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.

[JimGant]

3 hours ago, NoDisplayName said:

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

The only acronym I've used recently is "IRA." So, what exactly are you talking about?

[samtam]

On 3/12/2025 at 10:02 PM, NoDisplayName said:

 

Rouge office.  Banking statements are not required to obtain a TIN.

 

You have no assessable remittances, and all your Thai income has had tax withheld at source.  You don't have to enter any of those numbers on a tax filing, which would leave nothing but your name and TIN.

 

You 'probably' don't even need to obtain a TIN or file, but you could to calm your nerves and to apply for a rather substantial refund.

 

What is your agent charging for that service?

 

At this point, since your rouge office is being particularly snotty, I'd consider filing this year, AND late filings for the past two years for those refunds as well.

 

 

 

I want to file for WHT refunds for 2023 & 2022. I have the tax certificates for those years. Is that all I need to complete on the PND90 one each for 2023 & 2022? (For 2024 I will attach the WHT tax certificate plus the assessable income, which after TEDA means no tax.) I just want to be clear no need to file anything else for 2023 & 2022, (as these years are pre Por 161 & 162). Frankly I wouldn't have bothered for 2023 & 2022, but as I'm now going into the system, I might aswell have the WHT refunds. (I was trying to get an answer from TRD, but I think they're inundated, as they have not give a response when asked, and now I cannot reach them.) 

[JohnnyBD]

1 hour ago, Jingthing said:

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.

Your statement is incorrect. I've been a Thai tax resident for the past 8 years and I am required to file, report and pay taxes on my Tradional IRA distributions in the US. PwC does my tax returns, so I'm sure they know better than you what the rules are.