Jump to content

mudcat

Member
  • Posts

    203
  • Joined

  • Last visited

Recent Profile Visitors

2962 profile views

mudcat's Achievements

Senior Member

Senior Member (5/14)

  • 10 Posts
  • First Post
  • 5 Reactions Given
  • Very Popular Rare
  • Dedicated Rare

Recent Badges

233

Reputation

  1. As we all know, Thai Personal Income Tax is self-reporting, so it is up to you and your tax advisor to determine where pensions are taxed. My reading is that dual-nationals pay taxes on pensions received in the country of residence, you believe that sub-paragraph b stating that dual-nationals pay tax in state of residence does not apply to dual-nationals. For me this is academic as my wife is not be eligible for part of my government pension, so I defer to your interpretation for your spouse's tax liability.
  2. The Thailand/U.S. tax convention treats Social Security benefits and Government service pensions in two adjoining articles - 20 and 21. I based my comment that Thai/U.S. citizens beneficiaries of a government pension (such as mine from a local water utility) they, as a Thai national would have the pension taxed in Thailand rather than the U.S. In her case she will not be receiving her 50% of my pension as we married after we retired, so the difference is academic and we get the benefit of my government service pension while I am alive and she needs to struggle along on the ThB65,000 Social Security survivor benefit. Should you be reading the convention differently I suggest that you do a close reading of the relevant sections I posted earlier in this thread. TAX CONVENTION - ARTICLE 21 Government Service 2. a) Any pension paid by, or out of funds created by, a Contracting State or political subdivision or a local authority thereof to an individual in respect of services rendered to that State or subdivision or authority shall be taxable only in that State. b) However, such pension shall be taxable only in the other Contracting State if the individual is a resident of, and a national of, that other State.
  3. This is incorrect. U.S. Social Security is taxable only in the U.S. by treaty and that includes the survivor benefit my wife (a Thai-U.S. citizen) who because of her low income will pay no taxes to either Thailand or the U.S This differs from my government pension which is taxed only in the U.S. for me but would have been taxable in Thailand for my wife. Take a look at the attachment Convention and explanation for Articles 1, 20, 21.docx
  4. My initial thought when I had difficulty walking without pain was 'hip replacement'. My GP immediately diagnosed it as spinal stenosis based on the relief I experienced from bending forward at the waist that was confirmed by a MRI. A few staples and some scraping later I was mostly better.
  5. Toyota is continuing to expand and refine its Hybrid options, no longer is it Prius only, but over their full range. The Yaris Cross are available in three flavors around your price point. https://www.zigwheels.co.th/en/new-cars/toyota/yaris-cross/specifications#sec-variants
  6. I describe this 'double exemption' as belt and suspenders. I have been retired for many years and have two principal sources of income both exempt under the U.S. Thailand tax convention, my U.S. Social Security (Section 20.2) direct deposited here into my Bangkok Bank account for living expenses and my U.S. government entity pension (Section 21.2) which is deposited into my U.S. checking account for credit card, atm, or investments. Anything I remit to Thailand is exempt based on my LTR-WP visa. Anything I transfer to my wife in the U.S. or Thailand is covered by exemptions under the Thai Revenue Code Section 42 paragraph 10 (inheritance) or paragraph 27 (maintenance and support)
  7. I did manage in October 2022 to get BOI to accept my Roth IRA which was well in excess of the $100,000 requirement. I plan on re-submitting this account upon renewal and seeing if they accept it as it is part of my estate planning portfolio and does not get touched. I did make a point of pointing by including a plan description out that a Roth IRA is a liquid account with no taxes due or early withdrawal penalties. My brokerage statement includes a 3-year look back chart on the first page of the statement which may have convinced them the money was available had been available over time. I also have a Pacific Cross policy that qualifies, but given the uncertainty of being able to maintain that policy should I ever cost Pacific Cross real money I would prefer to have BOI accept real assets rather than a marketing promises on a Thai Insurance company brochure.
  8. You truly can't make this stuff up - Big Joke returning on April Fool's Day. We knew April first in San Francisco as St. Stupid's Day https://brokeassstuart.com/2023/04/06/st-stupids-day-parade-2/
  9. The IRS allows a widow/widower to file jointly in the year of their spouse's death. The power of attorney allows the surviving spouse to obtain assistence from the agent.
  10. Use of Power of Attorney (PoA) by a U.S. Expat to file U.S. taxes. As an older expat with a Thai-U.S. wife I had been relying upon my existing (and older) general power of attorney to have a trusted friend to file our U.S. taxes if I am unable. I do not believe that my wife would be able to file U.S. taxes for us so I have executed new Powers of Attorney for us that meet the IRS's standards. The right of an expat to have an agent file individual or married filing jointly taxes is contained in 26 CFR § 1.6012-1(a)(5). To be effective I have prepared mirroring Bangkok Embassy PoA forms each of us giving two trusted individuals who can get our taxes prepared and then sign and file them. 26 CFR § 1.6012-1(a)(5).docx Template POA for taxes.pdf MCLR_Signing_a_Tax_Return_for_Someone_Else.pdf
  11. One of the reasons for a required over night stay is the hospital can charge the insurance company at their rack rate. Important if your policy is inpatient only where you might request a itemized estimate. Scheduled a colonoscopy at our provincial hospital and was given the option of overnight stay prior to the procedure or one day service. Chose the overnight stay as would not want to get caught short on the hour drive.
  12. I have a question about the 'inheritance' of tax exemption and onward transfers to my spouse. I receive two income streams that both taxed in the U.S. but are tax exempt under Thai/U.S. tax conventions Section 20 and 21. U.S. Social Security (remitted to Bangkok Bank in Thailand) A local government pension in the U.S. direct deposited into my U.S. checking account. From these funds I transfer money to my Thai/U.S. wife for support and savings in both Thailand and the U.S. Needless to say these amounts are <20 million Thai Baht per year, but well in excess of her personal tax exemption. Does my wife have any tax liability for these funds?
  13. N is Neutral, E is Earth, another name for Ground
  14. I have found this type of meter to check wiring errors and to monitor voltage drops. I take it around to each outlet to check for live neutral reversals and missing grounds. There is no way to test fixtures such as lights but it may reveal issues in your wiring. https://www.lazada.co.th/products/gfci-rcd-tester-48v-250v-tester-tester-socket-tester-ht107-i4975561433-s21238702374.html
  15. Besides Social Security benefit statements or contact information one might see if Insurance documents would suffice (vehicle, life, health, etc.) to establish residence address as most us English in their addressing fields. I had considered Schwab as my backup should my current financial institution kick me to the curb. I rely on beneficiary statements for retirement and other brokerage accounts as well as bank accounts to get money to my wife or my stepson should my wife and I co-decease (through a trusted U.S. person). This document is institution specific, but is pretty comprehensive as to terms and limits. https://www.chase.com/personal/investments/learning-and-insights/article/what-is-a-beneficiary-and-what-is-the-importance-of-adding-one-to-your-account#:~:text=A beneficiary is an inheritor,beneficiaries to a single account. Grabbed the wrong link: https://www.chase.com/personal/investments/learning-and-insights/article/how-to-title-your-assets
×
×
  • Create New...