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Whitegirlinasia
Joined: 09 Jan 2014
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 Posted: Mon Jun 20, 2016 6:03 am Post subject: US Taxes 2555 |
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| Did you do it? Given the shadiness of Hagwons, how did you get all the info to claim correctly? |
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Stain
Joined: 08 Jan 2014
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| Posted: Mon Jun 20, 2016 8:34 am Post subject: Re: US Taxes 2555 |
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| Whitegirlinasia wrote: |
| Did you do it? Given the shadiness of Hagwons, how did you get all the info to claim correctly? |
I just told the IRS about the problem. They kindly responded with "It's ok. We just want the sharks, not the minnows." |
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Whitegirlinasia
Joined: 09 Jan 2014
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| Posted: Mon Jun 20, 2016 3:07 pm Post subject: |
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| I tried to call them but they seem to only take calls during "tax season". |
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Stain
Joined: 08 Jan 2014
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| Posted: Mon Jun 20, 2016 5:14 pm Post subject: |
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| Whitegirlinasia wrote: |
| I tried to call them but they seem to only take calls during "tax season". |
I was just joking in that last post, of course. But really my schools in the past have given me a statement that shows my income for the year. Are you having trouble getting one? That's really all you need from them. |
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Whitegirlinasia
Joined: 09 Jan 2014
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| Posted: Mon Jun 20, 2016 7:40 pm Post subject: |
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| Stain wrote: |
| Whitegirlinasia wrote: |
| I tried to call them but they seem to only take calls during "tax season". |
I was just joking in that last post, of course. But really my schools in the past have given me a statement that shows my income for the year. Are you having trouble getting one? That's really all you need from them. |
I pulled a runner. They also wouldn't send me pay slips every month. I strongly suspect that they were messing around with my pay. I doubt asking them for a statement would be fruitful. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Mon Jun 20, 2016 9:31 pm Post subject: |
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| Whitegirlinasia wrote: |
| Stain wrote: |
| Whitegirlinasia wrote: |
| I tried to call them but they seem to only take calls during "tax season". |
I was just joking in that last post, of course. But really my schools in the past have given me a statement that shows my income for the year. Are you having trouble getting one? That's really all you need from them. |
I pulled a runner. They also wouldn't send me pay slips every month. I strongly suspect that they were messing around with my pay. I doubt asking them for a statement would be fruitful. |
If that's the case, there's a specified amount of time that you need to be abroad to claim the 2555 exemption, I think it's 330 days out of one year-long period. So unless you were employed for one year there at least, I doubt you are able to claim the exemption.
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PRagic
Joined: 24 Feb 2006
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| Posted: Mon Jun 20, 2016 10:46 pm Post subject: |
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You can get an earnings statement on-site at your local tax office (in English and in Korean). Takes a few minutes. If you have a Korean who can help you, you should also be able to pull up the file on-line and print it.
If you have no income reported, then your boss probably hasn't been paying into your pension or health care, either. Big problems. |
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Fallacy
Joined: 29 Jun 2015
Location: ex-ROK
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| Posted: Wed Jun 22, 2016 4:06 am Post subject: Re: US Taxes 2555 |
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| Whitegirlinasia wrote: |
| Did you do it? Given the shadiness of Hagwons, how did you get all the info to claim correctly? |
Welcome back! How is the life? Regarding f2555, are you trying to file for Tax Year 2015? If so, did you also file a f4868 request for extension? That would give you until October to sort this out. ROK banks are now in full compliance with US financial regulation requirements for reporting global income, so the monthly salary amounts listed as deposits into your account is a reasonably defensible place to start. |
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PRagic
Joined: 24 Feb 2006
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| Posted: Thu Jun 23, 2016 3:52 pm Post subject: |
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Past the extension filing due date, so penalties for filing late may apply IF they bother and IF anything is owed.
Don't forget to also file the FBAR, the report on foreign bank accounts IF you have accounts that TOTAL more than 10K at any time over the course of the fiscal year. This is NOT filed with the IRS
You'll also need to file, the f8938 with the IRS. THIS, like the FBAR, reports your foreign accounts and investments, including your interest and investment income (e.gl dividends). THAT amount is carried over to your f2555 and reported as foreign earned income.
For most younger teachers, their income and account activity here will not put them over the income threshold for the foreign earned income exclusion, but the forms still need to be filed.
A lot of people blow it off, but it's best to keep a clean paper trail. If you get married to a Korean (or any non-US citizen) and want to apply for a green card for them, you'll need 5 years of back tax filing evidence. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Thu Jun 23, 2016 4:33 pm Post subject: |
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| PRagic wrote: |
| You'll also need to file, the f8938 with the IRS. THIS, like the FBAR, reports your foreign accounts and investments, including your interest and investment income (e.gl dividends). THAT amount is carried over to your f2555 and reported as foreign earned income. |
First I've heard of this particular form. I would assume that one would need to be earning investment income in some form to require filling it out, no? |
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PRagic
Joined: 24 Feb 2006
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| Posted: Fri Jun 24, 2016 10:08 pm Post subject: |
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| You need to file those forms if the total of all your overseas accounts amounted to USD 10K or more at any time over the course of the fiscal year. Even if you earned next to nothing in interest, you still need to file. |
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