American expats working in LOS

[Baritone47 78]

Any boardies out there who are American, working in LOS?  I am considering a move to Bangkok next summer, and realize that I don't know if my earnings will need to be reported to the IRS or not.  Any help would be very appreciated as I need to figure out my budget.

 

Also, any info on collecting Social Security while there, similarly very appreciated.

(no, I am not in any way connected to government agencies, just an oldtimer on FLB and LOS)

 

Mark

[Shilo 371]

Baritone,

 

I'm not an expat (at times I wish I were) but I may be able to help a little with your questions. As far as collecting social security set it up so that your check is direct deposited into a US bank account. But make sure that it is a large multi-national bank that has a relationship with a Thai bank. Then it is just a matter of tranfering the money from the US bank to the Thai bank.

 

I don't know about taxes on income earned in Thailand but I do know that if you invest in the US and you are a national of another country than investment income is taxed at the treaty rate of your home country.

 

Shilo

[Papa 0]

I'm not an expat either but collect useful information for retirement in LOS. You should contact the Social Security office months before your planned retirement date.  You want to give them documents stating the day you retire and want to begin eligibility for receiving SS payments and the bank (address and account number) where they should send your monthly SS check. Doing this, everything is set for them to start payments immediately upon retirement.  I recommend the SS check go to an account in a large bank, as I have know small local banks that have failed. I would follow the same practice that I currently use. I use my bank debit card that lets me draw up to $300 per day in cash from a LOS ATM or exchange booth. It also lets me purchase in amounts up to the balance in my account. If I needed a large amount and had a sufficient balance, I'd probably buy that amount in gold using my card and then sell the gold to get the Baht. I have a Bangkok Bank savings account and have on occasion wired money from the states to my account. I'm charged $35 for this regardless of the amount.  For peace of mind and to avoid Thailand Baht depreciation, I'd prefer to keep most of my money in a US bank. If I am in LOS I don't know how to get at my account other than my debit card. There's about $50 deducted from your SS check, supposedly to help pay for medicare/medicaid.  Since social security checks are treated as income you will probably have to file US income tax as long as you collect it.  You can probably do your taxes by email from LOS. Hope this helps.  :)

 

Here's another "morbid" thought, for about $100 or more/month you can get a long-term care health plan from an US insurance company.  It's suppose to kick in (start payments) when you become incompacitated - need a nursing home care.  You do not make any payments after being judged eligible. Thailand and Pattaya are starting to set up apartment houses with facilities for the elderly, ramps, clinics, etc. The Japanese elderly are partly driving this Thai business.  It really might not be so bad if your TGs were visiting you daily and you sat around trading lies with fellow expats or surfing the Internet.  These are international plans so you could activate it and use it while in Thailand.  

 

Papa Tom

[echster 1]

I was looking into a few jobs overseas and all reported that if you spend 330 days or more outside of the US, you do not have to pay US taxes.  On the other hand, if you work for the US government overseas, then you'd have to pay.  You may spend up to 29 days - days spent on traveling count - in the US a year without filing the 1040.  Not sure of all the intricacies involved, but this should hopefully provide some info.

[redwood13 56]

If you're a US citizen or a resident alien of the USA you have to file an income  tax statement no matter the source of the income.  Exempted would be single status filers with an income of less than US$7450 or if 65 or older $8550.

 

You could earn up to $78,00 as foreign earned income and be excluded from taxes in 2001, but you still have to file an income tax return.  See www.irs.gov publication 54.

 

Also, regarding social security benefits, if you live in Thailand and apply to collect social security benefits you may be required to show that you've filed an income tax return.

 

Social Security info at www.ssa.gov

 

-redwood

[Baritone47 78]

Fellow Boardies:

Your feedback has been enormously helpful.  Redwood, your reference to the IRS documents shows me exactly how I will or will not qualify for the exemption, and everyone else, your suggestions have been extremely valuable!

Nice to know that there are members who can discuss matters other than barcrawls, barfines, TGs and the like! ( and still of course think about those things)

Mark