Tag: Filing U.S. taxes from Korea

Most Americans/American permanent residents living abroad are required to file a U.S. Income Tax Return in order to avail themselves of the Foreign Earned Income Tax Exclusion.  The Exclusion allows a taxpayer not to pay U.S. taxes on all of one’s earning under a specific threshold.  You may lose the Exclusion if you do not file the return. You can file your U.S. taxes from within Korea. The Earn Income Tax Exclusion may be filed via IRS Forms 2555 or 2555-EZ.  Additionally, Americans/American permanent residents must report certain assets above a specific reporting monetary threshold.  Additional information may be found at: IRS Additionally, if a United States person (defined as citizen; resident; entity including but not limited to, corporations, partnerships, or limited liability) has a financial interest in/ signature authority over a foreign financial account then the electronic filing of the Report of Foreign Bank and Financial Accounts (FBAR) is