Korean Job Discussion Forums

[World Traveler]

I'm filling out my 2555 Foreign Earned Income tax form. Question 11 in Part II asks "Kind of living quarters in foreign country". I checked "Quarters furnished by employer". Section 21a in Part IV talks about "noncash income" and asks for the value of the lodging furnished by the employer.

I asked my boss for a statement showing the amount payed for rent, but she refused to do so, saying that she does not have to give me that information. I showed her my tax form and how this information is needed in order for me to properly file taxes, but she still said no that she is not going to do it.

What should I do? I need to hurry up and finish my tax form and get it in the mail as it is due June 15th. What should I do?

[CentralCali]

Look at your contract for the part where it discusses living arrangements. If there is a value for lodging allowance if you do not take housing provided by the school, use that amount.

[World Traveler]

[ontheway]

Here is a handy, dandy, quick and dirty guide for your rent valuation. This is off the top of my head, so anyone can quibble about the amounts, but it's good enough for tax purposes:

apt type: monthly rent:

studio $250
1 BDR $300
2 BDR $400
3 BDR $500

Additions based on location:
In a large city, add $50 to 100 per month.
In Seoul, add $150 to $300 per month.
Nice place, view, location, add $100 to $250 per month.

[thegadfly]

Well, there might be confusion about the "value of the lodgings furnished." That is, your employer might think you want to know how much your apartment is worth, when really, all you want to know is how much housing allowance you would be given if you had your own place (and thus, the value of the noncash income). It could be that she is not paying any rent -- someone might owe her a favor, she might be getting your place "under the table" somehow, it might be sublet in an improper fashion...and all you need is the going rate for housing....

Just curious as to why you didn't just fill in 300k a month -- isn't that the "going rate" for a housing allowance? Like 2.2 million seems to be going rate for newbie salaries....

[World Traveler]

That is really good information. However, I don't think it would be a good idea to just guess on a tax form. Also, the form says to attach a statement showing the amount.

[ChilgokBlackHole]

[Juregen]

[World Traveler]

Is my boss under no obligation to give me required information for a required tax form?

I'd feel better about having a precise accurate figure than a rough estimate.

Is that not an option at this point?

[ttompatz]

[World Traveler]

It is an untaxed benefit, so just leave that line blank?

Line 21 asks for the "market value of property or facilities furnished by the employer".

Surely my apartment falls under this category, right?

There is no "housing allowance" option in my contract, so I can't use that.

Going to a real estate agency to find out prices in the area to make an estimate is what I should do?

[ttompatz]

[Bibbitybop]

Just put in a number, it's not going to put you above 85,000 USD.