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rbos
Joined: 22 May 2010
Posts: 69
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 Posted: Tue Jun 15, 2010 9:49 pm Post subject: Will the US tax me if I teach ESL in Taiwan? (Newbie) |
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I've never worked abroad before, and so I wonder if anyone could tell me the US laws as to whether I will be taxed by the US if I work in Taiwan. I plan to work in Taiwan for one, maybe two years.
As much details as you know about US tax laws on this question would be greatly appreciated! |
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Taylor
Joined: 24 Oct 2003
Posts: 384
Location: Texas/Taiwan
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| Posted: Tue Jun 15, 2010 11:44 pm Post subject: |
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Hi rbos,
As an English teacher in Taiwan, you will not need to pay taxes "twice."
You should still file your US taxes, but a form 2555-EZ is where you list your foreign income.
Since it will presumably be below 91,400 in one year, everything will be simply listed on your 1040--and then subtracted off.
It's really easy, if your overall situation is pretty basic.
Take a look:
http://www.irs.gov/pub/irs-pdf/f2555ez.pdf
Taylor
Texas/Taiwan
Disclaimer: I am not a tax lawyer or a CPA! |
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Rooster_2006
Joined: 24 Sep 2007
Posts: 984
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| Posted: Wed Jun 16, 2010 5:15 am Post subject: Re: Will the US tax me if I teach ESL in Taiwan? (Newbie) |
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| rbos wrote: |
I've never worked abroad before, and so I wonder if anyone could tell me the US laws as to whether I will be taxed by the US if I work in Taiwan. I plan to work in Taiwan for one, maybe two years.
As much details as you know about US tax laws on this question would be greatly appreciated! |
No, you will not be taxed by the US.
The amount of income you need to earn to be taxed as an overseas American is FAR beyond what the average English teacher makes. The average English teacher probably makes about 20K a year or less. You need to make nearly five times that to be taxed as an overseas American. |
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FoundWaldo
Joined: 01 Jun 2010
Posts: 47
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| Posted: Thu Jun 17, 2010 9:37 pm Post subject: |
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| You do however, still need to file a tax return while abroad. You won't pay any taxes though. |
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Rooster_2006
Joined: 24 Sep 2007
Posts: 984
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| Posted: Sat Jun 19, 2010 4:01 am Post subject: |
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| FoundWaldo wrote: |
| You do however, still need to file a tax return while abroad. You won't pay any taxes though. |
This is true. |
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aahz
Joined: 13 Mar 2010
Posts: 38
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| Posted: Wed Jun 23, 2010 4:06 pm Post subject: |
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| Very important, and I am virtually clueless about it (although I'm sure others on this forum know more than I do), but there is a special date for taxes. If you work after that date, you do not have to pay taxes on your income to a certain %. This may be important for you, but since I do not know enough about the subject to say more than "I think that this exists", if someone else knows, please chip in. |
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Taylor
Joined: 24 Oct 2003
Posts: 384
Location: Texas/Taiwan
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| Posted: Wed Jun 23, 2010 4:46 pm Post subject: |
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I think aahz is referring to the tax system in Taiwan. However, the OP was asking about filing taxes in the US having earned money in Taiwan.
Basically, the US doesn't care how the amounts were figured--as long as it's not over 90K USD per year (as described above).
Taylor |
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Seymour Glass
Joined: 18 Jul 2010
Posts: 35
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| Posted: Mon Jul 19, 2010 11:26 pm Post subject: |
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| The US$90,000 exemption is more than enough for most of us that is true, a few caveats to consider though....the 90,000 is based on working abroad for at least eleven months, if say you work abroad for six months and live in the US for six months, that rate goes down exponentially. There is also a provision that you have to report any overseas savings account of over US$10,000 to the Treasury Department at the risk of fines of half of that money...that all being said, it is worth filing, as it keeps you out of trouble should you want to return to the US. I had a friend who hadn''t filed in years and then he wanted to get a marriage visa for his wife and ran into some trouble. He had to back file and was reprimanded in that condescending way government bureaucrats tend to have.... |
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KayuJati
Joined: 21 Feb 2010
Posts: 313
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| Posted: Wed Jul 21, 2010 3:39 am Post subject: |
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| Seymour Glass wrote: |
| The US$90,000 exemption is more than enough for most of us that is true, a few caveats to consider though....the 90,000 is based on working abroad for at least eleven months, if say you work abroad for six months and live in the US for six months, that rate goes down exponentially. There is also a provision that you have to report any overseas savings account of over US$10,000 to the Treasury Department at the risk of fines of half of that money...that all being said, it is worth filing, as it keeps you out of trouble should you want to return to the US. I had a friend who hadn''t filed in years and then he wanted to get a marriage visa for his wife and ran into some trouble. He had to back file and was reprimanded in that condescending way government bureaucrats tend to have.... |
Form F90221. I filed it for the first time this year. Have to list each bank account if the TOTAL of your overseas holdings is >US$10,000. I don't like this idea since it represents money that I have already claimed as income on my Forms 1040/2555. But it is what it is. An ObamaNation. |
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Seymour Glass
Joined: 18 Jul 2010
Posts: 35
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| Posted: Wed Jul 21, 2010 4:06 am Post subject: |
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| I agree, it is absurd to have to report your overseas savings, but the law was enacted when Bush was in... |
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