Almost exactly one year ago, I looked like this….
…because it felt like EPIK was taking forever to let me know what city I would be teaching in.
So for all of you out there currently in this position and checking your email 50 times a day. Here are some things you should do in the mean time.
1) US Citizens…. get the 8802 tax exemption form from the IRS website. If you don’t want to be liable for taxes in both the US AND Korea you will need to show this form to your school accountant in Korea. It takes a least a month to get it. Apply now. The information below will help you fill out the form.
- do not check either of the boxes at the top of the form
- your taxpayer identification # is your SS #
- Put an appointee down (you don’t need a CAF No.) Only if you have a power of attorney or similar paperwork
- On Part 4: Individual – U.S. citizen
- On Part 5: You’ll probably put Yes – 1040 but if you have a special tax form or something, put that instead
- On Part 7: Put 2011
- On Part 8: put 201012
- On Part 9: check income tax
- On Part 10: (VERY IMPORTANT)
Write your name & SS is a U.S. resident and will continue to be throughout the current tax year.
After that write “This certification is given under penalties of perjury and to the best of my knowledge and belief the statements are true, correct, and complete.”
2) Let your bank know you will be using your debit/credit card out of the country.
A couple of my friends had their cards deactivated because their bank suspected someone had stolen their card because it was being used on the other side of the world. Also see if there is an additional fee to use your card overseas.
3)Check to see if your bank had high fees for accepting an overseas transfer.
I had to send money home for bills and my credit union had low fees for incoming international wires. Other banks like BoA have really high fees. If you need to, open up a bank account before you leave. You can lose enough money from the exchange rate alone, why add 30-50 on top of that?
4) Tie up loose ends.
Whether it’s a car you’re leasing, subletting your apartment, figuring out to store or sell your stuff take care of it. The less financial obligations you have the better. I went through some unnecessary stress and financial problems because I didn’t finish tying up loose ends before hopping on the plane to Korea.