Korean Job Discussion Forums

[naturegirl321]

Just an FYI, even if you live abroad and file the 2555 or 1116, you qualify for the Sch M, "making work pay" and could get up to $400.

"Schedule M: making work pay" is worth up to $400 and the only requirements are to be a US citizen (or resident alien) and not be a dependent on anyone else's taxes.

[Scamps]

I've never done my own taxes. My family handles it through the family accountant. Where do you find this information?

[T-J]

MWP is a tax credit not a stimulus payment. How would it effect people who have no U.S. tax liability?

[naturegirl321]

[naturegirl321]

I don-t know. Read the instructions. It clearly says that people who file the 2555 are eligible. THe only ones who aren't are non resident aliens and those who are dependents on other people's forms.

Fill out the worksheet here.
http://www.irs.gov/pub/irs-pdf/i1040sm.pdf

Read the instructions here
Who Can Take the Credit �
You may be able to take the credit if you have earned income from work. The credit can be as much as $400 ($800 if married filing jointly).
You cannot take the credit if:
� You are a nonresident alien,
� You can be claimed as a dependent on else�s return. (If you are married
and claim the making work pay credit on a 2010 joint return, neither you nor your spouse can be claimed as a dependent on anyone else�s 2010 return.)

I don-t make the rules, I just follow them.

[Scamps]

Thanks!

[T-J]

Again this is a tax credit not a refund or payment.

[naturegirl321]

[T-J]

Wow, that's screwy they put a credit in the payment section of the 1040. Looks at first glance like many would qualify for a return. God the U.S. Tax Code is fubar.

[nathanrutledge]

[daxdefranco]

What do you use to file your taxes? In the past I've used efile on the HRBlock website, but i'm not sure if it's robust enough to handle non-standard forms, etc as it's free.

[T-J]

[northway]

[naturegirl321]

I know, the IRS is screwy, BUT, if you only have income via the 2555, then you can-t get the money. Here are some ways that you should be able to get it.

1. You file the 2555 via the bonafide resident, but it's only good for a portion of the year.
2. You get out of Korean taxes, but are eligible for the 2555 becuase you can't file as physical present since you spent more than 35 days in the US and can-t file as bonafide resident because you get out of KOrean taxes, so therefore owe US taxes
3. You have income from Sch C
4. You have income from the Sch M worksheet, number 2

[naturegirl321]