| View previous topic :: View next topic |
| Author |
Message |
storysinger81
Joined: 25 Mar 2007
Location: Daegu
|
 Posted: Thu Mar 29, 2007 6:02 pm Post subject: Tax question IRAs... |
 |
|
| matthews_world wrote: |
| Although I find stocks a big gamble and would rather buy funds or bonds, or invest in an IRA, what are some on-line trading portals that you use? |
Working in ROK, can you still contribute to IRAs? Don't you have to be earning taxed US income? |
|
| Back to top |
|
 |
bucheon bum
Joined: 16 Jan 2003
|
| Posted: Thu Mar 29, 2007 7:45 pm Post subject: |
|
|
| the_beaver wrote: |
| bucheon bum wrote: |
well one stock i have is about to shoot up tomorrow due to a successful FDA hearing today. The other stock i have (obviously i'm not invested heavily right now) is down like 20% since I bought it earlier this year.
I was stupid. I saw an economist cover, "Is India overheating?" What stock of mine has tanked? Tata motors. When did it tank? A week or so after that cover story. There is nothing wrong with tata (it is profitable, doing well, etc), but all this negative press about India's economy overall is dragging Tata down. I have learned my lesson in investing in emerging market companies. |
I just took a look at Tata and they do seem to be doing well financially. Keep that one for 10 years and it'll probably be worth quite a bit. |
yeah, that's what i have been reminding myself a lot lately  .
All i can tell you is it is listed on the NYSE. |
|
| Back to top |
|
|
regicide
Joined: 01 Sep 2006
Location: United States
|
| Posted: Thu Mar 29, 2007 9:07 pm Post subject: Re: Tax question IRAs... |
|
|
| storysinger81 wrote: |
| matthews_world wrote: |
| Although I find stocks a big gamble and would rather buy funds or bonds, or invest in an IRA, what are some on-line trading portals that you use? |
Working in ROK, can you still contribute to IRAs? Don't you have to be earning taxed US income? |
You can report the income you earn here and pay taxes on it.
There are advantages in doings so , such as building up your social security wage average. Also, the social security disability benefit is based on your last two years contributions. Stop paying social security tax and that benefit is lost until you have two consectutive years on the books again.
You don't need to show much of a profit, and you won't since most things are deductable since you are working here on a contract of year or less.
The IRA deduction will not only reduce your taxable income, but it will also create a non-refundable credit which will further wipe out your tax bill. In all likelyhood, you will just be responsible for the self-employment tax of about 15%, but you will get a non-refundable credit for half of that as well.
Since you are on contract of one year or less , and working here temporarily , you will be using your address back home. The one where your drivers license or car is registered at.
\ |
|
| Back to top |
|
|
huffdaddy
Joined: 25 Nov 2005
|
| Posted: Fri Mar 30, 2007 4:43 am Post subject: Re: Tax question IRAs... |
|
|
| regicide wrote: |
You can report the income you earn here and pay taxes on it.
There are advantages in doings so , such as building up your social security wage average. Also, the social security disability benefit is based on your last two years contributions. Stop paying social security tax and that benefit is lost until you have two consectutive years on the books again.
You don't need to show much of a profit, and you won't since most things are deductable since you are working here on a contract of year or less.
The IRA deduction will not only reduce your taxable income, but it will also create a non-refundable credit which will further wipe out your tax bill. In all likelyhood, you will just be responsible for the self-employment tax of about 15%, but you will get a non-refundable credit for half of that as well. |
 At $24,000 a year, wouldn't you owe more than just self-employment tax? Even at 15%, I don't see how paying 15% of your overall income ($3,600 on $24,000) is worth the savings you get by being able to deduct your IRA contribution.
How much are the SS credits worth anyways? Personally, I'm not planning on getting any money back from the system when I reach retirement age, which is still almost 30 years away.
Correct me if I'm wrong about this: If you open a Roth-IRA (which is an after-tax contribution), I don't think anyone is going to check to see if you paid taxes on your contribution. When you retire, the withdrawals will be tax free. You can contribute up to $4,000 a year. |
|
| Back to top |
|
|
storysinger81
Joined: 25 Mar 2007
Location: Daegu
|
| Posted: Fri Mar 30, 2007 10:57 am Post subject: Bearer of bad news... |
|
|
Hate to be the bearer of bad news, but according to page nine of this:
http://www.irs.gov/pub/irs-pdf/p590.pdf,
untaxed foreign income does not count as compensation for the purposes of IRA contribution. Unless you make money that is taxed in the US, you can't contribute to an IRA (Roth or traditional). Guess I'll have to put mine on hold for a bit when I head over there in June. |
|
| Back to top |
|
|
bucheon bum
Joined: 16 Jan 2003
|
| Posted: Fri Mar 30, 2007 11:18 am Post subject: |
|
|
| For the first time in my life, I sold a stock today with a 200%+ gain. Thank you Dendreon (DNDN). I'm now a little up for the year, woo hoo. |
|
| Back to top |
|
|
4 months left
Joined: 07 Feb 2003
|
| Posted: Sat Mar 31, 2007 6:29 pm Post subject: Re: Are your stocks tanking? |
|
|
| regicide wrote: |
| Mine have gone down almost all week. Luckily, most are dividend paying stocks and if the stock is down ex-dividend, it will just buy more shares. |
When a selloff occurs many people will move to so called safer dividend paying stocks. As the market recovered the past few weeks dividend stocks would have less action. Oil prices and Iran will dictate what will happen in the short term. Earnings season begins in about 10 days, jobs report on Friday will be the next market catalyst.
If you follow Elliot Wave we are possibly just completing a B wave and there could be a painful C wave coming. I would like to see a 3-4 month pullback. |
|
| Back to top |
|
|
mysterious700
Joined: 10 Mar 2006
|
| Posted: Tue May 08, 2007 12:02 pm Post subject: |
|
|
| Can you buy US and Canadian stocks and bonds through a Korean Bank or local investment firm? I am going to Korea soon and I would like to know how to do it from Korea as a Korean resident. I had might as well grow some of my money while over there. |
|
| Back to top |
|
|
regicide
Joined: 01 Sep 2006
Location: United States
|
| Posted: Tue May 08, 2007 12:52 pm Post subject: |
|
|
| mysterious700 wrote: |
| Can you buy US and Canadian stocks and bonds through a Korean Bank or local investment firm? I am going to Korea soon and I would like to know how to do it from Korea as a Korean resident. I had might as well grow some of my money while over there. |
No, you could not buy US or Canadian stocks from Korea. You are in an excellent position , however, to open your accounts before you come to Korea. You just need a checking account to send your pay back to, and an investment account to invest through. |
|
| Back to top |
|
|
4 months left
Joined: 07 Feb 2003
|
| Posted: Tue May 08, 2007 1:35 pm Post subject: |
|
|
| regicide wrote: |
| mysterious700 wrote: |
| Can you buy US and Canadian stocks and bonds through a Korean Bank or local investment firm? I am going to Korea soon and I would like to know how to do it from Korea as a Korean resident. I had might as well grow some of my money while over there. |
No, you could not buy US or Canadian stocks from Korea. You are in an excellent position , however, to open your accounts before you come to Korea. You just need a checking account to send your pay back to, and an investment account to invest through. |
Yes you can buy American stocks and a co worker of mine wanted to buy a Canadian stock but Leading Korea (Securities Company) said you could not buy Canadian stocks until May - (he asked a few months ago) If you open an account from your home country you will probably taxed on your Korean income in your home country. |
|
| Back to top |
|
|
mysterious700
Joined: 10 Mar 2006
|
| Posted: Tue May 08, 2007 4:49 pm Post subject: |
|
|
| what are the names of leading korean securities companies? are they banks like in canada or us or seperate companies all together? i want to avoid being taxed in canada if at all possible. i am assuming korean taxes are lower. |
|
| Back to top |
|
|
4 months left
Joined: 07 Feb 2003
|
| Posted: Tue May 08, 2007 10:30 pm Post subject: |
|
|
| Leading is the leading company, I don't know if it is but it is a popular one. There is Samsung Securities, Good Morning Shinhan, some are partnered with Banks. You can always get someone to open an account for you in Canada and use it but yes you can't have it in your name or you will pay Canadian taxes. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
