address for questions, or you can call.
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drcrazy



Joined: 19 Feb 2003
Location: Pusan. Yes, that's right. Pusan NOT Busan. I ain't never been to no place called Busan

PostPosted: Tue Feb 03, 2015 8:43 pm    Post subject: Reply with quote

drcrazy wrote:
For an American to not report foreign earned income is a major crime. And, we can not use the excuse we do not know, because it is in our passports. So, yes do it. But, one poster here who knows a lot once said that you can wait to file until you have been here long enough. In any case, we do not have to file until June 15, not April (that is with no automatic extension). But then, you can get an automatic extention (by sending the form) until October 15. You need to just ask for specific details from IRS. The do have an email address for questions, or you can call.


PS: Also read about FBAR. You might need to do that one day. Not doing that they can fine you to death one day.
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cazzy3



Joined: 07 May 2008
Location: kangwon-do

PostPosted: Tue Feb 03, 2015 8:55 pm    Post subject: Reply with quote

Did you not have any jobs the previous 8 months in the US? If you did, just file those W-2s as you normally would and omit the income from your job in Korea.

If you were not working during that time then it's safe to assume your parents claimed you as a dependent which would explain why you made no income and had no taxes to file.

The only way the IRS will come after you is if you were not claimed as a dependent and you did not file any taxes of any kind. That's how a red flag MAY alert them that you somehow lived on your own, but didn't pay any taxes.
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radcon



Joined: 23 May 2011

PostPosted: Tue Feb 03, 2015 9:20 pm    Post subject: Reply with quote

File your 1040 and add on form 2555 EZ.
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Lunar Groove Gardener



Joined: 05 Jan 2005
Location: 1987 Subaru

PostPosted: Tue Feb 10, 2015 11:44 pm    Post subject: Reply with quote

Pay a professional accountant ($125)to do it for you the first time around. Collect the forms and file them yourself in subsequent years (since not much will change). You'll have an expert to advise you initially, and a record of earnest completion of your tax requirements to fall back upon should future endeavors somehow necessitate proof of earnings/tax payment etc.
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nate1983



Joined: 30 Mar 2008

PostPosted: Wed Feb 11, 2015 2:46 pm    Post subject: Reply with quote

The IRS allows you to request an extension on your tax return until (I believe) October if you've been living abroad (I think there's an automatic extension until June). You have two options:

1. File your taxes before April 15, and then refile next year (also for fiscal year 2014 that is), and you will get your overpayment from this year refunded.

2. Request the extension and file by October, by which time you will have satisfied the 330-day rule.

Either way, you're not going to be subject to additional liability, don't worry.
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nate1983



Joined: 30 Mar 2008

PostPosted: Wed Feb 11, 2015 2:48 pm    Post subject: Reply with quote

Basically, what drcrazy just said above Smile
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Drew345



Joined: 24 May 2005

PostPosted: Wed Feb 11, 2015 7:59 pm    Post subject: Reply with quote

Like Nate mentioned, the 330 day rule for "physical Presence test" doesn't all have to be in the same calendar year as the tax year (2014 in this case). You can file an extension until October, and if you have been out for 330 days with part of it in 2014, you can call that income "foreign earned income".
I don't remember just how much of the 330 days has to be in 2014, and how much can slide into 2015. You would need to research that part to be sure.
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