Korean Job Discussion Forums

[beekeeper3000]

i've been here about 7 months, so i have to file my taxes back home. i was mostly working temp jobs, so it shouldn't be so hard, but i need to file for an extension. here's my n00b question:

i don't think the US has a tax agreement with s. korea, so do we americans pay tax on the money in the US as well as in s. korea?

any help would, um, ... help.

[PRagic]

If you are American, then you don't need to worry about a 'tax agreement'. Any income up to 80,000 USD is tax free if eared abroad. There are terms to meet, and since you have just moved over here, you might want to look into them. There is a separate form to fill out for expats, but you can get that off the net. In your case, it shouldn't take much to fill out. You could always go to the 'H&R Block' office (not really an official 'H&R Block', but, hey, if you're picky...). Cheers.

[beekeeper3000]

thanks for the help, PR.

[cubanlord]

hmmm...is that $80,000 per year or total while abroad?

[LarrytheGiraffee]

You get an automatic 2 month extension when you are overseas. You just have to write overseas on the top of your form. If you had been here for a full tax year you would fill out a 2555EZ and send that in with your 1040. Since you havent been here for a full tax year, you will probably have to pay some tax on what you earned while here. H&R Block (the one that really isnt an H&R Block) charges about 150,000won and they require you have copies of your last three years taxes.

An IRS agent will be at the US Embassy on March 30,31st and April 1st. The Embassy website has the information and an email address to send in appointment requests. If you start your forms, the agent should be able to help you fill in the gaps. It might be a better option than trying to get ahold of you past taxes.....if you didnt bring copies with you.

You can make up to $80,000 per year without owing anything, as long as you were working out of the country ALL year.

[Zark]

I'd recommend that you NOT use HR Block. They, for some reason, are super expensive. Go online and find a CPA in your home town and have him/her do it.

I have a friend with a very simple filing - HR Block in Korea = US$350.

My CPA back home- joint filing (my wife and I) rental properties - stock market investments, etc = US$250 total.

[escapeartist]

Hi there,

I was just on the IRS website and it seems like in order to qualify for the foreign earned income exclusion, you need to have worked in abroad for over a year. It said that if you work somewhere for a year or less, the foreign country is not considered your tax home. Does anyone know differently? Here is the link if you're interested.

http://www.irs.gov/publications/p54/ch04.html#d0e2273

Thanks!

[Wangja]

[spliff]

What if you've been overseas for the last 15 yrs and have never filed?

[Wangja]

[spliff]

^Nope...but seriously, what do you think I should do? I'm thinking about filing this year just to see what happens...what letter I get sent back.

[Wangja]

Yeah, sorry, I was indeed being flippant.

The true answer is "I don't know" but I'd hazard a guess that having been out of the club for that long, it might be better to let sleeping dogs lie.

The serious advice would be to seek the advice of a specialist.