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Tax Exemption (US Citizen)
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vastrei4



Joined: 14 Dec 2009

PostPosted: Mon Apr 11, 2011 6:01 am    Post subject: Reply with quote

naturegirl321 wrote:
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.


Does this work at a hagwan? I'm in a similar boat. I have been at the same hagwan for a little more than 2 years and will be leaving in 2 months. I have been paying Korean taxes and filing my US taxes as well. Can I get the Korean Tax refund?
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naturegirl321



Joined: 18 Jul 2006
Location: Suwon

PostPosted: Mon Apr 11, 2011 6:31 am    Post subject: Reply with quote

Maybe, if you can get your docs in on time. It took the IRS about two months for mine, then you have to give them to your employer, so I'd get cracking if I were you Smile
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Thu Apr 14, 2011 8:59 pm    Post subject: Reply with quote

vastrei4 wrote:
naturegirl321 wrote:
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.


Does this work at a hagwan? I'm in a similar boat. I have been at the same hagwan for a little more than 2 years and will be leaving in 2 months. I have been paying Korean taxes and filing my US taxes as well. Can I get the Korean Tax refund?


Doesn't work with a hagwon, to the best of my knowlege. That's a business. If you filed your US taxes, I hope you claimed exemtion with your 2555. You don't need to pay taxes in both countries (unless you're a really giving person).


Last edited by isitts on Thu Apr 14, 2011 9:13 pm; edited 2 times in total
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Thu Apr 14, 2011 9:03 pm    Post subject: Reply with quote

tigabalm wrote:

(not as an english teacher if that matters)
Thanks!


It does matter. If you're working for a company, that's different than a public school.

Check the guidelines of the 8802 form.

But you can claim exemption from taxation in the US by filing the 2555.

*edit* Sorry, I guess Naturegirl answered you already. If it's up to the company, that's one thing, but I think the US only gives the certificate to citizens under particular circumstances.
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naturegirl321



Joined: 18 Jul 2006
Location: Suwon

PostPosted: Thu Apr 14, 2011 9:43 pm    Post subject: Reply with quote

isitts wrote:
tigabalm wrote:

(not as an english teacher if that matters)
Thanks!


It does matter. If you're working for a company, that's different than a public school.

Check the guidelines of the 8802 form.

But you can claim exemption from taxation in the US by filing the 2555.

*edit* Sorry, I guess Naturegirl answered you already. If it's up to the company, that's one thing, but I think the US only gives the certificate to citizens under particular circumstances.

I don't know. I think the agreement is just between Korea and the US, it doesn't matter if it's ahagwon or not, as long as you're not making tons of money.

For the record, the first place I got the exemption WAS at a public school. This one now is a uni, private and owned by a huge company: Samsung.
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Konglishman



Joined: 14 Sep 2007
Location: Nanjing

PostPosted: Sat May 21, 2011 4:45 pm    Post subject: Reply with quote

naturegirl321 wrote:
isitts wrote:
tigabalm wrote:

(not as an english teacher if that matters)
Thanks!


It does matter. If you're working for a company, that's different than a public school.

Check the guidelines of the 8802 form.

But you can claim exemption from taxation in the US by filing the 2555.

*edit* Sorry, I guess Naturegirl answered you already. If it's up to the company, that's one thing, but I think the US only gives the certificate to citizens under particular circumstances.

I don't know. I think the agreement is just between Korea and the US, it doesn't matter if it's ahagwon or not, as long as you're not making tons of money.

For the record, the first place I got the exemption WAS at a public school. This one now is a uni, private and owned by a huge company: Samsung.


Well, my understanding is that the way Korea applies the tax treaty, with perhaps some special exceptions, only Americans working at public schools and universities (both public and private) are allowed the benefit of the income tax treaty. So, if you are working at a hagwon, odds are you will be ineligible from Korea's viewpoint. But of course, to reiterate what was already said, you are still entitled to file the 2555.
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supermouse



Joined: 19 Apr 2011

PostPosted: Fri Jun 03, 2011 10:32 am    Post subject: Reply with quote

That's the way I understood it too. I just signed a contract for a hagwon job so my question do I file the 2555 now before I get there or later?

Also does this tax exemption apply to state taxes as well? Or just federal?
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Tue Jun 14, 2011 8:32 pm    Post subject: Reply with quote

supermouse wrote:
That's the way I understood it too. I just signed a contract for a hagwon job so my question do I file the 2555 now before I get there or later?

Also does this tax exemption apply to state taxes as well? Or just federal?


When you file your taxes in April. You need to be in Korea at least 330 days to get the exemption. You can file up to two extentions so that you can make the 330 day requirement, if necessary.
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RobertGR



Joined: 03 Jun 2009
Location: Daegu

PostPosted: Fri Jun 17, 2011 10:19 pm    Post subject: Reply with quote

isitts wrote:
supermouse wrote:
That's the way I understood it too. I just signed a contract for a hagwon job so my question do I file the 2555 now before I get there or later?

Also does this tax exemption apply to state taxes as well? Or just federal?


When you file your taxes in April. You need to be in Korea at least 330 days to get the exemption. You can file up to two extentions so that you can make the 330 day requirement, if necessary.


Actually I believe expats file in June. I think you could even get an extension then.
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Sat Jun 18, 2011 12:39 am    Post subject: Reply with quote

RobertGR wrote:
isitts wrote:
supermouse wrote:
That's the way I understood it too. I just signed a contract for a hagwon job so my question do I file the 2555 now before I get there or later?

Also does this tax exemption apply to state taxes as well? Or just federal?


When you file your taxes in April. You need to be in Korea at least 330 days to get the exemption. You can file up to two extentions so that you can make the 330 day requirement, if necessary.


Actually I believe expats file in June. I think you could even get an extension then.


Well, right. The two extentions take you to June. I've filed without extentions and no one seems to care as long as you don't owe anything.
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Sat Jun 18, 2011 12:44 am    Post subject: Reply with quote

supermouse wrote:

Also does this tax exemption apply to state taxes as well? Or just federal?


Sorry, missed your second question. The 2555 is for federal. If your state has state taxes and allows for a foreign earned income exemption, then it's a different form (from that state).
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TeaTime



Joined: 12 Jan 2011

PostPosted: Fri Jul 22, 2011 6:28 pm    Post subject: Reply with quote

isitts wrote:
RobertGR wrote:
isitts wrote:
supermouse wrote:
That's the way I understood it too. I just signed a contract for a hagwon job so my question do I file the 2555 now before I get there or later?

Also does this tax exemption apply to state taxes as well? Or just federal?


When you file your taxes in April. You need to be in Korea at least 330 days to get the exemption. You can file up to two extentions so that you can make the 330 day requirement, if necessary.


Actually I believe expats file in June. I think you could even get an extension then.


Well, right. The two extentions take you to June. I've filed without extentions and no one seems to care as long as you don't owe anything.


So what about if you arrive in August? August - June is not 330 days.
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Fri Jul 22, 2011 6:35 pm    Post subject: Reply with quote

TeaTime wrote:
isitts wrote:
RobertGR wrote:
isitts wrote:
supermouse wrote:
That's the way I understood it too. I just signed a contract for a hagwon job so my question do I file the 2555 now before I get there or later?

Also does this tax exemption apply to state taxes as well? Or just federal?


When you file your taxes in April. You need to be in Korea at least 330 days to get the exemption. You can file up to two extentions so that you can make the 330 day requirement, if necessary.


Actually I believe expats file in June. I think you could even get an extension then.


Well, right. The two extentions take you to June. I've filed without extentions and no one seems to care as long as you don't owe anything.


So what about if you arrive in August? August - June is not 330 days.


The answer is already in the quote above. Look again. It's in bold this time. I also said that you can file for partial exemption if you are there less than 330 days.

But if I were you, I'd look at this thread (perhaps even if you're not in GEPIK, it may be good to know):

http://forums.eslcafe.com/korea/viewtopic.php?t=208946&start=15&postdays=0&postorder=asc&highlight=
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Centauri



Joined: 15 Sep 2011

PostPosted: Sun Oct 23, 2011 6:25 pm    Post subject: Re: Tax Exemption (US Citizen) Reply with quote

eoneinna wrote:
vii. Line 7: List year you will be in Korea
1. You cannot list a future year, only the current year or previous years.


Can somebody help me? I'm a bit confused about this part. I'm applying to teach for EPIK from March 2012 - February 2013, so I'll be in Korea from 2012 - 2013, but it's still 2011 and it says I can't list a future year. Does this mean I have to wait until January 1, 2012 to submit my 8802?
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88Sparky



Joined: 02 Oct 2011

PostPosted: Sat Oct 29, 2011 7:56 pm    Post subject: Reply with quote

Note-I am not an accountant nor am I a tax professional. I would encourage you consult with the proper professional.

However, this is helpful information:

If you are outside of the U.S. working for 330 calendar days or more in a calendar year, then you are exempt up to $91,500. Then you have to file the form proving that you've been outside of the country for 330 days or more.

Now if you are making more than $91,500, then you can legally offset your U.S. tax liability. Since South Korea has a tax treaty with the U.S., then whatever taxes you pay to the South Korean government will reduce maybe even eliminate your U.S. tax liability back home. The reason why countries have tax treaties is so people who work overseas don't get double tax by both governments.

Here is a good link: http://taxes.about.com/od/taxhelp/a/ForeignIncome_2.htm
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