Korean Job Discussion Forums

[gigijones]

anyone know anything about investing income earned overseas in IRAs, ROTH 401K, and perhaps, tax implications? i've just begun looking into this and would love some advice from those who have already advanced into retirement investing and who may know of other avenues to secure future income. could you point me in the right direction please, advise me as to questions i need to be asking, and things i need to be aware of? it all seemed complicated at home and its made even more complicated when overseas!

thanks in advance!

[crsandus]

I'm curious on this topic as well. I know enough about IRAs, Roths, and 401Ks in general but I had a more specific questions in mind.

1. Can foreign income be used to satisfy the income requirements for IRAs and Roths? (basically does money made in Korea as a teacher count towards your MAGI)

2. Assuming the answer to #1 is no, can I use the "income" generated from a rollover of a traditional IRA to a Roth to fulfill the income requirement for a Roth?

3. Has anyone tried to rollover his or her 401K to a IRA then to a Roth while in Korea? Were the tax benefits of rolling over traditional IRA to Roth while your American income is low/nonexistent worth the hassle of doing all these things overseas?

4. How does Korean stock/bond income get taxed? Does it count as foreign income or does the US view it as general capital gains/dividend income as if you were in the states. (a tax question over an investment question)

5. Has anyone claimed the $$$ spent on online and in school courses they have taken in Korea as a tax deduction on either Korean or US income?