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sleeplessinla
Joined: 21 Apr 2007
Location: USA
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 Posted: Sat Sep 27, 2008 3:18 am Post subject: wiring large sums of money to U.S-tax free? |
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| was wondering if anyone knows if i wire money back to U.S...will i be taxed for it? also, what's the limit to wire money back home from korea in one year's time? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Sep 27, 2008 3:40 am Post subject: Re: wiring large sums of money to U.S-tax free? |
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| sleeplessinla wrote: |
| was wondering if anyone knows if i wire money back to U.S...will i be taxed for it? also, what's the limit to wire money back home from korea in one year's time? |
You have a foreign earned income exemption of about $75,000 before you need to worry about taxes. Certainly far more than you will LEGALLY earn in Korea. Send your money home, no worry.
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Sat Sep 27, 2008 3:59 am Post subject: |
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| Just make sure you keep copies of all pay receipts to show that you did earn it legally. The IRS will be interested if your income jumps or drops dramatically. |
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Tobias
Joined: 02 Jun 2008
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| Posted: Sat Sep 27, 2008 4:51 am Post subject: You won't be taxed |
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You won't be taxed, but you can expect fluctuations in what your money's worth in dollars. 12 million this year is worth 2 thousand dollars less than last year, so I guess there's a cost to be had.
You won't be taxed, no, but you MUST file a return with the IRS if you make more than the minimum amount, which you will if you work here for even only a few months. You are exempt up to about 80,000 or so, but the IRS will still want to know how much you made in any one year.
Don't be like Wesley. Snipes, that is. |
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