Being An Ex-Pat

[ginooooo]

What taxes am I expected to pay for keeping money in the bank due to 401k cashout and pensions, and social securtity. Is money made from retirement funds taxable in Thailand?

[jubby]

I'm no expert Ginooo. you'll find the experts in another section of the forum.

If your going to deposit a sum of money in a Thai Bank account (your own) You should be receiving a small interest payment rather than paying any tax's. The interest will probably be taxed only.

Assuming its been taxed at source in your home country.

If it concerns you too much then you can deposit it in my Bank Account. Then you can sleep safe at night knowing its in safe hands

Edited December 19, 2010 by jubby

[Jingthing]

In general, Thailand won't be interested in your US sourced monies for taxes. You don't file in Thailand for the small interest in your Thai bank account (I think some tax is taken out from there already). You still need to file USA taxes and all USA based income is taxable as usual for you. The US is also very interested in your Thai bank accounts. Technically you should report the interest income on your return. Also if the aggregates of your Thai bank accounts go over 10K USD for even one minute during a calender year, you MUST file a form called FBAR to the treasury department. The money penalties for not doing so are shockingly severe, you would be amazed. Just file it if required. You technically don't need to file your US tax returns though (FBAR excepted) if you are exempt from filing anyway (for reasons such as being under the income level triggering need to file). This is a common misunderstanding. Not all Americans and American expats need to file. You need to research every year whether you do, although as you have a pension, there is a good chance you would be making enough to trigger the need to file.

Edited December 19, 2010 by Jingthing

[ginooooo]

In general, Thailand won't be interested in your US sourced monies for taxes. You don't file in Thailand for the small interest in your Thai bank account (I think some tax is taken out from there already). You still need to file USA taxes and all USA based income is taxable as usual for you. The US is also very interested in your Thai bank accounts. Technically you should report the interest income on your return. Also if the aggregates of your Thai bank accounts go over 10K USD for even one minute during a calender year, you MUST file a form called FBAR to the treasury department. The money penalties for not doing so are shockingly severe, you would be amazed. Just file it if required. You technically don't need to file your US tax returns though (FBAR excepted) if you are exempt from filing anyway (for reasons such as being under the income level triggering need to file). This is a common misunderstanding. Not all Americans and American expats need to file. You need to research every year whether you do, although as you have a pension, there is a good chance you would be making enough to trigger the need to file.

Thanks, another thing to know about and check on. Never heard of FBAR and guess I will have to talk to a tax expert there also. Money will be all baht though but over 10k always.