Should A Woman Be Allowed to hold the office of President of the USA?

[chubby]

For American "retirees" , who have the 65,000 THB  in a Thai Bank,   was/is there some requirement, that having brought that "income" into Thailand, or does it qualify as "income" vs say, just "assets" ?

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I ask because I read this Q&A, below:

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Question 1:  In order for Americans to qualify under the US tax law's "bona fide residence test" they must be subject to taxes in the country they are resident in.  Because of this it would be useful to know what specifically makes a foreigner legally required to pay income taxes in Thailand.  Does anything override these requirements such as tourist or student visas?<br>

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Sunbelt Asia Legal Advisers responds:  Thailand's Revenue Department classifies taxpayers into 2 main categories - Resident and Non-Resident.  Their definition of Resident is any person residing in Thailand for a period aggregating more than 180 days in any tax (calendar) year.  A Resident of Thailand is liable to pay tax on income from sources in Thailand as well as on the portion of income from foreign sources that is brought in to Thailand. 

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2) Since, to be exempt from the ACA tax, there is also the "physical presence test" ;   might it be better to pay some small thai tax, then pass the BFR test , and not be subject to the PPT (therefore be allowed to return to the US for > 35 days/year )  ?

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3) To be exempt from ACA, It looks like one is also supposed to meet the "tax home" rule, but if one is retired and has no "place of business" , nor residence in the USA,  is their  condo rental in BKK, going to be their "tax home" ?

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"Generally, a “tax home” is the location of the main place of business, irrespective of where a family home is maintained."

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[enuff said]

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Hey man... you are retired and are no longer eligible for the "bona fide" or "physical presence"  $80,000 write off.

 

That only applies if your JOB requires you to WORK in a foreign country.  That's why there's all the stuff about foreign business address and employer, etc. etc. 

 

If you are retired then you choose to live here and hence, no deduction.

 

Thailand does not tax the income of foreign retirees but you are not allowed to work.  Not here or back home.

If you are working then you are not really a retiree.

 

 

'nuff said

 

 

 

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Edited August 16, 2014 by 'nuff said

[gk10002000]

I too have been looking over this ACA crap.  At the moment my Florida blue cross plan is grandfathered for another year, although with a 27% rate increase!  I am 57 and able to retire and getting pretty close to punching out.  My read on being exempt from the ACA is you simply have to not be in the USA for the year or most of the year.  Of course I bet the 1040 tax form won't make it easy for you to prove or document that and the IRS will probably fine us until they work out how we prove we are not living in the USA any more. 

 

As for the taxation issue, my read on that is you "are" subject to the taxes in Thailand.  Thailand simply won't be taxing you.  Just like me being a Florida resident I am subject to Florida's taxation, which is none because they don't have any state income tax.  Remember that, as a US Citizen, your income is in general taxable and certainly reportable anywhere you earn it, whether you reside in the USA or another country.  Yes there are tax exemptions for monies earned overseas (11 months or 330 day type of tests).  But if you have investment income, social security income, etc.  that all goes on your tax form and you have to work with it from there with your deductions, exemptions, etc.

[enuff said]

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Sorry OP...  I thought you were already retired and looking to claim the write-off for working in another country.

 

 

'nuff said

 

 

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[glegolo]

This talk about paying taxes in Thailand for the retirement (pension)money you get from your own countries. I find that to be just not right at all. Thailand, according to the laws are ONLY asking for taxes for money earned INSIDE Thailand... They are never asking for money on pensionmoney earned elsewhere in the world, forget that!!

 

Glegolo

[ubonjoe]

Not visa related. Moved to the business forum.

[dinger]

I have been out of the states for a few years so am not up to date on the ACA taxes, but here is my current situation.

I am retired and live here full time. I have a pension that I receive monthly. With held each month is Federal Tax of 10% and that is it. No SSI no Medicare no ACA tax and no state tax.. I file a regular EZ tax return each year and usually get a bit of a refund.

Each year I get a letter from the Calif. Tax Board asking me why I have a Calif.address. I tell them that it is simply a mailing address of a friend, otherwise how would I can get your cheerful letter each year.

 

As far as I know I have no tax liability here as I have already been taxed in the States

And again I am no expert this is just my situation

[Langsuan Man]

This thread is confusing since everyone is mixing taxes up with the Affordable Care Act, also referred to as Obama care, which has to do with health care in the US

 

I am really mystified with the quote regarding 65,000 THB in a Thai bank !!!!!

 

 

[55Jay]

I don't remember the exact wording but I filed FEIC for many years and every year when I ran through qualifying questions for bonafide rez/330 test (I used Turbo Tax), there's one Q asking if you have declared yourself a non-resident in your foreign country in order to not be taxed by that government (something along those lines). 

 

I always checked no and always qualified under the bonafide rez test.  The fact my foreign country of residence had no income tax was irrelevant to the question at hand.