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jjajangmyun
Joined: 31 Aug 2011
Location: way down south!
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 Posted: Thu Oct 20, 2011 7:08 am Post subject: Taxable income (in the US) |
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| My base salary is 6 mil/month but with summer/winter intensives, I'll have earned over 100 mil for one calendar year. Up till now, I haven't had to concern myself with any tax issues, but I've heard that your income is tax-free back in the US only up to a certain point (I heard somewhere in the ballpark of $83,000/year). I haven't earned over that limit yet, but was wondering if any of you knew what I would be required to do once that happens? |
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nate1983
Joined: 30 Mar 2008
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| Posted: Thu Oct 20, 2011 2:20 pm Post subject: Re: Taxable income (in the US) |
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| jjajangmyun wrote: |
| My base salary is 6 mil/month but with summer/winter intensives, I'll have earned over 100 mil for one calendar year. Up till now, I haven't had to concern myself with any tax issues, but I've heard that your income is tax-free back in the US only up to a certain point (I heard somewhere in the ballpark of $83,000/year). I haven't earned over that limit yet, but was wondering if any of you knew what I would be required to do once that happens? |
You file your taxes as usual. Even if you're not making over the excluded amount abroad (over 90k now), you still have to file your taxes. Have you seriously not been doing that???
And by the way, for any years where you were not exempt from the previous year, you would have to pay estimated quarterly taxes as well. |
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jamesd
Joined: 15 Aug 2011
Location: Korea
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| Posted: Thu Oct 20, 2011 3:41 pm Post subject: |
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| Get with a tax advisor and find some legit loopholes. |
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Malislamusrex
Joined: 01 Feb 2010
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| Posted: Thu Oct 20, 2011 6:22 pm Post subject: |
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| don't claim it, my UK salary is x3 much my Korean salary... tax free. |
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naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
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| Posted: Wed Nov 23, 2011 6:16 am Post subject: |
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| Malislamusrex wrote: |
| don't claim it, my UK salary is x3 much my Korean salary... tax free. |
US is different than the UK, You should look into the 2555 and the 1116.
2555 will get you out of 91,500 and the 1116 gives you credit for taxes that you've already paid. |
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