Korean Job Discussion Forums

[tesseract]

This might be a stupid question. I read all the information in my passport and it said that I had to report any income I make internationally to the IRS. Does that mean I have to pay US taxes on what I make in Korea? That doesn't make much sense to me. I assume the government just wants to keep track of me and make sure I'm not earning money illegally, but that's just a guess. Anyone out there know why I have to report my income and if I'll be taxed on any of it?

[kingplaya4]

Apparently there was a bill considered to eliminate this, but unless someone can correct me, I believe it went nowhere. The policy has been for some time that any money under 80,000 USD a year is not subject to income tax back home. Part of the reason some of us are coming overseas I think

[edmiller2b]

i'd double check this information....here is what i found out...

if you were a resident of the US, meaning living in the US, for any period of time during the calendar year 2005, any income earned outside the US is taxable and is suppossed to be reported.

if you were overseas for the entire calendar year, you may be exempt from paying US taxes.

if you were at a foreign address as of 4/15, you get an automatic 2 month extension to file, which is 6/15.

i'm currently scrambling to get information back to HR Block in the States to meet the filing deadline.

if you owe any amount of taxes and miss the deadline date, penalty fees apply and increase as time passes.

for any more info, check out the www.irs.gov website. good luck.

[kitekid]

if you filed in the States and stopped since you came here, beware. the IRS does have access to the data base of your comings and goings in and out through US immigration/customs.

(beating dead horse) you always have to file US taxes, whether you are abroad or under the taxable limit!!

go consult the IRS's website or talk with one of the English speaking tax guys (like Tax Park or H&R Block) in itaewon.