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Choman10
Joined: 27 Apr 2010
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 Posted: Thu Feb 02, 2012 6:40 pm Post subject: Taxes for first time teacher from US |
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Ok so I came in November 2010 and this will be the first time filing taxes for my work in Korea. I work at a PS and get paid around 1.9 mil a month after pension and healthcare.
Normally I do Turbo tax, and my question is for those that have also used it for when they've been in Korea. I turned in my residency cert. during my first 3 months at my school, so that's done with. My question is if I need to look out for anything specific when I'm filling out Turbo tax, and also are there any extra forms that I need to fill out either on the Korea side or US side. Any help would be appreciated. |
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T-J
Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yeonsinnae
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| Posted: Thu Feb 02, 2012 7:43 pm Post subject: Re: Taxes for first time teacher from US |
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| Choman10 wrote: |
Ok so I came in November 2010 and this will be the first time filing taxes for my work in Korea. I work at a PS and get paid around 1.9 mil a month after pension and healthcare.
Normally I do Turbo tax, and my question is for those that have also used it for when they've been in Korea. I turned in my residency cert. during my first 3 months at my school, so that's done with. My question is if I need to look out for anything specific when I'm filling out Turbo tax, and also are there any extra forms that I need to fill out either on the Korea side or US side. Any help would be appreciated. |
Oh, that's too bad.
http://www.irs.gov/pub/irs-pdf/i2555.pdf
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Lines 13a and 13b. If you submitted a statement of nonresidence to the authorities of a foreign country in which you earned income and the authorities hold that you are not subject to their income tax laws by reason of nonresidency in the foreign country, you are not considered a bona fide resident of that country.
If you submitted such a statement and the authorities have not made an adverse determination of your nonresident status, you are not considered a bona fide resident of that country.
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Shauneyz
Joined: 26 May 2008
Location: The land of Nod
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| Posted: Thu Feb 02, 2012 7:51 pm Post subject: |
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1. Go here --> http://www.irs.gov/app/picklist/list/formsPublications.html
2. Find two forms: 1040 & 2555. The 2555 is tax exemption form for foreign earned income. If you were in Korea for the whole year, I think you can file with the 2555EZ -- it's simpler to use this one.
3. Fill 'em out (they come with instructions).
4. Send em in.
...as long as all of your income is earned abroad, this should be easy. I've done it for the past 3 years and nobody has come looking for me yet. I doubt they'll kick up any fuss...not for an old crook like me. |
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Choman10
Joined: 27 Apr 2010
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| Posted: Thu Feb 02, 2012 8:39 pm Post subject: Re: Taxes for first time teacher from US |
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| T-J wrote: |
| Choman10 wrote: |
Ok so I came in November 2010 and this will be the first time filing taxes for my work in Korea. I work at a PS and get paid around 1.9 mil a month after pension and healthcare.
Normally I do Turbo tax, and my question is for those that have also used it for when they've been in Korea. I turned in my residency cert. during my first 3 months at my school, so that's done with. My question is if I need to look out for anything specific when I'm filling out Turbo tax, and also are there any extra forms that I need to fill out either on the Korea side or US side. Any help would be appreciated. |
Oh, that's too bad.
http://www.irs.gov/pub/irs-pdf/i2555.pdf
| Quote: |
Lines 13a and 13b. If you submitted a statement of nonresidence to the authorities of a foreign country in which you earned income and the authorities hold that you are not subject to their income tax laws by reason of nonresidency in the foreign country, you are not considered a bona fide resident of that country.
If you submitted such a statement and the authorities have not made an adverse determination of your nonresident status, you are not considered a bona fide resident of that country.
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Isn't that the point? That's how teachers from the US don't have to pay Korean taxes isn't it? |
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Choman10
Joined: 27 Apr 2010
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T-J
Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yeonsinnae
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| Posted: Thu Feb 02, 2012 10:13 pm Post subject: Re: Taxes for first time teacher from US |
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| Choman10 wrote: |
| T-J wrote: |
| Choman10 wrote: |
Ok so I came in November 2010 and this will be the first time filing taxes for my work in Korea. I work at a PS and get paid around 1.9 mil a month after pension and healthcare.
Normally I do Turbo tax, and my question is for those that have also used it for when they've been in Korea. I turned in my residency cert. during my first 3 months at my school, so that's done with. My question is if I need to look out for anything specific when I'm filling out Turbo tax, and also are there any extra forms that I need to fill out either on the Korea side or US side. Any help would be appreciated. |
Oh, that's too bad.
http://www.irs.gov/pub/irs-pdf/i2555.pdf
| Quote: |
Lines 13a and 13b. If you submitted a statement of nonresidence to the authorities of a foreign country in which you earned income and the authorities hold that you are not subject to their income tax laws by reason of nonresidency in the foreign country, you are not considered a bona fide resident of that country.
If you submitted such a statement and the authorities have not made an adverse determination of your nonresident status, you are not considered a bona fide resident of that country.
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Isn't that the point? That's how teachers from the US don't have to pay Korean taxes isn't it? |
Yes, you can get out of paying Korean taxes by declaring yourself a U.S. tax resident.
Read above again and tell me how doing so affects your ability to file a 2555 foreign income exclusion.
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Choman10
Joined: 27 Apr 2010
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| Posted: Thu Feb 02, 2012 10:18 pm Post subject: |
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| I don't understand where the "Oh that's too bad" part comes into play here. Oh well I'm done with it. |
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