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Loserburger
Joined: 08 Jan 2011
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 Posted: Mon Mar 21, 2011 8:15 pm Post subject: Filing American income taxes |
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Forgive me if this has been asked before, but I didn't find any topic specific to my problem.
I've been working at a hagwon in Korea since September 2010. Now that I'm filing income taxes for the American government, I 'm wondering if I have to declare my earnings from Korea. I've earned 6,000,000 won, or roughly 5,330 U.S. dollars.
I was just hoping someone who has done this before or was in a similar situation could help me figure out what to do. I appreciate it! |
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Triban
Joined: 14 Jul 2009
Location: Suwon Station
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| Posted: Mon Mar 21, 2011 10:57 pm Post subject: |
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| I also need to file my taxes.... |
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ThingsComeAround
Joined: 07 Nov 2008
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| Posted: Mon Mar 21, 2011 11:30 pm Post subject: |
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Don't have the card on me, but you can do a search for H&R Block in Seoul and the accountant should pop up, he's in Itaewon and he did a pretty good service for me. Going back to him to file this year. His name is Woonsub Han
And before the haters come on and say "You can do it yourself", personally I'd rather pay someone who is trained to do it properly than attempt deciphering the 1040 alone. |
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movybuf
Joined: 01 Jan 2007
Location: Mokdong
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| Posted: Tue Mar 22, 2011 4:07 am Post subject: |
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| Just download Turbo Tax 2010 and use it. Just make sure it fills out the 2555 form for you. |
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uklathemock
Joined: 26 Dec 2009
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| Posted: Tue Mar 22, 2011 10:56 am Post subject: Re: Filing American income taxes |
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Don't pay anyone. Use taxactonline.com
It's easy and they walk you through it. |
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Radius
Joined: 20 Dec 2009
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| Posted: Tue Mar 22, 2011 5:46 pm Post subject: |
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| What's the potential of not filing? I haven't filed for two years. |
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geldedgoat
Joined: 05 Mar 2009
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| Posted: Tue Mar 22, 2011 5:56 pm Post subject: |
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| Related question: Does filing for your income here equate to an income of $0.00 for the purposes of FAFSA? |
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Loserburger
Joined: 08 Jan 2011
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| Posted: Tue Mar 22, 2011 6:25 pm Post subject: |
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Maybe I should re-phrase: I'm not having a problem getting my taxes done, I was just wondering if I had to document the small amount of money I made at the private school here in Korea, or if I can just leave it out completely.
Thanks for replying, by the way. I had no idea there was an H&R Block in Seoul! |
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C00LAS1CE
Joined: 14 Feb 2010
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| Posted: Thu Apr 07, 2011 12:41 am Post subject: |
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| ThingsComeAround wrote: |
Don't have the card on me, but you can do a search for H&R Block in Seoul and the accountant should pop up, he's in Itaewon and he did a pretty good service for me. Going back to him to file this year. His name is Woonsub Han
And before the haters come on and say "You can do it yourself", personally I'd rather pay someone who is trained to do it properly than attempt deciphering the 1040 alone. |
How much did it cost? Do they handle state taxes as well? I've been scouring these forums for the past hour trying to figure out how this works and I'm still clueless. I'm seriously considering just not doing them at all at this point.
Last edited by C00LAS1CE on Thu Apr 07, 2011 1:42 am; edited 1 time in total |
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sirius black
Joined: 04 Jun 2010
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| Posted: Thu Apr 07, 2011 12:56 am Post subject: |
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| Loserburger wrote: |
Maybe I should re-phrase: I'm not having a problem getting my taxes done, I was just wondering if I had to document the small amount of money I made at the private school here in Korea, or if I can just leave it out completely.
Thanks for replying, by the way. I had no idea there was an H&R Block in Seoul! |
Technically yes but while I'm not one to suggest not filing 100% in accordance with U.S. tax laws  it really doesn't matter.
The first $91,500 of foreign income you make (last time I checked) is excluded from taxes in the U.S.
You file with Form 2555 if you itemize or Form 2555ez if you don't. The IRS just wants to know how much you make and where you made it. The government is nosy that way, even if you don't owe taxes on the money you made.
So, itemize to your hearts content but the reality is they will never know andI I would argue to some extent don't care. Any money you make here the government will not know about anyway. |
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C00LAS1CE
Joined: 14 Feb 2010
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| Posted: Thu Apr 07, 2011 11:40 pm Post subject: |
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| Bump because people (myself included) still have unanswered questions. |
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Slowmotion
Joined: 15 Aug 2009
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| Posted: Thu Apr 07, 2011 11:55 pm Post subject: |
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| I don't see why you would need to pay anyone to do your taxes, you won't be getting any money back. Use turbo tax and be on your way. |
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sirius black
Joined: 04 Jun 2010
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| Posted: Fri Apr 08, 2011 1:05 am Post subject: |
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| Slowmotion wrote: |
| I don't see why you would need to pay anyone to do your taxes, you won't be getting any money back. Use turbo tax and be on your way. |
Some people just hate doing it. I do mine but my brother who has the simplest tax situation hates it and i do it for him and while I'm gone he gets someone else to do it.
Some people dread doing certain things and would rather pay someone else to do it. Nothing wrong with that. |
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C00LAS1CE
Joined: 14 Feb 2010
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| Posted: Fri Apr 08, 2011 4:51 am Post subject: |
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| Slowmotion wrote: |
| I don't see why you would need to pay anyone to do your taxes, you won't be getting any money back. Use turbo tax and be on your way. |
I tried Turbotax and gave up because it's not designed for people living abroad. My address wouldn't even fit in the box, aside from numerous other issues that arose. Still want to know how much it costs to get it done in Itaewon! |
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anjinsan
Joined: 26 Feb 2008
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| Posted: Wed Apr 13, 2011 3:03 am Post subject: |
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Does anyone know abot the US "Report of Foreign Bank and Financial Accounts" which seems to now be required.
Though US citizens are given a $91,000 USD exemption for foreign-earned income, it seem you are required to report bank accounts with a value of over $10,000 USD--which makes no sense, b/c the IRS site doesn't say whether this is combined value of all overseas accounts or single accounts.
It also seems you can somehow be taxed on those accounts.
The IRS is such a pain in the rump. If they really wanted people to pay taxes and to know what taxes to pay, they would make this stuff very simple.
Anyway, anyone know more about this foreign account declaration thing? |
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