Korean Job Discussion Forums

[tideout]

A couple of questions on the F2555 form.

#1) I was in Korea from 2/26/10 - 2/26/2011.
Can someone tell me if I would qualify as bonafide resident or just physical presence test (that's what it looks like). I was out of Korea for 6 days of vacation.

#2) This question is regarding the time period in general. If I'm on a one year contract, can I file my 2010 tax return as one lump period 2/26/10 - 2/26/2011? I know, I'm into 2011 but if I take out the three months of 2011 I'll be below the physical presence test.

#3) I guess this is a form question - on line 21 (1040) it says to enter the
"amount" in parethesis and "Form 2555". Is this parenthesized amount the total earnings from line 21 of the 2555 or the difference between the 93K deductible and what you earned?

Sorry if this is confusing but I've looked at this and the "instructions" until I'm half blind.

[I-am-me]

Just put in jan-2010 - Dec 2010. They are not going to come to korea looking for you..relax. They have no idea when you came.

[alljokingaside]

Disclaimer- the following is only a recounting based from experience and is not meant to be taken as tax advise.

Posted: Mon Apr 25, 2011 7:10 am Post subject: US Taxes - F2555 form
A couple of questions on the F2555 form.

#1) I was in Korea from 2/26/10 - 2/26/2011.
Can someone tell me if I would qualify as bonafide resident or just physical presence test (that's what it looks like). I was out of Korea for 6 days of vacation.


Physical presence test. You have to be in Korea durin the entire tax year for the bonafied residence to pay off (or, rather, avoid a payoff)

#2) This question is regarding the time period in general. If I'm on a one year contract, can I file my 2010 tax return as one lump period 2/26/10 - 2/26/2011? I know, I'm into 2011 but if I take out the three months of 2011 I'll be below the physical presence test.

Nope. 2010 tax year (1.1.2010-12.31.2010)

#3) I guess this is a form question - on line 21 (1040) it says to enter the
"amount" in parethesis and "Form 2555". Is this parenthesized amount the total earnings from line 21 of the 2555 or the difference between the 93K deductible and what you earned?

I used the total deduced to determine adjusted income. (ie max=max untaxed via 2555 [eg if you made $2000 over 2555's limit, you wouldn't be able to deduct it, rather owing taxes for that income.