
NoDisplayName
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Jeeze, man, this ain't rockette seance! I'd expect this from CRS guy, not you. Thailand is implementing CRS this year. The banks have to get THEIR records in order. That means all non-Thai customers will have to fill out a form. New customers first, then existing customers. It's only Kasikorn for now. The other banks will get around to it, eventually, when they get around to it. After all, Thai banks are not known for their efficiency. Other countries are on different timelines.
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In that case, either: 1) Download the 2023 English form with year conveniently left blank, fill in "2024", then fill out as normal, declaring assessable income only, and mail in or take in person. 2) Use the online system and submit a Thai language 2024 form, declaring your assessable income, then from within the system, link to your bank account and transfer the tax due.
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You don't understand. It's a CRS paperwork drill. You need to fill out a specific form so that the bank can check their tickbox. I show my passport when I open an account. Still have to fill out the IRS form though. All banks should be having NEW account openers filling out the forms upon opening. Banks will be having OLD account holders filling out the forms throughout the year. They don't all have to have the OLD accounts done now, but before some cutoff date. Some banks will get around to it sooner than others. I anticipate BKK Bank sending me CRS forms sometime this year, even though they have my passport AND my FATCA paperwork.
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There effectively haven't been any changes, unless you remit current year assessable income. We still decide which remittances are assessable. We still decide if we are required to file a return. We still file only if we wanna. TRD still accepts our null filings without question. All that remains the same, despite Kenya signing the CRS treaty. An American remitting 100K baht of exempt social security benefits every month is still where he was last year. No need TIN, no need file.
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I din't say that. I said it's up to us to be good second-class non-citizens and file, that it's an honour system, and we self-determine assessability. TRD isn't likely to be receiving full bank account reports on all foreigners. I'd expect they might get some flagged accounts due to suspicious activity or unnatural cash flows. In that case, ya might be called in for an interview, and if you can show your deposits are legitimately non-assessable, off you go. If not, you may be assessed tax. If you don't need to file, don't, but keep good records. If you are required and don't, you'll probably not be bothered, unless your account activity is particularly irregular. They have audits, and following a failed audit they have fines and fees, and persecution for non-payment. Might even involve jail time.
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As property of Uncle Sam, I've had to fill out IRS "know your customer" forms due to FATCA since forever. You're just getting the same treatment. With Thailand, along with Kenya, implementing CRS, all new accounts will have to fill out CRS/FATCA paperwork, and all the banks will be going back through existing accounts to have account holders fill out the CRS papers. Some sooner than later. Not all the banks will be on the same schedule getting the CRS forms to their existing account holders.
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I'd like a clean disconnect, with nothing from the IRA side affecting any other accounts. IRA withdrawal is done in 2024 solely under IRS rules. Fund sales in 2025, from investment the previous year, and nothing remitted. Remittance in 2026 has nothing for to point to in that year's 1040, and would have to go back to previous year showing nothing but individual account investment activity. Seems perfectly legal under the current tax code.
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If ever questioned, short term is under a year, long term is held longer than a year, and spans multiple tax filings...........much more complicated, much more work to track down what it is exactly. Operating a remittance-based taxation system that spans years (or decades for retirement accounts) is crazy.
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You seem to know your way around the tax code. Could you consider this..... What happens when I withdraw $10K Roth IRA in 2024? It's not taxable by the US, and isn't covered by the DTA. If I remit to Thailand, it would likely be considered assessable. (Not getting into separating gains from original capital at this point.) If I do not remit, then not assessable. I can move that $10K to a separate account, invest that in $10K of xyz fund. In 2025 (366 days later), I sell my entire holding of xyz fund for $11,000. Uncle Sam says I've earned $1K in long term gains, which I will claim on my 1040 and pay the appropriate tax. I now have $10K of original capital and $1K of gains sitting in its own private separate account. What happens when I remit that to Thailand in 2026? It no longer has any relation to the Roth IRA from the year prior. Uncle Sam has just taxed my capital gains. It's now just $11K cash in my account, $1K of which is current year income, with a potential foreign tax credit to claim against whatever Thai tax I pay on bringing in $1K of assessable income. My 2025 1040 shows a fund sale, with tax paid on $1K long term gains (I waited 366 days before selling).
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Tax resident, remit assessable income after Jan 01 2024, it is assessable income, is included on tax returns, figures into PIT calculation, and is potentially taxable. Tax resident, remit non-assessable income after Jan 01, 2024, it is non-assessable, is not included on tax returns, does not figure into PIT calculations, and is completely exempt from taxation.
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That seems to be about it. Few reports, if any, of anyone being questioned on that and having to produce documentation. For most instances, when the TRD lady asks if your remittances were "salary or pension", you say "savings" and that's the end of it. This is a new world order now, and Kenya has signed up for CRS, so who knows what will happen. Someone remitting a million baht every two months might somehow get on the TRD radar, and be questioned about their null tax return. At that point, they may need to provide more than their assurance that it was prior savings. Hasn't seem to have happened yet.
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QA sessions are necessarily generalized. Wouldn't the assessability of retirement accounts depend on specifics? Blanket statements from Interviews on stage, off-the-cuff, can't cover all the possible factors. Regular IRA's are pre-tax contributions, so never taxed at source, but the withdrawals are taxable. Wouldn't you at least have a potential tax credit, even though you can't apply it on a Thai tax form? Roth IRA's are post-tax contributions, with tax-free withdrawals, so you do have a cost basis you can separate from gains, potentially making only the gain assessable. But then, I've converted my standard IRA to a Roth, so where does that stand? I'm not a tax advisor, nor have I stayed at a Holiday Inn Express recently.
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Don't need to, unless audited. And that's a rare occurrence, indeed. Only two accounts on this forum, one was previously working in Thailand and stopped reporting, the other was running a business. Thailand taxation is an honour system. We self-determine which remitted income is exempt, non-taxable, non-assessable. We only declare non-exempt, taxable, assessable remittances (and Thai source income of course) on our returns. Exempt, non-taxable, non-assessable remittances do not appear on the forms, do not factor into PIT calculations. Unless you've actually filed a tax return declaring non-assessable remittances and lived to tell the tale...........so, umm, just how DID you deduct your non-assessable income from the calculations? Oh, I see. You still haven't filed. You're speculating.
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Yes. When I applied for my TIN in Bangkok in 2016, the tax lady mentioned that remittances might be taxable, to include the 400K/800K bond we deposit for immigration. It's just a remittance and goes into our own account, not transferred to anyone for anything. I told her it was from savings, she said not taxable, but if current income it could be.
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It's an infotainment commercial. Note their disclaimer. ⚠️ DISCLAIMER: The information in this video is for informational purposes only and is not intended as professional tax advice. It provides general guidance on tax matters and should not be the sole basis for making personal tax decisions. Tax situations vary greatly, and tax laws may change. We strongly advise consulting with a qualified tax advisor for your situation.