Korean Job Discussion Forums

[Wangddaddy]

I've been living in Korea for a few years, and have recently come to realize that I have to file my income with the IRS. I'm behind by a few years, so it's a big mess I want to get sorted as soon as possible. Does anyone know any tax professionals who can help me with this, preferably someone in Korea I can visit?

[FMPJ]

H&R Block in Itaewon will take care of this for you.

[PRagic]

Don't bother with them. Piece of cake. The only income most teachers here have to declare is the official income from your primary job. You can get the official income and tax document from your local tax office in English. Have a Korean friend go with you. Those come out in June.

You'll need to fill out and file your 2555EZ (Foreign Earned Income). The final figure is then carried over to your 1040. If you have interest or investment income from the U.S., that also goes on your 1040. When all is said and done, you'll see a nice, big '0' for income and taxes owed because you'll get the Foreign Earned Income Exclusion (up to around 95K).

SEPARATELY, you'll also need to file a Treasury Department Form 90-22.1, the declaration of foreign accounts. You only need to file this if, at any time over the course of the fiscal year, you have an account or accounts with deposits of USD 10,000. That is sent to a different address, NOT the IRS.

[PRagic]

...and if you're back filing, just download the forms for the appropriate years off the Net. You can mail in multiple years in one envelope. No worries.

One note: Remember to use the official IRS exchange rates for each year you file. You can find these via a Web search.