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afsjesse
Joined: 23 Sep 2007
Location: Kickin' it in 'Kato town.
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 Posted: Wed Jan 20, 2010 10:22 am Post subject: US Taxes. |
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I returned home in July and I am about to do taxes for 2009. I know that we have to legally claim all foreign income, which I intend to do; however, i'm wondering if there is any way to be exempted from my foreign income even though I wasn't outside the US for 333 days?
I'm a student now and can't afford the ________ amount of money i'll probably owe.
Any thoughts? |
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djmarcus
Joined: 12 Jan 2006
Location: Seoul
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T-J
Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yeonsinnae
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| Posted: Wed Jan 20, 2010 4:01 pm Post subject: |
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The 330 days for the physical presence test can cover two tax years. So if you were in Korea for a year from July 08 to July 09 you have 330 days.
For each of your filing years the maximum amount of the exemption ($87,000 app) is prorated.
In your case ( and I'm assuming the July 08 to July 09 case) roughly half the time was spent in Korea in each tax year and so your maximum exemption for each tax year would only be about $43,000.
Hope this makes sense and is helpful. |
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young_clinton
Joined: 09 Sep 2009
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| Posted: Tue Jan 26, 2010 6:24 pm Post subject: |
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| T-J wrote: |
The 330 days for the physical presence test can cover two tax years. So if you were in Korea for a year from July 08 to July 09 you have 330 days.
For each of your filing years the maximum amount of the exemption ($87,000 app) is prorated.
In your case ( and I'm assuming the July 08 to July 09 case) roughly half the time was spent in Korea in each tax year and so your maximum exemption for each tax year would only be about $43,000.
Hope this makes sense and is helpful. |
I wonder if you could help me on this one.
What if say, I worked April 08 to April 10, two full contract years. I assume 2008-2009 would be the two years allowed and 2009-2010 would be another two years allowable. Is this true. |
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