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Re: Questions and Answers for American Taxes
« Reply #400 on: November 04, 2015, 12:08:35 pm »
It took them about a month to process my back taxes but I sent them back in February. I had about 4 years worth being processed.

You are the 4th person to tell me this. All 4 people had theirs show up on the web site within one month. This gives me hope, thanks!


Re: Questions and Answers for American Taxes
« Reply #401 on: November 17, 2015, 10:27:50 am »
Hi everyone. So a family member back in the States sent in a completed Form 8802 for me, but for some reason the mail bounced back saying the address was not valid? I put down

Department of the Treasury
Internal Revenue Service
Philadelphia, PA 19255-0625

as the website states (she used USPS to send it). I paid using the electronic payment.

I tried calling them too but I haven't been able to get through.. Any help would be greatly appreciated!

Bump.. Does anyone know the exact address I need to send my forms to? Still haven't been able to mail it in :/

From the website:

Electronic Payment:

After the electronic confirmation number has been entered on page 1 of Form 8802, the Form 8802 and all the required attachments are sent either:

Department of the Treasury
Internal Revenue Service
Philadelphia, PA 19255-0625

You sent it the first time to the address if you pay by money order or check. Just follow the directions on the website.

https://www.irs.gov/Individuals/International-Taxpayers/Form-8802,-Application-for-United-States-Residency-Certification---Additional-Certification-Requests



  • massu
  • Explorer

    • 9

    • November 07, 2012, 01:34:15 am
    • USA
Re: Questions and Answers for American Taxes
« Reply #402 on: February 08, 2016, 11:17:17 am »
I know we have to file form 1040 and 2555 for American taxes but...

Since we have bank accounts in Korea, do we have to file Schedule B - Interest and Ordinary Dividends as well? And if we do, do we have to file FinCEN Form 114?



Re: Questions and Answers for American Taxes
« Reply #403 on: February 08, 2016, 05:46:05 pm »
Has anyone else received the following message after submitting taxes?


Latest Known Issues

Tentative Fix Date

Business Rule X0000-005 is received when you select Form 4361 from the drop-down menu on Line 57 of Form 1040. February 13, 2016


Re: Questions and Answers for American Taxes
« Reply #404 on: February 09, 2016, 11:29:01 am »
So I am filling out form 8802 and I have run into an issue with #5. So I did not file taxes any previous years. My parents claimed me as a dependent. So I put that under "no" and the "other" section of #5.

Now in the instructions it says "a child under age 19, or under age 24 if a full-time student, whose parent(s) elected to report the child's income on their return" I am assuming this is me due to the situation." And I'm also assuming that #5 is asking about taxes that were filed for the previous year.

But also in that section it says I need to attach form 8814 to send in. All of that I was fine understanding (unless someone knows I have made a mistake somewhere already). But in form 8814 it is asking for information that neither my parents or I were ever provided with at any time in my life. So I have no way to fill this document out yet they still want it?

Anyone know what I am missing?


Re: Questions and Answers for American Taxes
« Reply #405 on: February 09, 2016, 02:42:15 pm »
I know we have to file form 1040 and 2555 for American taxes but...

Since we have bank accounts in Korea, do we have to file Schedule B - Interest and Ordinary Dividends as well? And if we do, do we have to file FinCEN Form 114?
If your Korean bank account was valued at over $10,000 at any point during the year, then yes you need file Form 114. If you kept it under $10,000 then you don't need to file. If your money is in investments instead of bank accounts then you don't need to file.  It's just to make sure that you're not funneling money to terrorists.


  • massu
  • Explorer

    • 9

    • November 07, 2012, 01:34:15 am
    • USA
Re: Questions and Answers for American Taxes
« Reply #406 on: February 12, 2016, 10:06:27 am »
I know we have to file form 1040 and 2555 for American taxes but...

Since we have bank accounts in Korea, do we have to file Schedule B - Interest and Ordinary Dividends as well? And if we do, do we have to file FinCEN Form 114?
If your Korean bank account was valued at over $10,000 at any point during the year, then yes you need file Form 114. If you kept it under $10,000 then you don't need to file. If your money is in investments instead of bank accounts then you don't need to file.  It's just to make sure that you're not funneling money to terrorists.


Thanks for the response! Good to know :)


Re: Questions and Answers for American Taxes
« Reply #407 on: February 19, 2016, 12:52:14 pm »
sorry if this was already answered... I taught in Korea from 2009-2011 through EPIK and got the tax exemption.  I'm going back now, also public school... should I still file for tax exemption?  Am I no longer eligible for the U.S. tax refund since I got it the first two years, or does that only count for people who live in Korea consecutively?  Thanks in advance.


  • pohangster
  • Waygookin

    • 17

    • April 24, 2013, 08:09:37 am
    • Pohang, Korea
Re: Questions and Answers for American Taxes
« Reply #408 on: April 15, 2016, 02:39:14 pm »
I started filing my taxes on TaxAct which I've used for the past few years with no problem.  However, now I'm unable to include the Foreign Earned Income Exclusion (form 2555) with my 1040 without upgrading to a premium service.  Does anyone know of an online free tax service that lets you include form 2555 for free.  I know Turbotax makes you upgrade as well.  It seems like most of the services do.  I'm thinking I might just wait until I go home and file for multiple years since I don't actually owe any tax anyway.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Questions and Answers for American Taxes
« Reply #409 on: April 15, 2016, 03:34:49 pm »
pohang,

You can do that, however, I would strongly advise against it, as you won't be able to max out your Roth IRA, if you don't file annually.


  • Mezoti97
  • The Legend

    • 2702

    • April 14, 2011, 03:02:50 pm
    • South Korea
Re: Questions and Answers for American Taxes
« Reply #410 on: April 15, 2016, 05:40:58 pm »
sorry if this was already answered... I taught in Korea from 2009-2011 through EPIK and got the tax exemption.  I'm going back now, also public school... should I still file for tax exemption?  Am I no longer eligible for the U.S. tax refund since I got it the first two years, or does that only count for people who live in Korea consecutively?  Thanks in advance.

By "tax exemption," I assume you mean exemption from Korean taxes -- if so, since you got exempt from paying Korean taxes from 2009-2011, you are no longer eligible to be exempt from paying Korean taxes again. My understanding of the 2-year tax exemption for Korean taxes is that it is a "one-time only thing" (meaning, if you received the exemption in the past, then you can't get the exemption again later on in the future).


  • pohangster
  • Waygookin

    • 17

    • April 24, 2013, 08:09:37 am
    • Pohang, Korea
Re: Questions and Answers for American Taxes
« Reply #411 on: April 18, 2016, 01:58:45 pm »

You can do that, however, I would strongly advise against it, as you won't be able to max out your Roth IRA, if you don't file annually.

Yeah, I've been reading up about this.  It seems you can't claim the Foreign Earned Income Exclusion and still contribute to an IRA. That's why I've never gotten a Roth IRA.   However, now that I've been here long enough that I have to pay Korean income taxes I'm wondering if it wouldn't be better to claim the Foreign Tax Credit rather than the FEIE thereby allowing me to contribute to a Roth IRA.  Is it worth it to do this?  I guess I better figure out exactly what I pay in Korean income tax and see how much less it is than U.S. income tax.  By looking at my pay stubs it looks like I only pay around 5% in Korean income tax.  I'm not sure why it's so low.  It says online that Korean income tax is 8% for the first 10 million won and 17% on income from 10-40 million won.  If I was actually paying that it seems comparable to what my U.S. income tax bracket would be which would make it worth it to pay U.S. income tax on my income, claim the Foreign Tax Credit, and contribute to a Roth IRA.  Could anyone help clear this up?


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Questions and Answers for American Taxes
« Reply #412 on: April 18, 2016, 02:10:13 pm »
Who told you aren't able to claim the exclusion and contribute to your IRA?

That is news to me, as it hasn't been that way in the past.


  • pohangster
  • Waygookin

    • 17

    • April 24, 2013, 08:09:37 am
    • Pohang, Korea
Re: Questions and Answers for American Taxes
« Reply #413 on: April 18, 2016, 02:39:05 pm »
Who told you aren't able to claim the exclusion and contribute to your IRA?

That is news to me, as it hasn't been that way in the past.

I think this explains it pretty well.
http://www.ustax.bz/expats-iras/
So it seems if you claimed the FEIE, you could only contribute any amount you made more than $100,800 (the FEIE limit).  But you couldn't make more than $116,000 which is the limit to be able to contribute to the Roth IRA.  Did you just contribute anyway?  I'm thinking I'll probably just claim the exclusion.


Re: Questions and Answers for American Taxes
« Reply #414 on: April 18, 2016, 07:02:39 pm »
Just a reminder for everyone that you are required to file every year (if you are American)

You can see proof in another thread, here: http://www.waygook.org/index.php/topic,96442.msg617625.html#msg617625


  • brenng87
  • Adventurer

    • 43

    • March 03, 2016, 12:44:46 pm
    • Cheonan
Help with back taxes!
« Reply #415 on: April 20, 2016, 01:12:47 pm »
Quick question: I think I may have filed my taxes wrong a couple years ago. Can someone confirm or dismiss this. I came in July 2013 so half of the year was spent in Korea and half in the US up until July. I filed a 2055 and claimed a bonafide residency test. How? By claiming a future date, because I planned and did stay in Korea.

I'm thinking I should have paid US taxes for the income I earned in Korea that year. Am I right?

If so. How can I rectify the situation? Will I have to pay interest on the balance?

Thanks!


Re: Help with back taxes!
« Reply #416 on: April 20, 2016, 09:50:24 pm »
Quick question: I think I may have filed my taxes wrong a couple years ago. Can someone confirm or dismiss this. I came in July 2013 so half of the year was spent in Korea and half in the US up until July. I filed a 2055 and claimed a bonafide residency test. How? By claiming a future date, because I planned and did stay in Korea.

I'm thinking I should have paid US taxes for the income I earned in Korea that year. Am I right?

If so. How can I rectify the situation? Will I have to pay interest on the balance?

Thanks!

Bonafide residency is a tricky beast. If you didn't get a letter from the IRS asking for money you should be fine. You can also ask for transcripts to check it was accepted.
Bonafide residency is essentially you saying "I intend to live in this foreign country for a long time" so even if I go to the States for a little while I'm planning on returning to "other country".

The amount of time you spent in the States lowers the amount of money that's tax exempt so if you filled that out correctly and still didn't meet the thresh hold you're good to go!


  • jade4
  • Newgookin

    • 4

    • October 05, 2015, 02:06:52 am
    • Busan, South Korea
Re: Questions and Answers for American Taxes
« Reply #417 on: July 23, 2016, 09:18:05 am »
Hey folks! Incredibly useful info throughout this thread - thanks!

However, I've read through the entire thread and I can't seem to find confirmation for my question. A few people have mentioned offhand that the same Form 6166 can be used for two consecutive years of tax exemption in Korea. However, in filling out the Form 8802 to request the 6166, I have to fill in the specific year that I am requesting it for (Line 7 and again on Page 3) - so I assume that said year is printed on the Form 6166 somewhere.

Would that not mean that the Form 6166 for (say) 2017 would NOT be still valid for 2018?

I'm pretty new at all this, so I just want to make sure that I'm doing this correctly!


Re: Questions and Answers for American Taxes
« Reply #418 on: September 09, 2016, 11:12:58 am »
Hey folks! Incredibly useful info throughout this thread - thanks!

However, I've read through the entire thread and I can't seem to find confirmation for my question. A few people have mentioned offhand that the same Form 6166 can be used for two consecutive years of tax exemption in Korea. However, in filling out the Form 8802 to request the 6166, I have to fill in the specific year that I am requesting it for (Line 7 and again on Page 3) - so I assume that said year is printed on the Form 6166 somewhere.

Would that not mean that the Form 6166 for (say) 2017 would NOT be still valid for 2018?

I'm pretty new at all this, so I just want to make sure that I'm doing this correctly!

To answer this question, I would say that you should definitely put both years that the tax credit applies to. I just got word from my own school that because I only put 1 year on the form, the tax credit expired and they need a whole new form. If I want to get the tax credit again, I'm assuming I need to get a whole new paper which is just another $85. And because I'm only staying here for another 6 months, that means it won't even really be worth it. So there goes my money. Learn from my mistake.

So in short, it couldn't hurt to put both years that the credit applies to on the form.


  • jade4
  • Newgookin

    • 4

    • October 05, 2015, 02:06:52 am
    • Busan, South Korea
Re: Questions and Answers for American Taxes
« Reply #419 on: September 24, 2016, 02:27:45 am »
Hey folks! Incredibly useful info throughout this thread - thanks!

However, I've read through the entire thread and I can't seem to find confirmation for my question. A few people have mentioned offhand that the same Form 6166 can be used for two consecutive years of tax exemption in Korea. However, in filling out the Form 8802 to request the 6166, I have to fill in the specific year that I am requesting it for (Line 7 and again on Page 3) - so I assume that said year is printed on the Form 6166 somewhere.

Would that not mean that the Form 6166 for (say) 2017 would NOT be still valid for 2018?

I'm pretty new at all this, so I just want to make sure that I'm doing this correctly!

To answer this question, I would say that you should definitely put both years that the tax credit applies to. I just got word from my own school that because I only put 1 year on the form, the tax credit expired and they need a whole new form. If I want to get the tax credit again, I'm assuming I need to get a whole new paper which is just another $85. And because I'm only staying here for another 6 months, that means it won't even really be worth it. So there goes my money. Learn from my mistake.

So in short, it couldn't hurt to put both years that the credit applies to on the form.


Thanks for answering, Stella! I guess I assumed that you could only put ONE year on the form, but I went back and saw that it indeed says "Calendar year(s) for which the form is requested" (gotta love that plural). Sorry that you're having to deal with the last 6 months of taxes over there - but thanks for letting me benefit from your experience!