Tax Filing Experience: Jomtien [March-2025]

[JimGant]

7 minutes ago, NoDisplayName said:

Unless you've converted your pre-tax contribution traditional IRA to a tax-free withdrawal Roth

That's why I said "traditional IRAs....." are subject to the saving clause found in the DTA -- and thereby taxable by the US.

[NoDisplayName]

10 minutes ago, JimGant said:

That's why I said "traditional IRAs....." are subject to the saving clause found in the DTA -- and thereby taxable by the US.

 

Please be careful when using acronyms that others may not understand, OK(*)?

 

 

(*)   OK

 

adverb or adjective

ō-ˈkā 

 

 in assenting or agreeing also  ˈō-ˌkā

variants or okay or less commonly ok

[khunPer]

21 hours ago, bamnutsak said:

 

Fully up to speed on the relevant DTA.

 

I think you missed the point of my question, which is unrelated to DTAs and quite simple...

 

 

If I have ZERO assessable income do I have to file a return?

According to the Thai revenue office, "ZERO assessable income" means no foreign transfers or foreign transfers of fund from before 1st January 2024, if you stay 180 days or longer in the nation within a calendar (tax) year.

 

 

 

Income that has already been taxed abroad might be tax-deductible, depending of a DTA.

 

[khunPer]

19 hours ago, atpeace said:

So if you are a tax resident with ample savings earned before 2024 then all this tax anxiety that many have is not a concern.  I personally have enough in my 401k( USA retirements account ) that I can access in two years that would last 30 years as well as other savings on top of that. I assume most tax residents here have at least enough in saving to last another 20 years.  Why all the anxiety? Am I missing something ? 🙂

Yes, you are correct, to my understanding of the rules...👍

 

 

In my view it might be a benefit, to use one's documented savings from earlier than 1st January 2024, before beginning to use gain; i.e. live of one's savings, instead of interest and capital gain.

 

If money-trail can be followed – which is what tax authorities normally wish to see – I presume that we ongoing can sell out of equity balance of 31st December 2023, transfer only the 2023-value, while keeping gain and reinvest that; i.e., one might need to sell bonds and equity and reinvest in some of them back again little later.

 

The importance is to keep good trail and documentation of everything that financially happens after the 31st December 2023 savings statement.

[Jingthing]

3 hours ago, JimGant said:

That's why I said "traditional IRAs....." are subject to the saving clause found in the DTA -- and thereby taxable by the US.

Neither type is taxable in the US for Thai tax residents.

What I don't know if that covers only the remitted part or all of it even if not remitted.

I'm looking into that.