Korean Job Discussion Forums

[dankdo]

I'm finishing my year here on March 8th (thank you Lord), and I need advice regarding filling out my IRS forms. I checked the sticky labeled 'Tax refund procedures' but it looks like it just focuses on getting your tax return from the Korean government. I receive a piece of paper listing all the deductions (med insurance, pension, lunch, etc.) but it does not list any taxes.

I'm not as concerned about getting my tax refund here in Korea, as I can do that within the time frame before I leave. I am, however, concerned with filling out IRS forms. What do I need to fill out the forms? What kind of form should I use?

Before I came here, I heard that your income for the first 2 years out of the US are tax exempt...but I have no idea what 'exempt' means. What do I have to do? I haven't talked to any Americans here about taxes...is this even a big issue? In what ways will I get screwed if I'm negligent, and don't fill out a damn thing?

[dethe]

Income up to $85,000 that is earned overseas(outside the US) is tax exempt.

You should owe no taxes when you get back. When you get home go to the H+R block or such and they can do it for you. As long as you don't owe the IRS anything they really don't care if your paperwork is a little late.

[isthisreally]

I think all we have to do is fill out form 2555 and mail it in. It's relatively easy to do on your own.

[22tea77]

As long as your feet were on foreign soil at least 330 days out of a one year period.
Over the last few days there were a few threads about "Residency" and "Taxes".
Don't need to even do a search, just check the last 3 pages or so. There were lots of good links, info, answers, and facts on those threads
After watching Roger Clemens being drilled on Capitol Hill today, and thinking about how much tax money was being used to fuel that Circus, I sincerely wish you the best of luck in securing your exemption!