Korean Job Discussion Forums

Omkara · Joined: 18 Feb 2006 Location: USA

First, how long does this typically take? And, doing it from abroad: does this pose any particular challenges?

Milwaukiedave · Joined: 02 Oct 2004 Location: Goseong

Well I've done it a few years in a row now. It's not too complicated. Just read the directions throughly. The biggest thing is making sure you have been here enough days. I hate to say it, I fudged by a few days on one year (about 10) because I was short).

The real pain in the butt will be when I do this year's taxes next year. I'm headed home in June. Not sure how bad I'm going to get screwed in terms of owing taxes. Hopefully not, but I'm worried about it.

spliff · Joined: 19 Jan 2004 Location: Khon Kaen, Thailand

When is filing time for Americans?

Colorado · Posted: Mon Apr 23, 2007 8:09 pm Post subject:

Last week.
April 15.

spliff · Joined: 19 Jan 2004 Location: Khon Kaen, Thailand

Can I still file?

Colorado · Posted: Mon Apr 23, 2007 8:18 pm Post subject:

Rteacher · Joined: 23 May 2005 Location: Western MA, USA

I wouldn't even consider filing the 8802 form. It took me about ten minutes to fill out a 1040 (mostly all zeros) and a 2555 EZ form.

To qualify for the tax exclusion for foreign earned income you just have to meet the physical presence test by answering yes to the following:

Were you physically present in a foreign country - or countries - for a least 330 full days during 2006 OR for any other period of 12 months in a row starting or ending in 2006. ?.

You basically then just figure out your foreign income, list it in parentheses on line 21 of the 1040, and write "2555 EZ" next to it... On 1040, subtract this amount from your income to arrive at "total income" on line 22 ...

spliff · Joined: 19 Jan 2004 Location: Khon Kaen, Thailand

How do you submit the 1040 and 2555ez? Can I fill it out, scan it and file it back online? Is there a way to file online?

Milwaukiedave · Joined: 02 Oct 2004 Location: Goseong

If you live overseas you get an automatic 2 month extension, so you have until June 15. You have to attach a statement that says you are working overseas and your tax home is outside the US. Granted if you owe taxes, you will still have to pay interest and penalties for the two months. If you don't owe taxes then you'll be ok.

http://www.irs.gov/instructions/i2555/ch01.html#d0e158

europe2seoul · Joined: 12 Sep 2005 Location: Seoul, Korea

Why are you US people even bothering in filing taxes? You live abroad and don't worry about it....I am doubtfull that some college student traveling around the world to experience things and shyte like that files the taxes.

Don't rattle the bush because snake can come out.

Milwaukiedave · Joined: 02 Oct 2004 Location: Goseong

He's right..the 2555ez is the one you want. You need to mail it in:

IRS
Austin, TX
73301-0215
USA

Milwaukiedave · Joined: 02 Oct 2004 Location: Goseong

ETS,

When you get back to the US and file your tax return (assuming you do what your telling people to do) there is always a chance they could ask you what your taxable income was last year. Also remember if you are ever audited by the IRS they can go back 7 years.

As long as you meet the guidelines for the foreign tax credit, you don't pay anything. It's better to be safe then sorry.

europe2seoul · Joined: 12 Sep 2005 Location: Seoul, Korea

You can keep your cash offshore.
Low-key escape to ESL and low-key return...No income in Korea school paid for everything....and other things you can think off...

Rteacher · Joined: 23 May 2005 Location: Western MA, USA

I don't think that 2555ez or 2555 can be filed on-line - they need to be printed and mailed...

You may-or-may not get away with not filing, but it's technically illegal even if you don't owe anything. If they discover that you didn't file you may be subject to penalties - "there is a specific penalty for a failure to file the form or for late filing of the form � regardless of whether any additional tax is due because of the information that should be reported on the return ..."
http://www.offshorepress.com/vkjcpa/penalties.htm

hogwonguy1979 · Joined: 22 Dec 2003 Location: the racoon den

taxact.com is a site where you can file a 2555 etc online very easily, done it for years here using them