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ABCDAVE
Joined: 14 Jan 2006
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 Posted: Thu Feb 19, 2009 8:21 am Post subject: Back in the US, and it's tax time... |
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Just curious what the consensus is among (ex)teachers for filing taxes, once they've moved back to the US?
I was in Korea for two years, and of course made <$80K during each (correct me if I'm wrong, but I'm pretty sure that was the figure one would have to make less than ((while working abroad)), in order to be tax exempt back home).
Either way, with a sham operation as big as the IRS, there has to be something that they would want me to do/file/comply with now that I'm back.
Thoughts? |
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T-J
Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yeonsinnae
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| Posted: Thu Feb 19, 2009 8:24 am Post subject: |
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| You haven't filed for the last two to three years? |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Thu Feb 19, 2009 5:00 pm Post subject: |
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Even though you made less than 80 thou, you still had to file each year. Get it done NOW and they'll give you a pass. If you get busted before you do it, then that's where you have trouble.
So file for those two years, and this year, and do it immediately. You should be OK. |
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Tobias
Joined: 02 Jun 2008
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| Posted: Thu Feb 19, 2009 6:45 pm Post subject: |
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1. Determine through XE dot com how much you made in dollars. I check the won/dollar history and convert each month's salary based on that payday's rate. Or I take an average....whichever I feel like doing.
2. Download form 2555-EZ for each year, including its instructions, and fill it out. If you pass the physical presence test for each year, you're exempt and can take the deduction for that year. I assume you will pass this test for your two years.
3. Download whichever 1040 you need to use for your situation for each year and fill it out. I use the most complex, the plain 1040. Using the 1040 will inform you of special deductions you can claim you may not be aware of. Plain 1040 looks intimidating, but it's easy.
4. Send forms to the Austin service center.
5. Sit back and wait for your stimulus check if we're due one this year. |
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ABCDAVE
Joined: 14 Jan 2006
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| Posted: Thu Feb 19, 2009 6:50 pm Post subject: |
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| bassexpander wrote: |
Even though you made less than 80 thou, you still had to file each year. Get it done NOW and they'll give you a pass. If you get busted before you do it, then that's where you have trouble.
So file for those two years, and this year, and do it immediately. You should be OK. |
Thanks for the input.
BTW, I just recently came across your podcasts, kind of ironic you should leave a message. Best of luck with themidnightrunner.com. |
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Tobias
Joined: 02 Jun 2008
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| Posted: Thu Feb 19, 2009 6:56 pm Post subject: A rumour |
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| bassexpander wrote: |
Even though you made less than 80 thou, you still had to file each year. Get it done NOW and they'll give you a pass. If you get busted before you do it, then that's where you have trouble.
So file for those two years, and this year, and do it immediately. You should be OK. |
I've heard this before.
I've also heard that if you get busted before you file, you lose the exemption and get popped for the tax on each and every year you 'forgot' to file. You also get fined in that case. It's the Wesley Snipes scenario.
I know people who've not filed in years. One guy I know hasn't filed in decades. This is fine if those people earn below the minimum amount required to file each year. I think that amount is around eight thousand. If you make above this you must file a return no matter where you earn it. In order to qualify for the exemption on income earned overseas, you must file the 2555. And then you have to be outside the US for a certain period to qualify for it.
Last edited by Tobias on Thu Feb 19, 2009 6:57 pm; edited 1 time in total |
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ABCDAVE
Joined: 14 Jan 2006
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| Posted: Thu Feb 19, 2009 6:57 pm Post subject: |
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| Tobias wrote: |
1. Determine through XE dot com how much you made in dollars. I check the won/dollar history and convert each month's salary based on that payday's rate. Or I take an average....whichever I feel like doing.
2. Download form 2555-EZ for each year, including its instructions, and fill it out. If you pass the physical presence test for each year, you're exempt and can take the deduction for that year. I assume you will pass this test for your two years.
3. Download whichever 1040 you need to use for your situation for each year and fill it out. I use the most complex, the plain 1040. Using the 1040 will inform you of special deductions you can claim you may not be aware of. Plain 1040 looks intimidating, but it's easy.
4. Send forms to the Austin service center.
5. Sit back and wait for your stimulus check if we're due one this year. |
Appreciate the clarity. Sounds like you've done this before  |
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Tobias
Joined: 02 Jun 2008
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| Posted: Thu Feb 19, 2009 6:59 pm Post subject: |
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Yeap, that I have. I always file if I make above the minimum amount required to file.
Don't *beep* around with the IRS.
PS--If you ever need to file for the IRS form 6166, you must have filed a tax return the previous year if you were required to. The 6166 is the proof of residency document some of us have to submit to get our tax refunds here.
Go get caught up on it all before you get nailed. |
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