JohnnyBD

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.

For those suggesting that Thai tax residents, in the future, may need to show a tax clearance certificate before traveling aboard, you do realize it would also apply to Thai citizens as well. This is not only a foreigner issue. I don't believe this will ever happen because it would gridlock the airports and border crossings. IMO it would be more likely that the tax issue would be addressed at IM when one went to renew their visa or extension. As of today, we have not had any firsthand reports of IM requiring a tax clearance certificate.

I agree the annual renewal would be the most likely time to ensure a foreigner is paying any income taxes due, and not by checkng every foreigner leaving the country, some who may not be required to file and who owe no taxes.

So, not all foreigners are required to get a tax certificate. Only those who have a tax liability or income generated from work in Thailand. Is that correct?

The system you are referring to was most probably for foreigners who were employed in Thailand, and NOT for retired expats. Many countries have a similar system where the employer gets an exit visa and tax clearance certificate for the employee when their employment ends. As to your conjecture about IM stopping foreigners from leaving the country unless they have a tax clearance certificate or TRD setting up a desk at the airport, I will speculate just the opposite of you, that it will never happen. We just have to wait and see who's right.

This form is not required for expat Retirees, but I bet some will start posting that it is, now that they have seen it. There's plenty of false information being posted on these tax threads.

Just a word of caution. If you change your address at Fidelity to a non-US address, Fidelity may put restrictions on your account. I changed my address to Thailand a few years ago and Fidelity restricted my account, so I changed back to my US address.

It appears the OP's accountant made a ruling that his pension was non-assessable and did not declare it on his tax return. If that is the case, TRD would not have been aware of his pension.

If you leave Thailand and re-enter before the 1-year LTR reporting date, does the 1-year reporting clock reset when you re-enter? For example, my paper states I should do my 1-year reporting in July 2025, but I left the country and will re-enter on Feb 22, 2025. Will the 1-year clock reset to Feb 22, 2026 even though airport IM does not give me a new paper, or should I go report in July 2025?

When a LTR visaholder re-enters Thailand, will airport IM staple a new piece of paper which shows a new 1-year notification reporting date from the date of re-entry?

Thanks. One more question. Will they give me a new paper stapled in my passport with a new report date of 1- year from re-entry?

Just a question... If you get a stamp upon re-entry, you will reset the LTR 1-year reporting clock, correct? If you don't get a stamp, will the clock still be reset, even if you don't have a stamp to prove it when you go to IM? I will return in a few days, so I thought I needed to get a re-entry stamp stating my next report to IM would be in 1-year. This is my first overseas trip since I got my LTR, so it would be nice to know how it works.

I send USD via SWIFT wire transfer method directly from my US Chase Bank checking or savings accts to my Bangkok Bank USD acct. Chase Bank does not charge me an outgoing wire fee due to my relationship level. Bangkok Bank charges an incoming wire fee of .25% with a min. 200B and max 500B. I can hold the USD in my Bangkok Bank USD acct until I'm ready to convert it to my THB acct, which can be done online during working hours at the current TT rates. If I need money quickly, I just use my Chase Bank debit card at an ATM. The conversion rates seem to be pretty good. Yes, I login to my Chase Bank accts from Thailand and make the wire transfers.

Thanks for pointing that out. I see where that could be a problem if one is trying to prove how many days one stayed in-country. I still use the fast track/priority area and IM stamps my passport, so it's easy to prove my time in-country.

Your local immigration office can supply paperwork showing this information. Thai airport IM will stamp your passport when you leave and again when you return, the same as any other visa category. That's the proof of how many days one stayed in Thailand. Am I missing something?

Yes, it's that easy. It all magically disappeared when I received my LTR-WP visa. BOI informed me in writing that all my foreign income is tax exempt and I do not need to file a tax return. TRD & IM are two of the gov't agencies that had to sign off on my LTR visa. No more worries. Good luck to you.

Sure. All they will have to do is prove it to the TRD, or, no certificate for their extension. What's unworkable about It can be very difficult to prove a negative. No, I didn't remit any monies. Prove it. How? Go to every bank in the country to get a statement that you don't have an account with them. No, I didn't make any ATM withdrawals using a foreign bank debit or credi card. Prove it. How? That's unworkable. Luckily, I do not need to go to IM for another 5 years with my new LTR visa.

I'm not sure TRD will give you a credit against your Thai tax bill if you paid taxes on your income in your home country. For example, I will pay taxes in Apr 2025 on all of my US income for tax year 2024. If I remitted some of that income to Thailand in 2024 and I owe taxes to TRD (by Mar 31), then the US will give me a tax credit against my US tax bill (using form 1116) when I file my US tax return in Apr 2025. That is what I have been told by several others on this forum. If you find out different, please let us know.