U.S. Taxes for Americans Living in Korea (en Inglés)
Reseña del libro "U.S. Taxes for Americans Living in Korea (en Inglés)"
You live in Seoul. You pay Korean tax. Nobody told you the IRS still wants a return every year.The United States taxes its citizens on worldwide income no matter where they live, and a green card does the same until it is formally surrendered. That rule reaches a great many people in Korea who do not think of themselves as American taxpayers: Korean-Americans who took a job in Seoul, people born in the United States who left as small children, spouses of Korean nationals, and green card holders who went home for family reasons. Most discover it when a Korean bank asks them to sign a FATCA form, or when a parent dies and money has to move.Written by a Los Angeles CPA who has advised Korean-American families for over 25 years, this plain-English guide covers:Who is a U.S. person, and why being born in an American hospital is enoughThe returns you owe, the June 15 deadline, and what happens to the years you missedChoosing between the foreign earned income exclusion and the foreign tax credit, with the numbers worked outKorean salary, year-end settlement, severance pay, and stock from a Korean employerFBAR and Form 8938 for your Korean accounts, and why your bank keeps askingThe PFIC problem: Korean funds, ISAs, pension savings accounts, and insuranceSelf-employment tax, and the totalization agreement that can eliminate itA Korean spouse, an ITIN, children born in Korea, and gifts from Korean in-lawsThe Streamlined Foreign Offshore Procedures: coming into compliance with no penaltyKeeping the green card, letting it go, or renouncing citizenship — and the Korean nationality and military service rules that interact with itSixth in the Korean-American Money & Tax Guides series. Read more