To US Expats in Thailand only. It's about your wallet.

[Skeptic7]

23 hours ago, wwest5829 said:

Perhaps of a more recent note for US Expats might be the decision this past week of SCOTUS to refuse review of the FBAR annual filing requirement. The lower court decision is upheld to take 1/2 of a woman's wealth as a penalty for not filing. With the Kingdom of Thailand requirement to keep 800K (retirement) or 400K (marriage) in a Thai bank, any US citizen who does, exceeds to $10,000.00 USD FBAR annual filing requirement. (Yes, I am aware of the alternative combo or monthly income method).

While agreed we should not have to do it, it's a simple online doc that can be completed in 5 mins. The actual USD amounts before having additional IRS Tax Forms to be filed are much higher. $50-75,000 in a Thai bank. And if spending most/all of the year outside the USA, then the limit goes up to $200,000 in Thai bank before additional IRS forms are necessary. 

Edited June 11, 2023 by Skeptic7

[gearbox]

6 hours ago, save the frogs said:

you dont like the word billion? ha.

 

is switzerland even a "real country" or is it a set of borders set up by the world elite to set up secure banks to store their wealth?

 

the world's wealthiest country, but doesn't actually produce anything. 

 

 

The Swiss actually produce a lot of high quality stuff, companies like ABB and Roche are Swiss owned and based. I remember Sulzer was even building ship diesel engines, even that Switzerland is a land locked country.

[wwest5829]

22 minutes ago, Skeptic7 said:

While agreed we should not have to do it, it's a simple online doc that can be completed in 5 mins. The actual USD amounts before having additional IRS Tax Forms to be filed are much higher. $50-75,000 in a Thai bank. And if spending most/all of the year outside the USA, then the limit goes up to $200,000 in Thai bank before additional IRS forms are necessary. 

Thanks for that knowledge. I have only been effected by the FBAR requirement. I do not anticipate ever being effected by the higher limits by I was not clear on the amounts until you posted here.

[IAMHERE]

Once you file the FBAR you better declare that foreign account on your IRS filing. I even declare the interest I get on that 800,000 baht in the Thai bank. 

[bluebluewater]

My wallet is in me back pocket.  I've been a lucky man and I'm more than comfortable. Do you really think I am going to let the rest of that stuff keep me awake at night?  As if I could do anything about it?

[Skeptic7]

1 hour ago, IAMHERE said:

Once you file the FBAR you better declare that foreign account on your IRS filing. I even declare the interest I get on that 800,000 baht in the Thai bank. 

Correct. Me too...report my foreign interest earnings as income on my annual 1040.

 

About 8 or so years ago TurboTax started asking if had a foreign bank account? Answer YES, then it asks if at any moment during the year did it exceed $10,000 USD? If answer is NO, then done.

 

If answer is YES, then further questions to determine if IRS Form 8938 needs to be included...and this is when those higher amounts, based on residency, come in to play. 

[Skeptic7]

2 hours ago, wwest5829 said:

Thanks for that knowledge. I have only been effected by the FBAR requirement. I do not anticipate ever being effected by the higher limits by I was not clear on the amounts until you posted here.

Just in case...

 

https://www.irs.gov/businesses/corporations/do-i-need-to-file-form-8938-statement-of-specified-foreign-financial-assets

[bronzedude]

This post is interesting? When there are more important things like the inflationary nature of bar fines. Or as one beauty put it: "Everything up up!"

[wwest5829]

6 hours ago, Skeptic7 said:

Just in case...

 

https://www.irs.gov/businesses/corporations/do-i-need-to-file-form-8938-statement-of-specified-foreign-financial-assets

Thanks. Read through definitely not applicable. Total annual income about $33K before deductions (includes SS). So, there is a reason to have joined millions of working middle class Americans retired in a lower cost country. As confirmed by a recent visit to the USA, I cannot afford to be retired in my own country (OK, maybe a rusted out trailer in Arizona or Florida).

[Surasak]

On 5/13/2023 at 4:55 AM, bignok said:

Bad elsewhere too. Name 2 good leaders anywhere.

If per chance there are two good leaders out there somewhere, you can bet they wont be at the front.

[Dazkkk]

On 6/7/2023 at 5:37 PM, bignok said:

Copy what Buffett or another rich person does.

Compound interest and buy shares for the long term. Worked for me for 50 years. ????