Got my TIN yesterday

[SiSePuede419]

Thai Revenue Office.

Took 30 minutes.

Now need to file taxes in America 

Get copies of Thai Bank book (deposits are income)

File Tax return online with deductions for 

Life insurance for wife

Medical insurance for son

Life insurance for me (maybe)

 

Let's say my tax due in Thailand is 10,000B.

 

But I paid 20,000B in America.

 

Then my taxes due in Thailand is 0B...?

 

More likely my Thai tax is more than tax due in America then I pay the difference.

 

That's it.

 

Easy.

 

Now I can use that money to pay optional taxes.

 

Like the Beer Tax.

 

Or the Farang Food Tax.

 

Or the dreaded Penis Tax.

 

Up to you. 💯

 

 

[JimHuaHin]

Which Thai Revenue Office, please?

[Celsius]

Have fun filing while choking on 181AQI

[SiSePuede419]

43 minutes ago, Celsius said:

Have fun filing while choking on 181AQI

What are you putting in your lungs?

[Celsius]

1 minute ago, SiSePuede419 said:

What are you putting in your lungs?

 

Thai Air

[SiSePuede419]

Went to Bangkok Bank today.

Paid 200B.

In a couple of weeks, they'll have a "statement" ready showing the total of my deposits ("income") that I will need for filing my Thai taxes.

Life is good so far. 👍

[bkk6060]

13 minutes ago, SiSePuede419 said:

Went to Bangkok Bank today.

Paid 200B.

In a couple of weeks, they'll have a "statement" ready showing the total of my deposits ("income") that I will need for filing my Thai taxes.

Life is good so far. 👍

?

Why didn't you check your account history from 2023 and do it yourself?

[JohnnyBD]

From what I understand, if you pay income taxes of 10k THB in Thailand on assessable monies remitted, you should be able to get a credit for that amount on your US tax return by filing IRS form 1116 (foreign tax credit).

 

Who told you your income taxes in Thailand would be zero if you paid income taxes in the US? That doesn't sound right.

[SiSePuede419]

Just now, JohnnyBD said:

From what I understand, if you pay income taxes of 10k THB in Thailand on assessable monies remitted, you should be able to get a credit for that amount on your US tax return by filing IRS form 1116 (foreign tax credit).

Ahh.

In that case sounds like Thailand doesn't care how much tax I paid in America.  

Pay tax in America for 2024 income.

Pay tax in Thailand for 2024 income.

In 2026, file for credit for tax paid in Thailand for 2024.

Presumably, Thailand will transfer that money to the US Treasury.

Whatever.

Thanks for the heads up. 👍

[JohnnyBD]

I would file in Thailand before Mar 31, then file in US before Apr 15, and claim the tax credit using form 1116, instead of waiting until 2026. Your choice I guess. I'm not sure of the proper way to do it.

[parallelman]

On 1/24/2025 at 10:03 AM, bkk6060 said:

?

Why didn't you check your account history from 2023 and do it yourself?

Quite right. I use MS Excel to list monthly income according to bank book. Total and print out for the year. Take both to the office where they check the printed list against the bb and they keep the printed list.

[suzannegoh]

On 1/24/2025 at 10:54 AM, JohnnyBD said:

I would file in Thailand before Mar 31, then file in US before Apr 15, and claim the tax credit using form 1116, instead of waiting until 2026. Your choice I guess. I'm not sure of the proper way to do it.

Are you sure that it works like that?  I thought that if you paid a foreign tax in 2025 that you would claim it on the US return due in April 2026. 

[TheAppletons]

3 hours ago, suzannegoh said:

Are you sure that it works like that?  I thought that if you paid a foreign tax in 2025 that you would claim it on the US return due in April 2026. 

 

  Looks like one might have a choice (in other words, either/or):

 

"(b) General rule. The credit for foreign income taxes provided in subpart A, part III, subchapter N, chapter 1 of the Code (the “foreign tax credit”) may be taken either on the return for the year in which the foreign income taxes accrued or on the return for the year in which the foreign income taxes were paid (that is, remitted), depending on whether the taxpayer uses the accrual or the cash receipts and disbursements method of accounting for purposes of computing taxable income and filing returns."

 

https://www.law.cornell.edu/cfr/text/26/1.905-1

[suzannegoh]

On 1/23/2025 at 8:58 PM, SiSePuede419 said:

Thai Revenue Office.

Took 30 minutes.

Now need to file taxes in America 

Get copies of Thai Bank book (deposits are income)

File Tax return online with deductions for 

Life insurance for wife

Medical insurance for son

Life insurance for me (maybe)

 

Let's say my tax due in Thailand is 10,000B.

 

But I paid 20,000B in America.

 

Then my taxes due in Thailand is 0B...?

 

More likely my Thai tax is more than tax due in America then I pay the difference.

 

That's it.

 

Easy.

 

Now I can use that money to pay optional taxes.

 

Like the Beer Tax.

 

Or the Farang Food Tax.

 

Or the dreaded Penis Tax.

 

Up to you. 💯

 

 

Is that really how it works, that what what matters is how much tax you paid in the US in the year is which you transferred money into Thailand?   That could be very costly for any Americans who are living off saving and who aren't on a backpacker's budget.

[KhunHeineken]

2 hours ago, suzannegoh said:

Is that really how it works, that what what matters is how much tax you paid in the US in the year is which you transferred money into Thailand?   That could be very costly for any Americans who are living off saving and who aren't on a backpacker's budget.

If they are serious about implementing this tax policy, what some may chose to do is be in Thailand when their money is not, and be outside when their money is in Thailand. 

 

Basically, remit as much as you like, but don't stay 180 days, then stay 180 days, but don't remit anything.