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NearlyKorean
Joined: 15 Mar 2003
Location: Phoenix, AZ
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 Posted: Tue Feb 21, 2006 11:24 pm Post subject: |
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Looking at IRS form 2555EZ, the physical presence test states:
Were you physically present in a foreign country or countries for at least 330 full days during:
2005 or
any other period of 12 months in a row starting or ending in 2005?
I left the US last April, so won't have 330 full days that fall within 2005.
Does my intention to stay for a full year qualify me for this exemption? I know, it's probably just wishful thinking, but is anybody else in the same boat? What did you do?[/b] |
This might be helpful information from Pub 54.
Determination. Questions of bona fide residence are determined according to each individual case, taking into account factors such as your intention, the purpose of your trip, and the nature and length of your stay abroad.
You must show the Internal Revenue Service (IRS) that you have been a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year. The IRS decides whether you qualify as a bona fide resident of a foreign country largely on the basis of facts you report on Form 2555. IRS cannot make this determination until you file Form 2555.
If you intend if you intend to stay a year or longer you qualify as bona-fide even though you don't meet the time requirements. You won't be to exempt the $80,000 it would be a percent of it, though. Most of us are able ot use 2555 EZ because we don't have any housing deductions.
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| How do you file for previous years that you missed? It's not like the 2555 form is terribly hard or anything, and I saved pay stubs from each job that show my monthly salary and deductions. Would I fill out separate applications and type up a letter explaining the situation? Do I have to go back and fill out the forms from the previous years? Do I just pile it all together and note the complete time span? |
You only need to go 3 years back. Just the form get for each year required and do them seperately. I would also recommend mailing them seperately.
NK. |
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NearlyKorean
Joined: 15 Mar 2003
Location: Phoenix, AZ
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| Posted: Tue Feb 21, 2006 11:31 pm Post subject: |
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| mishlert wrote: |
I am a little confused about one thing.
When filing the 2555, or 2555-EZ do we also have to file a 1040? |
If you are an English teacher with employer provided housing, you need to file the 1040 and 2555 EZ
NK. |
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Drew345
Joined: 24 May 2005
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| Posted: Wed Feb 22, 2006 3:22 am Post subject: Korean or USA address |
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2005 was my first year to be working in Korea. I think I got a handle on the 1040 and 2555 to deduct the income. My question is this:
Is it OK to use a USA address on the top of the 1040 while taking this Foreign Earned Income Exclusion?
I have used my fathers address on top of my 1040 the last few years as I travelled SEAsia not working. I like using that and it is convenient to get all of my mail there at one address. Now I am working in Korea, and filing form 2555 for the income exclusion. On Form 2555 I do put my Korea address and Korea employers address. Anyone ever have any trouble with this income exclusion while using a USA address for 1040. Anyone see any advantages or disadvantages for using USA or foreign address on the 1040? I don't want to get screwed out of Social Security benifits or anything by becoming a foreign resident.
Thanks,
Drew |
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Industrial Strength
Joined: 02 Dec 2003
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| Posted: Thu Feb 23, 2006 5:20 am Post subject: |
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| mishlert wrote: |
I am a little confused about one thing.
When filing the 2555, or 2555-EZ do we also have to file a 1040? |
yes, the 2555/2555-EZ is only a supplement to the 1040. the 1040 is the main form to file.
is |
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napoleon8
Joined: 18 May 2003
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| Posted: Mon Feb 27, 2006 1:47 am Post subject: |
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| NearlyKorean wrote: |
You only need to go 3 years back. |
What evidence do you have to back up this claim? According to Notice 433, it looks like the IRS is willing to pursue back taxes up to 2 decades with interest. |
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napoleon8
Joined: 18 May 2003
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| Posted: Mon Feb 27, 2006 1:51 am Post subject: |
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| napoleon8 wrote: |
| the U.S.-ROK tax treaty numbers are TIAS 9506, 1979-2 C.B. 435, and 1979-2 C.B. 458. |
Also, IRS Publication 901 discusses U.S. tax treaties. I think it's this publication that mentions that teachers might be exempt altogether from taxation, but I've never heard of that in practice in Korea. |
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jfballin
Joined: 28 Feb 2006
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| Posted: Thu Mar 02, 2006 10:27 pm Post subject: |
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Ok...this question is for anyone using the popular turbotax to file...
I spent half of 2005 working in the US, half working here..
After entering my korean income (only around 10,000), my refund total skyrocketed by almost a grand...I stopped working, assuming this was some sort of a mistake...any ideas what happened? |
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