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Turbo Tax and U.S. Tax Questions

 
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fremchie



Joined: 28 Mar 2008

PostPosted: Tue Jan 26, 2010 6:48 pm    Post subject: Turbo Tax and U.S. Tax Questions Reply with quote

I am about to attempt to file U.S Taxes Via Turbo tax.
I work at a Hagwon so I need to know what documentation I need to add and send in with it. Or if I even need the pay stubs and such.

Also which version (basic, deluxe, premier) are best.
For those who file with Turbo Tax, any help would be great.
I also know that form 2555 T needs to be filled out. Can that be E-filed or must it be sent in?

Thank you in advance for the help!
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Konglishman



Joined: 14 Sep 2007
Location: Nanjing

PostPosted: Tue Jan 26, 2010 6:54 pm    Post subject: Re: Turbo Tax and U.S. Tax Questions Reply with quote

fremchie wrote:
I am about to attempt to file U.S Taxes Via Turbo tax.
I work at a Hagwon so I need to know what documentation I need to add and send in with it. Or if I even need the pay stubs and such.

Also which version (basic, deluxe, premier) are best.
For those who file with Turbo Tax, any help would be great.
I also know that form 2555 T needs to be filled out. Can that be E-filed or must it be sent in?

Thank you in advance for the help!


No extra documentation is actually required for the 2555.

But obviously, you will need to calculate what your income was in dollars each you were paid and then add it all up. You should also find out what the rent is for your apartment and do the associated calculations to determine what the total rent cost was.
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Konglishman



Joined: 14 Sep 2007
Location: Nanjing

PostPosted: Tue Jan 26, 2010 7:12 pm    Post subject: Reply with quote

By the way, I have spent a lot of time consolidating information about the Foreign Income Exclusion and the Korean Income Tax Treaty.
http://forums.eslcafe.com/korea/viewtopic.php?p=2290216#2290216

Of course, in your case, since you are only working for a hagwon, you will not be able to get the Korean tax exemption.
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Drew345



Joined: 24 May 2005

PostPosted: Tue Jan 26, 2010 7:49 pm    Post subject: Reply with 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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fremchie



Joined: 28 Mar 2008

PostPosted: Thu Jan 28, 2010 6:19 pm    Post subject: Reply with quote

Thank you for the replies, they are a big help!
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Slowmotion



Joined: 15 Aug 2009

PostPosted: Fri Feb 25, 2011 5:42 pm    Post subject: Reply with quote

Drew345's post saved me a lot of time, thanks!
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hogwonguy1979



Joined: 22 Dec 2003
Location: the racoon den

PostPosted: Fri Feb 25, 2011 10:39 pm    Post subject: Reply with quote

big problem i've seen with the tax preparation programs wont file online for you if you have a foreign address. i've tried this several times over the years with different programs and get the same thing
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