jjczap

Never mind the world coming here with all the hurdles and nothing to do.      I think we see now and will continue to see the Thai becoming the worlds new tourist     for example the Thai says let's go the US we only need a test 72hr ahead.   NYC.   LA. MIAMI.    WELCOME  you are free to travel.   oh by the way you can have a free vax if you want

36 minutes ago, Jingthing said:

Wow!

Now I'm really confused!
Your link says the FILING deadline is still April 15.

Pib's link indicated it was now July 15 with extending possible by July 15 to April.

So if you're link is true expats get the automatic expat extension to June 15 but must file for an extension by April 15 if they want to extends to October 15.

Clear as mud.

 

Yes of course filing deadline and paying deadline may be different, depending.

 

But really asking here about FILING deadlines. 

 

 

its not my content  it is a press release from treasury/irs     its their words  interpret as you may

2 hours ago, Jingthing said:

Thanks for all that.

But given that expats already get an extension until June 15, is it fair to assume that expats are also included in the general extension until July 15?

 

I normally apply for an extension on taxact but it's not super intuitive to do that. But I guess I wouldn't have to bother and try to file by July 15 if expats are included and then apply for an extension later to October 15 if needed.

 

I don't owe any taxes.

if you don't owe any taxes   why would you even have discussions on extension  just file it get it over with and erase one more thing from your mind

https://home.treasury.gov/news/press-releases/sm948

Im not sure what the issue is here   this is not about taxes   its about how much and where you have money outside the US  why would you even question can you delay why would you not want to do it right now get it over with    it takes less than 5 min do  online   unless you don't have your ducks in order  documentation that is 

went to do 90 today  -  walked thru the main door at 2:15  went to get number -  here is your number go to counter 1 -  looked at the screen gee its my number NO ONE WAITING  -  handed my docs - handed back all copies no need - she did a very quick check tm30 tm6  handed passport to student  who took out old 90 scanned  it printed out new one stapled in passport done   out the door at 2:18   it was that fast no waiting for number no waiting in que  no small talk just let them do their work out the door  WOW

announcement made - done deal - listed in Chiang Mai Immigration site

http://chiangmaiimm.com/en/

The temporary moving of Chiang Mai Immigration

25-11-2016 Hits:32 ประกาศ Super User

Chiang Mai Immigration will temporarily move, only Services for Foreigner Sub-Division [except Immigration Service Center for Legalized Labours of Three Nationalities (Myanmar, Laos and Cambodia)] and General Staff Sub-Division, to G floor, A Building, Promenada Resort Mall Chiang Mai, Tumbon Tasala, Amphur Muang Chiang Mai. The office will be open...

Read more

1 minute ago, Jingthing said:

Age to be able to start early depends on age. Younger people now it would be a later age. Stuff like this belongs on home country forum not here.

first of all the age is correct--  second the prior 2 posts talked about SS age and you did not respond to them I - why??   sounds like you pick and chose when to give your sound advice

15 minutes ago, kharmabum said:

 

i'm american and was born in 1970, which means i won't be able to collect full social security benefits till i'm 70.  no one in my family has ever made it past 75 and most have kicked the bucket before reaching 70.

 

and alot of people think social security won't exist by 2030, or if it does, will be rendered useless by hyperinflation.

 

i admit getting old and realizing you don't have enough money to enjoy your life sucks.

but not nearly as much as working till you drop dead and never having the chance to enjoy life.

you can take it at 62 with a 25% penalty - based on my birth year  my retirement age was 67 - I have collected for 5 years now and my breakeven if I waited to 67 to collect a higher amount is 78 - so if I waited to 67 I would have received between 3 and 4 hundred more a month after 78  --  god I just hope I make it to 78 -  just a side note - my father and sister both took it at 62 and both died before their breakeven

16 hours ago, dhream said:

On ‎11‎/‎27‎/‎2016 at 9:19 AM, BarnicaleBob said:

Can anyone tell me one benefit to having this new 10 year visa?

1. You still have to do 90 day checks

2.  You still have to do an annual check of which we don't have the details on yet. 

3.  It isn't really a 10 year visa, it is a 5 year visa that you can extend another 5 years, what is the fee for the extension?

4.  10,000 baht cost for 5 years comes to 2,000 a year, that is 100 baht a year more or 500 baht more expensive for the 5 years.

5.  So not only does it cost more and you still have to go to immigration the same number of times but you must have 3 million baht rather than 800,000 or 100,000 baht income rather than 64,000 baht.  

What is the advantage of this so called 10 year visa?

The advantages, BB, are abundant, and quite clear!

But only if your name is Mr. Somchai Takemorebaht, and you warm a chair at the Thai Government Treasury.

YES -  you missed one point that was in the Cabinet release -  read it again -  it is a multi entry visa --  3900 * 5 =  19,500 baht savings -  sounds pretty good to me -  plus your #5 is incorrect , you visit immigration for the visa twice in 10 years initial and renewal and with the multi entry and you enjoy to travel how many 90 days would you do in a year? and if you meet the income requirement there is no money tied up   --  again sounds pretty  good to me

No need to file the return if you have no income to report, They will however send you another one next year (according to my experience).

To be precise that would be "no need to file the return if you have no income that is taxable in Thailand to report".

You might have income in a foreign country for 2015, but have not brought it into Thailand during 2015 (ie you lived from savings of income from prior years). That would not be taxable in Thailand.

If the income is from the US and already taxed there is no need to claim is it as there is a tax agreement between Thailand and the US.

thanks for the laugh - I did have my US brain on since I was doing my US tax - sorry I was confused - tks for stating it is Thai tax -- but for the US souls that don't report their accounts here or the Thais that have accounts in the US and not reporting -- Well --- Thailand, US sign agreement to share tax information - http://bangkok.coconuts.co/2016/03/04/thailand-us-sign-agreement-share-tax-information

No need to file the return if you have no income to report, They will however send you another one next year (according to my experience).

Thank you! I worry I may get fined for not submitting.

I hope you understand that the IRS classifies income as earned and unearned. I assume you live in Thai so how do you live without any income ? I can see you not having a w2 or self employed income etc. ( earned ) but no unearned like SS, Pension , interest on savings ( in Thai or the states ) , dividends etc. You have the booklet , I would suggest reading the easy to follow instructions on who has to file and what is considered income. I assume you are retired , so for example if your only income is SS you don't have to file. Again assuming you are retired here on a retirement visa using the 800k in the Thai bank method you may not have to file with the IRS but you must file the FBAR with the Treasury Dept. Why you may ask - it is the US law that requires all US citizens no matter where they live to report to the Treasury once a year if they have more than 10,000$ in total any where outside of the US -- severe penalties for not filling

NEVER is a very strong statement! I am happy for you that you are so CONFIDENT!

You appear to have no knowledge of what a US Consulate is allowed to do while at the same time you appear to the sort of person that can only post non productive, negative posts.

Yes I am confident because knowledge is on my side, not ignorance.

TH

thank you for your polite input -- GEE if knowledge is on your side please enlighten the rest of us as to US government /consulate laws - no mention or acknowledgement of what Thai might do -- head in the sand - ignorance! this is the meaning of someone who ignores the possibility of change and sticks by there belief's that what I believe is cast in stone - good luck my friend

It doesn't take rocket science to avoid the reporting requirement. Keep your money in US banks and transfer it as you need it. Most banks have internet banking - so it is quite easy. If you have unexpected expenses, use a credit card and pay off the balance at the end of the month. All transactions in excess of US$10,000 are tracked in the US. To me, FACTA is no big thing. Maybe I'm just too poor to care.

That is exactly what I do. No more then 10k in Thai bank account (use income letter for extentions), no assets in my name in Thailand.

All very simple.

TH

what happens when immigration stops excepting income letter or US wants proof like all the other countries - in these times we

re in nobody knows what the future requirements might be

I can back up the letter with Thai bank statements showing money coming into Thailand. US consulate will never ask for proof, all they do is notarize my signature on a statement I make on my income. Legally they cannot do anything else.

TH

NEVER is a very strong statement! I am happy for you that you are so CONFIDENT!

It doesn't take rocket science to avoid the reporting requirement. Keep your money in US banks and transfer it as you need it. Most banks have internet banking - so it is quite easy. If you have unexpected expenses, use a credit card and pay off the balance at the end of the month. All transactions in excess of US$10,000 are tracked in the US. To me, FACTA is no big thing. Maybe I'm just too poor to care.

That is exactly what I do. No more then 10k in Thai bank account (use income letter for extentions), no assets in my name in Thailand.

All very simple.

TH

what happens when immigration stops excepting income letter or US wants proof like all the other countries - in these times were in nobody knows what the future requirements might be

This is why I renounced US citizenship 12 years ago. Paying tax on global income when you don't even receive the benefits of living in the country ... not for me thanks. All the while US Corporations sheltering their earnings overseas.

If you are not living in the USA (physically out of the USA for more than 330 days per year or a permanent resident in another country) you dont have to pay taxes on any income earned abroad under $105,000 USD. Also depending on the year you renounced you might still be liable for taxes on earned income for a 5 or 10 period from the date you renounced, you might want to check into that. I went through all of this with my account in the USA several years ago.

for the readers let me point out the term used was any income earned - which basically means like salary the things that in our world are things that are reported on a W2---- un- earned income like interest, dividends , capital gains, SS etc must be reported regardless of earned income - so I think for the majority of US expats in Thai the major income is unearned income which must be reported

I am still looking for more info on this announced agreement - my understanding is the FATCA agreement between the US and Thai was a 2 phase approach - phase 1 was in effect July 2014 which was that you could not open a NEW financial acct in Thai with out filling out the IRS form which you provide your SS# and your acct info will be provided to the IRS yearly - my feeling is that this is phase 2 which will require all existing accts to be associated with a SS# and reported yearly -- so the Treas and IRS wil have you coming and going - if you have not been filling the FBAR ( unbelievable penalties!! ) or reporting you income on your accts they got you! penalty +++++++

If you do not have more than 10,000 USD in Thai accounts you do not have to register it with the IRS. Ah, but it is not just cash, it is assets. The problem that can, has in other countries, arise is when you are married and the IRS counts what has been acquired after you married a Thai lady as common property and it is over 10,000 USD in value. Then you are in violation of the law if you didn't report. This "law" has never and will never catch those that stash millions offshore. It will only catch the unsuspecting and lower/middle income expats. Nope, don't have, never have had, and never will have a reportable amount of USD here. I don't get taxed, yet, on my pensions but I'm less than 2,000 USD below the threshold. Of course with no COLA's these days nothing to worry about, right? While the plutocrats and corporations get away with paying nothing to little in taxes, thank you Republicans, the middle/working class gets saddled with paying for wars, US terrorism, overthrowing governments, and what it left of decency in social programs to benefit those struggling.

the FATCA law requires you only to report financial assets ie bank accts, stock brokarage accts , ins etc -- property assets are not part of it - so if you have over 10,000 in finalcial assets in total outside the US at any point during the calendar year it must be reported

It's easy enough to register your Thai bank accounts with the IRS and you can do it online. It only takes a few minutes. You're going to need to do it, so go ahead and get it over with.

If your talking about FBAR requirements yes it can only be done online but it is with the Treasury Dept not the IRS

do you remember 4 years ago when the Iranian terrorists partied in BKK with prostitutes before trying to kill Israeli diplomats -- why are they targeting bars?

Maybe this is a reason for raids to check passports -- as reported in TheNation today -- Alert for possible IS attacks - it appears that a warning was given by the US embassy of possible attacks by the Islamic State militant group

won't let me copy URL

no trolling . India just signed fatca a few days ago.

this is why so many business are closing...

http://www.forbes.com/sites/robertwood/2015/07/13/india-signs-pact-to-give-irs-account-data-could-end-blackwhite-money-too/

my view is that your are either from outer space or a troll for the US gov trying to see who's head pops up with some comments how to avoid - gee why didn't you answer my questions about your FBAR and FATCA obligations - I guess it more than appears you understand - you know about FATCA but you play the game of soooo stupid on taxes -- just plain BS with your ? on taxes - you are just plain BS BS BS - good luck in your underbelly trolling life

Plus I forgot to mention if you are a US citizen because of FATCA law you cannot open a new financial acct in Thailand or Spain without providing your SS# on IRS form w-9 - in fact there are over 80 countries that have signed a Inter Government Agreement covering this area - the foreign financial company will send all your info the IRS just like an American co does --- a list of the countries can be found here

http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx

I'm sure if the OP is a VIP traveling the world he is well aware of this fact - so is this whole thing about taxes one big troll?

If you're an American citizen you pay tax on your world wide income, regardless of where you live.

If you are a UK citizen and resident for tax purposes, you pay tax on your world wide income, regardless of where you live.

If you are a citizen of Israel, you pay tax on your world wide income, regardless of where you live.

Plus never mind the IRS and taxes - if you are a US citizen and had at over 10000$ at any given point in a calendar year in financial institutions out side the US you must report this fact to the US Treasury Department on a yearly basis - the reporting requires you to report the financial institutions name , account #, amount etc. and this is for all accts - the penalties for not filling are substantial - I'm sure if the OP is traveling 5 months here 6 months there he would be required to file unless he is traveling with a bag of cash -- question to the OP - have you been filing your FBAR with the US Treasury??

Get used to it life is full of ups and downs i don't see anyone cheering when it the opposite.

get used to it !! well I would love for you to tell that to our Auz andNZ friends and even some of our Euro buddies that have taken a 30 to 40% hit on currency exchange that now cannot meet the retirement visa requirements -- get used to it - I know many and now they are looking to visa agents at 25000 baht to cover their retirement visa requirements - get used to it

30%-40% hit, as opposed to the 50% gain they made after the 97 crash. What do you want to use as base line? Use the chart billd766 posted. It's unfortunate, but again, if anyone thinks there can't be drastic changes in rates, they need to stay home.

you know I agree with you in a way- the thread started with hey what's going on? I attempted to educate by sharing what's going on in the world with a few articles and comments " protect yourself " - but as usual it turns negative -- never mind trying to help -- your comment of " they need to stay home " shows the way your mind works - did you ever think some came here because they could not afford to live at home ? - but maybe there are those out there that need some help in understanding whats going on in their journey - to help them understand