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bbud656
Joined: 15 Jun 2010
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 Posted: Mon Oct 04, 2010 7:06 am Post subject: How to file for tax exemption |
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| Can someone give me the quick run down on how to get set up for my 2 year tax break from the US? |
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redaxe
Joined: 01 Dec 2008
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| Posted: Mon Oct 04, 2010 7:19 am Post subject: |
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It's not limited to two years. You just file your taxes like normal, adding the form for "foreign earned income exclusion." You must have your primary residence outside of the US for 330 days out of any given tax year. There are a couple of other stipulations.
I just filled it out in Turbotax, it was pretty easy.
If you want it straight from the horse's mouth, it's all here: http://www.irs.gov/businesses/small/international/article/0,,id=97130,00.html |
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aske
Joined: 25 Aug 2010
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| Posted: Mon Oct 04, 2010 3:06 pm Post subject: |
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| redaxe wrote: |
| You must have your primary residence outside of the US for 330 days out of any given tax year. |
It's 330 days for any period of 12 consecutive months. |
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redaxe
Joined: 01 Dec 2008
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| Posted: Mon Oct 04, 2010 3:27 pm Post subject: |
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| aske wrote: |
| redaxe wrote: |
| You must have your primary residence outside of the US for 330 days out of any given tax year. |
It's 330 days for any period of 12 consecutive months. |
Yeah, you're right. You can "pro-rate" the exemption if it spans two tax years. That's what I did since I first arrived in Korea in the month of July.
So that means I still owed my normal taxes for the first six months of that year that I was still living in the U.S. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Oct 04, 2010 4:31 pm Post subject: Re: How to file for tax exemption |
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| bbud656 wrote: |
| Can someone give me the quick run down on how to get set up for my 2 year tax break from the US? |
Did you mean a tax break from the IRS
or
the 2 year Korean Tax exemption for those working in a public school or public university? (Not available to those working in a hagwan).
If you meant the tax exemption in Korea then you need to file an 8802 with the IRS and take the form you get back to your co-teacher to get the exemption.
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bbud656
Joined: 15 Jun 2010
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| Posted: Wed Oct 06, 2010 7:06 am Post subject: |
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| If I can do both I would. |
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