US expats feel the burden of FATCA: IRS Reaches Out

[maxman71]

I pay 0% tax....

Jealous?

Maybe this is why CheapCharly is so paranoid over FATCA...he may now just be realizing he is in for some real pain if he has been required to report his foreign accounts and/or foreign earned income in the past, and has neglected to do so either intentionally or through his own ignorance of the law; which BTW is no excuse to be used with the IRS...

[maphraw]

http://www.thailawforum.com/blog/us-expats-on-alert-new-us-tax-law-extends-irs%E2%80%99-reach-internationally

AN interesting read regarding this topic.

[arunsakda]

Is there a interest earned form I can ask my Thai bank for, (like a 1099)?

[Curt1591]

The latest bite is the 'Obamacare' most will have to pay for, receiving no benefit.

[craigt3365]

The latest bite is the 'Obamacare' most will have to pay for, receiving no benefit.

For expats, you can check a box on your tax return and you won't be obligated to sign up for this. It could change next year, but for this year, we can opt out and not have to pay money.

[Langsuan Man]

Is there a interest earned form I can ask my Thai bank for, (like a 1099)?

No, just report it and list the name of your Thai Bank. The IRS will understand and not expect to see a 1099 to back it up. As with most tax dealings you are on your own to declare things, just be sure and have back up documentation (ie. a bank statement) in case of an audit

[hawker9000]

Is there a interest earned form I can ask my Thai bank for, (like a 1099)?

No, just report it and list the name of your Thai Bank. The IRS will understand and not expect to see a 1099 to back it up. As with most tax dealings you are on your own to declare things, just be sure and have back up documentation (ie. a bank statement) in case of an audit

You could probably ask, OR you could go online, login to your account, look up your statements, and print out whatever you need. Not sure why the passbook, showing entries for the interest payments, wouldn't be all you need though.