gk10002000

19 hours ago, frantick said:

Try any of the online as tax calculators. If you only enter an amount in the SS income field, the tax is $0. I'm sure they're ALL wrong.

I just ran through the calculations.  The IRS pubs clearly say when some ssa could be taxable even if SSA is one's only income.   The catch is, the ssa benefits taxable work sheet while a bit complex, if one runs some numbers, one would have to make just over the current maximum possible SSA benefit payout of 3770x12=45,240.  So I assume the IRS having legal beagles that they do, leave it open a bit. I ran the numbers once assuming 60,000 in SSA benefits, and a person would have 5,900 of their SSA income included on line 5b of the 1040 and that would be part of and basically the only part of their AGI.  Then later if one took the standard deduction of say 12,200 or whatever it is now, their total taxable income would be 0.  So yes, I agree that if one only had SSA as income, they would owe no taxes.  However they still would have to file if their SSA was >2x 12,200 = 24, 400.

So we mixed apples and oranges a bit. 

1:  The chart in the 1040i say when one must file, and that formula is pretty straight forward

2:  Your benefits may be taxable if the total of (1) one-half of your benefits, plus (2) all of your other income, including tax-exempt interest, is greater than the base amount for your filing status.  The SSA taxable benefits worksheet is nutty and mostly theoretical when ones standard deduction is later taken.

close hotels?  and where are locals that live in hotels... some on long term contracts, travelers, foreign visitors supposed to go?

On 2/9/2020 at 9:29 PM, Bagwain said:

I deal with arguably the best & strongest brand of salt chlorinators on the market. 3 model ranges. Standard, Eco Low salt & "Oxy Minerale" Also an "Oxy Minerale UV" which uses pink Himalayan salt & creates active oxygen particles (Anolyte) that are a residual sanitiser as apposed to chlorine. Made in Australia with 100% Australian parts. These machines are bulletproof & come with extended warranties. Perfect for tropical condistions. Most other brands are made in China or with Chinese parts. They don't like the constant humidity that is experienced in Thailand & surrounds. Google PuraPool.

PuraPool?  I am not sure exactly what product you mean.  Internet search seems to return several things.  I love the words you used but can you confirm what the company or brand name of these salt chlorinators are?  Available in the USA?  Thanks

On 2/25/2020 at 11:24 AM, jessicar said:

My pool is 8x4 meters.

Concrete above ground.

All self made.

Took me 3 month to build.

Including pump and filter 75000,-

 

 

Concrete above ground?

19 minutes ago, Puchaiyank said:

The virus is as bad as your wife unexpectedly opening the bedroom door with a kitchen knife in her hand while you are busy bonking the neighbor's cute teenaged daughter...

 

Some will survive...you likely may not!

Likely may not?  Hardly the case.  The statistics percentage-wise, as poorly calculated as they are, get better every day when they do the proper accounting.

20 minutes ago, Jingthing said:

I seriously doubt there will be any kind of application process. 

I don't really mean application process, I meant more of a "fix this if you did not get your check process".  There is no way all people can get the money properly the first time around for various reasons, change of address just within the USA as other posters have pointed out is quite common.

1 hour ago, Jingthing said:

I've been following this. Whether I get it or not won't change anything for me but it's still good to know about it. 

My take so far, it's based on your tax return. 2018 if you haven't filed 2019 yet.

Social security is eligible. A minimum of 2500 dollars.

I would be surprised if they're organized enough to exclude expats.

In my case I get social security direct to a U.S. bank account but my Thai address is recorded with both social security and IRS as my only address.

For people that have a U.S. bank on record with IRS for refunds etc. my understanding is that IRS will send it that way. Otherwise a check.

I heard some noise that social security people would get it that way, but that makes no sense to me. (But would be ideal in cases like mine.)

So in my case and I reckon there are others with similar situations, that would mean sending a physical check to Thailand.

Hmm. 

yeah there so many ways getting this money or checks or direct deposit or whatever might not work very smoothly.   I suspect there will be an "application process" online or otherwise to handle all the non simple cases.  I can't see the US gov mailing checks over seas.  heck a US check even if received in Thailand or any other country can be challenging to cash

2 hours ago, frantick said:

This statement is wrong. If SS is your ONLY income, it is not taxed federally, even if it's more than $35000.

 

Only if you have other income will they then tax part of your SS; ie pensions, wages, interest, etc.

 

And I'm talking Federal taxes here because there are many (loser) states that tax SS.

 

You are wrong.  Whether one has other income or not is NOT the driver.  The total of 1/2 your SSA + other income if you have it is the driver.   See (b) below for single people fro example.  From page 9 of the 2019 1040 instructions.

"one-half of your social security benefits plus your other gross income and any tax-exempt interest is more than $25,000 "

So if one had 26,000 in SSA benefits, 1/2 of that would be 13,000.  No other income, fine.  Total income is figured as 13,000 which is more than 12,200 and you would have to file.  Just because other income is mentioned does not mean you have to have it!

_________________________________________________________

Chart A—For Most People
IF your filing status is . . .
AND at the end of 2019you were* . . .
THEN file a return if your grossincome** was at least . . .
Single
under 6565 or older
$12,200.    13,850
Married filing jointly***
under 65 (both spouses)65 or older (one spouse)65 or older (both spouses)
$24,400   25,70027,000
Married filing separately
any age
$5
Head of household
under 6565 or older
$18,350 20,000
Qualifying widow(er)
under 6565 or older
$24,400 25,700
*If you were born on January 1, 1955, you are considered to be age 65 at the end of 2019. (If your spouse died in 2019 or if you are preparing a return for someone who died in 2019, see Pub. 501.)
**Gross income means all income you received in the form of money, goods, property, and services that isn't exempt from tax, including any income from sources outside the United States or from the sale of your main home (even if you can exclude part or all of it). Don’t include any social security benefits unless (a) you are married filing a separate return and you lived with your spouse at any time in 2019, or (b) one-half of your social security benefits plus your other gross income and any tax-exempt interest is more than $25,000 ($32,000 if married filing jointly)

18 hours ago, marko kok prong said:

I think it was around 26,000 all up,including pipes ,submersible pump,ect ,ect,my guys charged me a flat rate of 15,000 for the drilling,some charge by the metre,as mine was 52 metre deep a good deal,they hit water at 22 metre,but he was not satisfied so they drilled another 32 metre,then hit rock and the 'eye of water' so a big pool of it,they used a compressor and water to blow all the sand and dirt out,the water is crystal clear,and unlike town water,which we have none of for maybe 2 months,apart from a couple of days,it does not stink like rotten eggs,and is not brown when you fill a sink,well worth the investment

when I worked in Burlington Vermont area, many people had fine artesian wells and pumps.  However quite often the water while pure had subtle but noticeable  sulfur smell to it.  geologically an ancient seabed, lots of minerals, etc.

FYI:  I live in Florida but am working in New Jersey, just over the water west of New York city.  So many stores shut down it is almost eerie as I drive the 4 miles through the little towns of Lyndhurst, Nutley, Clifton and Rutherford (yes I am in the meadowlands right next to Giant's stadium.  I work for a large Department of Defense aerospace contractor.  Most DOD industries are deemed essential and are directed to stay open as part of the Defense Industrial Base (DIB).  There are all sorts of high level DOD memos out there and today this company issued "travel letters" for lack of a better word, that supposedly will help us with the local cops if they stop us and ask why we are driving and not locked down in our homes (Hotel for me).  Of course I doubt the local cops will understand such a letter or the details of what essential worker(s) or industries are.  But I am sure with a few radio and phone calls they will sort it out.   Millions of Americans that are involved in Defense Department work probably will be still working and of course the Mililtary folks that are stationed at all the USA bases and facilities mostly will be also.  

  But man, all the shops along the streets closed.  Very little traffic on Route 3 that goes East-West into and out of New York City.  The hotel stopped serving the granola bars and packaged oatmeal today that was always just out on a shelf.  They are cheating.  It is not like this was a cafeteria serving food.  The darn hotel is less than 1/4 full by my estimates but they are taking advantage of the situation and not even putting out granola bars!

random road checks to limit travel and traffic?  query those pesky foreigners that pulled up and moved to Thailand to spend their retirement monies?

12 hours ago, Pib said:

Stimulating the US economy is only one reason.  Other reasons exist such as to provide additional money regardless of where you live since corona virus is pretty much impacting US citizens regardless of where they live in the world....and it's election year when politicians love to throw money for your vote.

 

The latest I'm read is instead of two $1000 payments over two months it would instead be one payment for $1000-1200 plus $500 for each dependent with variations if you are filing federal tax return as single or joint return.....and also a major expansion of unemployment benefits.  Also more money being spent in a variety of small business & individual safety net programs with the final bill being around $1.2 trillion.  Time will tell....we should know by around Monday or Tuesday US time.

 

https://thehill.com/homenews/senate/488774-senate-negotiators-near-agreement-on-keeping-rebates-in-coronavirus-stimulus

 

I also read that "a person would have a choice to use their 2018 or 2019 tax numbers.  How that option would be asked for or submitted I have no idea.  Nothing spelled out if they would issue paper checks mailed to   (your last address on file with the IRS 1040? as a guess) or would it be direct deposited?  Seems like some sort of correspondence or communication may be needed.  Also there were no details on people that may now be retired or making the same or less money and how to handle that if that is to be addressed at all?

  I apparently will not be eligible as my income the last two years exceeded the limits.  That's OK.  I put money away for a rainy day and was ready to retire anyway.  Got lucky I took this contract job with a L3Harris and am working and getting paid a ton.  I was prepared to go to Thailand for a 90 day vacation in Thailand right after New Year but took this gig.  Sadly it is in New Jersey and it is getting crazy here just a few miles west of New York city.  But things will pass, I should be able to cash up a lot in the next few months and will see what shakes out after that. 

13 hours ago, fredwiggy said:

As a very general rule of thumb, if your only income is from Social Security benefits, they won't be taxable, and you don't need to file a return. But if you have income from other sources as well, there may be taxes on the total amount. Supposedly ,most should get it,even the unemployed and retired,who don't file taxes. I guess time will tell. Everyone's affected by this disease,including US citizens living here.

It really is not true that if SSA is your only income you don't have to file.  SSA benefits are taxable if you receive more than 25,000. Now granted many people's SSA benefit is less than that, but above 25,000 ssa becomes taxable so you would have to file to sort things out.  And you would want to file if over 65 because you get some extra standard deduction, etc.

On 3/19/2020 at 9:14 AM, OffshoreMig said:

It is lower then 18 to the dollar now and falling.  We have clients who are reconsidering staying in Thailand as the cost of meeting the requirements for a marriage visa 40,000THB per month increases as the dollar drops. Making it by comparison cheaper to relocate back to Australia

yes the bad exchange rates are punishing many people from many countries.  2004 my first trip USD to Baht was 44.  Recently it pushed "up" to 32 due to world conditions.  Those that retired early and on fixed incomes had big issues

I was hoping to spend at least 90 days there this year originally going late April after Songkran.  Assuming travel from the USA is possible, the next question is what will be the Thai entry requirements?  If a SETV need some sort of insurance?  Need some sort of Embassy letter? Need some sort of Medical certificate?  One of the original beauty and attractiveness of Thailand to me was the ease of traveling there.  Visa exempt on arrival, etc.  That worked well for me as my contract jobs stop and end often with little notice so any sort of advance travel planning was very hard to do.  Nothing to do but keep working and wait and see what happens.

5 hours ago, Snackbar said:

Seems laymen know better than the World Health Organisation.

in many cases yes since the laymen are not politically motivated or under political job or money pressure

Over the years, I have declined to shake stranger's hands.  Nothing against the old custom of a firm handshake, and I am not like the TV series character Monk, but I have no need for that physical contact.  Frankly the Thai Wai, or Chinese or Japanese custom of bowing is more appealing to me.  I hope it catches on.

287 deaths in the USA attributed to the COVID19 virus as of this afternoon.  Many more than that have died from the other Flu strains.  Crazy over reaction and incomplete fact reporting by officials.  So like in many things, in order to understand .  Follow the money.  Who or what will benefit from such a massive economic turmoil?

2 minutes ago, Cryingdick said:

 

Any young person first getting in has it very nice right now. That's how it works.

Yep.  The last ten years my investment scheme was centered around income, dividends, interest,  all tax free investments in my regular brokerage account, ETFs and bond funds in my ROTH and Traditional IRA.  I never tried to time market high lows, never believed it was easy or possible to buy low and sell high on a regular repeatable basis.  So I took the brute force approach and just shot  for about a 5 per cent income rate.  100 k at 5% was 5k a year.  500k was 25K etc.  Did I miss some big market ups?  Yep.  Did I suffer from big market dips?  Nope.  My values went up and down but the income dividends and interest really did not change much and have just kept compounding.  The only individual stocks I owned that took a beating were the REITs this last two weeks.  NLY and AGNC got hammered.  Apparently there were some forced sellings from large ETFs that owned them so the prices plummeted.  Oh well.  Just a good reason not to put too many eggs in one basket.  Solvent or not, high dividend pay our rate or not, the price value drop can be scary. 

  I am 63 now and still piling up cash and watching my social security grow 7% a year, so things are OK for me.