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Hi, I need to file a 2555 form for 2012. I live in South Korea.

I was back in America...
Hi, I need to file a 2555 form for 2012. I live in South Korea. I was back in America for 36 days last year. I heard I have to pay income tax now since I was 1 day over the 330 days that exempt me from paying USA taxes. I made $30,000 and have no other income and can write off $900 from student loan debt.

1. It was a leap year last year. Do I get to count that day so I won't have to pay taxes in America?

2. If not, how much should I expect to pay in US income tax?
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Answered in 12 minutes by:
3/21/2013
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Verified

The chat option doesn't always work, so I've copied my answer into this format to make sure that you can see my answer:

 

 

Anne :

Hi

Anne :

Thank you for using justanswer

Anne :

The instructions for Form 2555 state:

Anne :

Physical Presence Test

To meet this test, you must be a U.S.

citizen or resident alien who is physically

present in a foreign country, or countries,

for at least 330 full days during any period

of 12 months in a row. A full day means

the 24-hour period that starts at midnight.

To figure 330 full days, add all separate

periods you were present in a foreign

country during the 12-month period shown

on line 16. The 330 full days can be

interrupted by periods when you are

traveling over international waters or are

otherwise not in a foreign country. See

Pub. 54 for more information and

examples

Anne :

This means that you don't have to use a calendar year from Jan 1-Dec 31 in order to meet the 330 day presence test

Anne :

If you find that you don't meet the full presence test during any 12 month time frame, then you may take a reduced credit

Anne :

You would calculate this by the # XXXXX days that you were on foreign soil/330

Anne :

You would then use this % and multiply the $30,000 to calculate your Foreign Income Exclusion

Anne :

Please see page 20 of IRS Pub 54

Anne :

I hope this helps.

Anne41354.2072130208
Anne
Anne, Master Tax Preparer
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Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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Anne
Anne
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