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#1
08-24-2004, 09:11 AM
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 Re: Double Taxation for U.S. resident who has investment in Korea David Woods, EA, ChFC, CLU wrote: - quote - > "George Lee" <nygentleman2002[at]yahoo.com> wrote:
Any portion of the Korean income the original poster earned> > I have moved to the US in year 2001 from korea, after obtaining > > greencard. I still have assets and investments in Korea. I paid the > > tax in korea for the income I earned in 2001 and since. However, > > since I am a US resident, my tax rate was 13.5%. My question is > > whether I am to file my earned income that I made in Korea here and > > whether I should pay the difference (I had no income in this country > > in year 2001 or since). Your input would be most appreciated. Thank > > you. > You are taxed here on all your income. You may take a > credit for up to the entire amount of your Korean tax. > There may be other provisions in any tax treaty with Korea. > Check with a local professional to be sure. in 2001 before he became a U.S. resident is not taxable by the U.S. Also, the foreign tax credit is limited so it is possilbe he may not receive a U.S. tax credit for his entire Korean income tax paid. The original poster should refer to IRS Publication 519, U.S. Tax Guide for Aliens, available online in html format at http://www.irs.gov/publications/p519/index.html and in pdf format at http://www.irs.gov/pub/irs-pdf/p519.pdf Regards, Bill ~~~~ Associate Professor of Accounting Longwood University Department of Accounting, Economics & Finance http://www.longwood.edu/staff/brownwp/ Opinions expressed by me are mine, not necessarily my employer's. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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07-23-2004, 02:00 PM
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| Re: Double Taxation for U.S. resident who has investment in Korea "George Lee" <nygentleman2002[at]yahoo.com> wrote: - quote - > I have moved to the US in year 2001 from korea, after obtaining
You are taxed here on all your income. You may take a> greencard. I still have assets and investments in Korea. I paid the > tax in korea for the income I earned in 2001 and since. However, > since I am a US resident, my tax rate was 13.5%. My question is > whether I am to file my earned income that I made in Korea here and > whether I should pay the difference (I had no income in this country > in year 2001 or since). Your input would be most appreciated. Thank > you. credit for up to the entire amount of your Korean tax. There may be other provisions in any tax treaty with Korea. Check with a local professional to be sure. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-21-2004, 06:36 AM
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| Double Taxation for U.S. resident who has investment in Korea I have moved to the US in year 2001 from korea, after obtaining greencard. I still have assets and investments in Korea. I paid the tax in korea for the income I earned in 2001 and since. However, since I am a US resident, my tax rate was 13.5%. My question is whether I am to file my earned income that I made in Korea here and whether I should pay the difference (I had no income in this country in year 2001 or since). Your input would be most appreciated. Thank you. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| double, investment, korea, resident, taxation |
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