Korean Job Discussion Forums

jgrant85 · Joined: 31 May 2009

I'm currently teaching in Daegu and was looking for anyone who could help or know of a person or business who could help in filing my taxes for the 2010 year? I was on an unpaid internship here in Korea for most of the year and didn't get a paying (post-graduation) job until November, so it would probably be little work I'd imagine. I relied heavily on H&R Block while in the USA so I have no knowledge on what forms to file since I'm now living abroad. I read online that I could get a Foreign Earned Income tax exclusion of up to $91,500 because I've lived outside the USA for a full calendar year (minute a brief trip home in May for about 20 days) so essentially I would only have to file and not actually send in any taxes, or at least that's what I got from the sites I have read.

Ji · Joined: 15 Oct 2008

You still have to file a 1040 and the 2555 form (tax exclusion for living abroad).

The easiest way to do it is online via TaxAct or TurboTax. I filed via TaxAct. Federal was free. State was roughly $15.

And even if you owe $0 it's in your best interest to file taxes every year. Upon your return to the US, having those blackout periods, can cause you potential problems/flags. The last thing you want is an audit or documents required when you're trying to get a loan or other financial package.

jgrant85 · Joined: 31 May 2009

Ji · Joined: 15 Oct 2008

If you don't have a W2, you don't need to file one. You just put in your income into the income from abroad portion.

I'm sure that there are accountants that speak English in Daegu. And TaxAct/TurboTax handhold you through the process by asking you questions instead of having you fill out the form in their deluxe packages.