JohnnyBD

Made $2,400 USD xfer via SWIFT (no outgoing fee with Chase Bank due to my relationship) to Bangkok Bank minus .0025 incoming fee of $6.00 = $2,394 converted at 34.14 = 81,731 THB. Most US banks charge an outgoing wire fee of $35 to $75 USD, which would make Wise a better choice. I just use SWIFT since I pay no outgoing fees. Wise was 81,614

What changed since you posted you wanted a divorce on 10-21-2023? https://aseannow.com/topic/1309955-divorce-yesno/

That's really interesting. I would love to hear JimGant's take on that point.

Dear Drjack54, No insults intended, but I always wondered how many people % wise live in Thailand on ST visas doing border runs or flights in & out, and for what reasons. Maybe under 50 who don't qualify for retirement, or not married to a Thai so don't qualify for marriage. One guy told me he's been here 8 years on every different ST visa while doing border bounces, etc., but he just received the 5-yr DTV on a company he just made up. ST = short-term

Thanks for the excellent analysis and summary. 😊

UOB charges 500b incoming wire fee regardless of amount wired SCB charges 300b min., 500b max incoming wire fee depending on amount at .0025 x amount Bangkok Bank charges 200b min., 500b max incoming wire fee at .0025 x amount

https://finance.yahoo.com/quote/SCB.BK/

You missed the part about the agent putting the 800k in his bank account temporarily for his 1-year extension.

Thanks for explaining.

Thanks for explaining.

Forgive me for going off topic, but can you explain how agents get the 1-year extensions without the 800k in the bank. I would really like to know how that works. Thanks.

Thanks for the very detailed explanation. So, all US citizens are required to report and pay taxes on Traditional IRA taxable distributions on their US tax returns if they exceed their deductions, subject to credit for taxes paid in Thailand. Someone seemed to suggest that one could notify the IRS that they are a Thai tax resident and then would not have to report those distributions on their US tax return. That doesn't seem correct.

Jim, could you pleasd comment on how Traditional IRA distributions will be reported to each country. For example; Case 1: John, a US citizen, takes a $30k IRA distribution in 2024, and remits it to Thailand in 2024. John reports it on IRS 1040 tax return as normal, but he also files 1116 and claims a credit for taxes paid in Thailand, thereby reducing his US tax bill. Cases 2: John, a US citizen, takes a $12k IRA distribution in 2024, and remits it to Thailand in 2024. John reports it on IRS 1040 tax return as normal, but he cannot claim a credit even though he filed a Thai tax return, because he didn't pay any taxes in Thailand due to his deductions and allowances. Would this be how it would work?

Your statement is incorrect. I've been a Thai tax resident for the past 8 years and I am required to file, report and pay taxes on my Tradional IRA distributions in the US. PwC does my tax returns, so I'm sure they know better than you what the rules are.

Were you working? A tourist? On what type of visa? What nationality? I believe Americans can stay up to 180 days visa free with no tax clearance. Also, why cut my sentence to make it look like I suggested a tax clearance is needed when I clearly stated none is required in Thailand.