Fantastic presentation Sir! All US retirees moving to the Philippines should watch this just so they understand what their tax liabilities are, if any.
I just checked your link to social security, I followed the questions, and I'll get to keep mines while living there! Thank you very much! Excellent information!
Wished you discuss filing income tax return that concerns only retirees and senior citizens. Don't make it more complicated as it is already complicated. Let experts do their job and Let's enjoy retirement.
I agree and I wish I can do that. The problem is I will receive tons of questions from people who are not retired yet. Can you imagine people going to the Philippines and want to work as a trash collector? Or some people who want to invest in real estate or stocks. Like you, I just want to enjoy retirement! 😀😀😀
I am a U.S. military retiree and senior citizen residing in the Philippines since 2001. I have never stopped paying taxes o filing income tax returns since day one in the military. In 2009, I started doing my own tax returns using TaxAct online (or Free) version and before that I used TurboTax since I only had one income (two since turning 62 years old). I take my 1099 R directly from MyPay, and SSA 1099 from Social Security plus 1099 INT from my bank if I have any interest earned and enter all the info into the TaxAct program. TaxAct2019 for example "asks" questions about your income (from 1099 R) and SSA 1099 from Social Security and 1099 INT from your bank. The program lets you start and stop as needed. Re-start where you left off and help you choose how to file - paper or electronic filing. It will also tell you where to file depending if you're getting a REFUND or paying more taxes. I use the paper form 1040 to file. I write in the numbers in the 1040 so I can at least learn where the numbers go. 2019 was the only time i paid in taxes for $ 37 dollars, thanks to Trump.. All the other years I had refunds.
There is no tax liability in America, until one earns $23,000.00 for a couple, or the amount separating poverty level, from the rest of American citizens. If you’re not an American citizen, you’re levied 30% , on your social security, no matter your income! In such a case, you must file, every 3 years, to recoup that 30%!
Great video and I like the way you explained in plain and simply way to understand. Does expat vlogger living in the Philippines have to pay taxes earned from TH-cam?
In the U.S., if you are a U.S. Citizen or Permanent Visa Holder (green card), you must pay tax on worldwide income--TH-cam or otherwise. In the Philippines, if you are receiving income from the Philippines, then it becomes taxable.
@@vloggergrandpa2707 if you in the Philippines earning from TH-cam? And also, what about if someone send you money to help. Say, you need medical help in the Philippines. And people start a $10k GoFundMe for you.
At the present time, I don't plan to accept donations. When that time comes, I'll have to research the permitting requirements in the Philippines to be a charitable organization. Also, will be moving to Washington State, and I plan to travel the Philippines and some parts of Asia, hopefully, after the pandemic. For now, I live in Pennsylvania. My tax home will be USA, not Philippines. That's how I plan to spend my retirement -- by being active.
If you are on a payment plan for taxes owed from some previous year than you are required to file a tax return even if you don't usually have to untill the amount owed that you pay monthly is completely paid off.
Magandag Hapon Po! Living abroad and Retired. I still owed State and Feds. At least USA made it easier to pay online. I am still waiting on a stimulus income but I do not rely on it. Mabuhay
@@kellytraveler4748 It depends if the home state indicated on your 401K, IRAs, annuities, Social Security, etc., imposes state taxes on retirement income (for example, The People's Republic of California). So before you retire in PHL, change the home state in your retirement funds to states like WA or FL, where there are no state taxes.
How about if I'm not a Us citizen and I m immigrat I can't come back to US even though I don't have a passport to showthe passport of U S passport because I m not U S citizen
Great presentation Sir Grandpa vlogger.Thank you for that very informative info for us mostly and to those people planning to retire or return back to Phillipines.Stay safe and God bless
I intend to retire in the Philippines with my wife in a few years. Your blog helps answer so many of my questions. Nice job pointing me in the right direction. Future ExPat subscribing! Thank you. :)
What about the USA Phillipines Tax treaty....surely that has significant bearing on the subject....especially with regards to taxation of pensions. Filing a USA tax return is not a big deal, but determination of whether your pension is taxed by the USA or "other" country is.
Wrong, you must pay federal reguardless . If perminate resident on philippines and a usa citizen, you pay usa federal, and mo state but pay philippines tax. You pay usa fed and philippines national taxes and always pay your land and home and car tax rvery tear plus ins. Im 63 usa citizen and a perminate resident of philippines, retired , i own 3 homes and 3 farms in philippines many many years
😮 Believe it or not, I don't know much about it. I was invited to give a webinar presentation on retirement using Zoom. I will get a phone call this weekend to be trained on how to use Zoom. I have a feeling that I will like it. Once I know more, maybe I'll do a video on that.
I understand having to file a federal tax return if living overseas but not state taxes. If I don't live in a state anymore why would I be obligated to file a state tax return?
If you have retirement funds (401K, IRA’s, annuities, etc) and the home state, indicated on those funds, imposes state tax, distributions from those retirement funds could be subject to state tax, even if you are already living overseas. The taxman's motto: You can run, but you can't hide.
If you claim to be a resident of a state that has Income Tax law, you need to file. If you claim to be a resident of a state with no Income Tax law, you need not file, they probably have NO FORMS to fill out. Everybody wants a lower tax bill. One way to accomplish that might be to live in a state with no income tax. As of 2020, seven states-Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming-levy no personal income tax.1 Two others, New Hampshire and Tennessee don’t tax wages. They do currently tax investment income and interest, but both are set to eliminate those taxes soon.2 3 4 That will bring the number of states with no income tax to nine by 2025.
Hello vlogger Grandpa. I have been following your vlogs and thank you so much for the information about taxation. My question is, I sold my properties in the Philippines. I am a dual citizen. I paid taxes in the Philippines when I sold, the properties. I’m residing in United States , do I need to file to IRS the net proceeds of the sale of property in the Philippines as an income even though I paid the taxes already in the Philippines.
Technically, yes. And you can credit the taxes paid to foreign country against U.S. tax liability. Thus, if Philippine taxes is higher than US, you will wind-up not paying anything.
As long as you are a US citizen, your are subject to tax on your WORLDWIDE income. Whether you are required to file or not dpends on your income level and filing status. Please check the link in the comment section of the video to determine if you are required to file income tax.
Yes, both in the U.S. and Philippines. You MAY not necessarily have to pay tax since you can credit what you pay in the Philippines against your U.S tax liability.
Check with SS office in the US before going to the Philippines to live permanently there. It is not a problem to receive SS benefit if you're a US citizen, but could be a problem if you're not.
Can you talk about an immigrant or a US citizen getting pension here in US being deducted equivalent to the amount of your pension received in the Philippines. For example : Your SS pension here in US is $700, and in the Phil. is P10,000. My SS pension I only get is $399 instead of receiving $700. The US-SS reason is that because I receive P10,000 pension in the Phil. meaning my Phil. SSS pension from the Phil. will be deducted equivalent to dollars from my SS pension here in US that is why I will only get $399 instead of $700. Is this legal? or is there a law that governs in this matter? Pls notify me when you make a discussion on this matter. Thank you
Yes, it's called Windfall Elimination Provision on foreign pensions. Here's a link to determine if it will apply to you: www.ssa.gov/international/wep1.html Good luck!
Yes, even if you have no pension or income for that matter - it might get you a refund from the US. About, your dual (Filipino) citizenship - that you have to ask the BIR yourself. But I think they "should" only tax what income you have left AFTER the US has taken their taxes. That is the only reason I decided NOT to take up Dual citizenship...last time I heard, we are supposed to enroll in Philhealth and pay Php 17,000 a year...
@@karlbryant5706 possibly that is how much or total number of years he contributed. I know someone who was not able to collect because of lacking points of contribution. Normally, it is 10 years, I think.
Maraming possible source of income kahit wala kang trabaho sa PHL. For example, may apartment kang pinapaupa sa PHL. Or nanalo ka sa casino or lottery sa Manila. Considered taxable international income ang mga ito sa mata ng IRS.
Only if you are earning income..henceforth the term income tax. If no income or profits..then at least in the US..no tax..i.e. liviving entirely off US Soc Sec..which is not taxable then no US tax is due..
US uses citizen based taxation not residence based. i hope they explain this to people who are applying for a green card. if one has a property BEFORE he/she got the green card and if he/she sold that property AFTER he/she got the green card, uncle sam will still tax you on the capital gains of that sale. ain't that something 🤔
I'm a dual citizen planning to live in the Phillippines for 6 months and 6 months in TX out of a year. I work remotely, my employer is NV based so my source of income is from the US. I'm building an apartment which will give me an income of approximately 50,000 pesos per month. Should I pay all my US sourced income to US even though I'm living in the Philippines and pay taxes on the apartment income to the Philippines?
Sorry it is out of context , i value your opinion on all aspects of your presentations ! My wife and I been considering to move ph. We have school age kids and our main concern is how the scholl seystem work ? What is the costs of rezenble privet scholl's?
Sorry, I don't have that information yet, although I was curious as well. Maybe, later I will look into it. The reason I'm not giving that priority is that it is seldom a suitable topic for my vlog, which is for retired people.
Hello! My wife is a retired US and Filipino(dual) citizen living in the Philippines. She receives about $2k from her US pension. Does she really need to file income tax return with that amount of pension she receives? Every tax season, she files her US income tax return. Thank you for your reply!
@@vloggergrandpa2707 i lost my job on Jan 1 2020 and went back to the Philippines, do i still have to file my income tax return even though i did not work the whole year?
To keep it simple, do a bank to bank wire transfer, but that is not the lease expensive way. In one of my vlogs, I discussed the ways of transferring money to the Philippines. Here's the link to my channel. th-cam.com/channels/YU70S4jYvhw0BOetMFdD6A.htmlvideos
I have a question: How do you file your U.S. taxes while living in the Philippines. Is there any CPA services in the Philippines that can file for you? Thank you
@Pebbles In Heaven I'm sure there are some, but don't know who to refer you to. However, you can always file online if you want. I might do another video on this matter in due time.
@Romelia Tabalba US will tax you on *_worldwide income_* if you are a Citizen or Permanent Resident of the US. However, if your only source of money is US social security, chances are you will not be required to file. I'm sure you'll find someone in the Philippines who could handle the filing for you if you need to.
That's true up to a point. If you have an income, the US will take their taxes off the top - called Federal Withholding tax. Dual of NOT you have to FILE and income tax return every year and If you did not pay enough taxes, then you have to pay more taxes. But if you paid more that you're supposed to, you will get a REFUND. That is the point in FILING income tax returns every year in the US. I have never heard of a Filipino taxpayer getting a Tax Refund from the BIR...
Hello grandpa vlogger I have a question, I’m a dual citizen, and I residing in the U.S I’m not working on either country, I’m fixing to go home in the Philippines Am I still paying Philippine tax?
For the bona fide residence, if I have 13a visa in Philippines can I visit the auS fir 2 month and still qualify? Does the TH-cam income fall under Filipino income? Does the tourist status for the TH-cam income fall under foreign income? Is You Tube donations taxable? I heard some vloggers get over $1000 each live chat for “coffee”. Tax-free?
Of course you can if you have appropriate papers to enter that country. Income from TH-cam may or may not be taxed depending on your "Tax State." I don't know anything about TH-cam donations. Sorry.
Philippine Retirement & Travels : I was referring to a 2 month stay (or longer) for the person who has bona fide residence (as a 13a visa holder). Can he as a USC, go to the US and not violate the tax status? I have no tax state because I live outside the US. I used to pay in California which was high tax. What about tourists here in the Philippines? Is TH-cam income FEDERALLY taxable if you are required to file taxes?
Let me make it clear and simple. If you are a "Citizen" or "Permanent Resident" (i.e. you have a green card) of the U.S., any income you receive is subject to Federal Income Tax Reporting (and I'm not talking about state income tax reporting), whether it is TH-cam income or otherwise. Whether or not you owe tax will depend on your "total" Worldwide income. Hope I made this clear.
Good day sir! What about the FBAR??? Do I still have to file an FBAR report every year??? And what if my income is coming from my VA benefits do I still have to do an FBAR report???
@Wituro Mariko. Yes, only if you meet the requirements. That is covered in one or several of my vlogs. Here's the link to my channel. th-cam.com/channels/YU70S4jYvhw0BOetMFdD6A.htmlvideos
Sir grandpa, H1B visa worker po ako sa US from Jan 2020 to July 2020, tapos nagfile po ako ng tax return ngayon. Problema ko po, nagclose yung bank account ko na nilagay ko sa e-filing ng tax return. Paano ko po ba makokontak yung IRS? makukuha ko po ba yun? tapos yung stimulus check ng anak ko, by mail, di pa din nahahatid. May alam po ba kayo? please advise and help grandpa.
Send them a letter and be sure that they can communicate with you. Include your email address (or fax number if you have one) so they can reply faster if they want. Or, you can use this online inquiry: sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp . Be sure to include information as to where to contact you.
I'm a US citizen (dual Pinoy) with stocks on various companies in the Phil. (like SMPH, ALI, etc)... I earned around $9500 (equivalent) last year 2019 from dividends. Should I declare that as foreign income... Please advise. Ciao!
Usually, kailangan mong mag file. Pero kung ang income mo ay yung ss lang, malamang na hindi aabot yung threshold income mo para kailangan kang mag file. Palagay ko ay hindi mo kailanganing mag file.
Hi Sir, Can you pls advice the best way to receive your SSS pension if you are retiring and residing in the Philippines? What bank in the US that can be used to transfer this funds in the Philippines? Thank you, I’ll appreciate your response on this.
Three ways that I know: 1. Contact PNB (Philippine National Bank) in NYC. They will transfer funds received from SS to you in the Philippines for a small fee. However, the last time I talked to them, you have to go there to open the account (typical Filipino way). 2. Another way is to deposit funds to, say, Wells Fargo Bank. Then open an account with TransferWise and you can send funds from TransferWise to BDO in the Philippines as you need it. The transferred amount will be charged via debit card against your Wells Fargo account. This way, you can save your money in the US and only withdraw funds that you need. 3. Finally, I understand that you can ask SSA to send your fund directly to the Philippines. Since I have not done this, I don't know what fees they (SSA and Philippine Bank) charge, if any, and what exchange rate you will receive unless it is sent to your dollar account in the Philippines. You can explore all those options. If you have no plans to come back to the U.S., and you want ALL monies to be sent to you, I will recommend #3, but I have no experience doing that.
Hi i have i belive 2 questions. First im a us citizen still in the usa . when we move to the philippines i see where you have to be in the philippines for 11 months to be cosidered living there. Do you have to be there the whole fisical year or say can it be 8 months in 2021 and then 3 months in 2022 consistent months... question #2 reciving traditional Ira aprx $600 in us i have 15% tax coming out state and federal . if im living in the philippines i guess ill still have to pay federal so does the state tax stop or then do i have to pay state tax to philippines... and also i asxed you a question about ss direct deposit before .i fount oit you caint have the ira direct deposit in philippines..
US-source income is not taxed in the Philippines if you are dual citizen or non-resident of the Philippines. It's correct that you have to pay Federal taxes, but you do not have to pay State taxes ones you lose residence.
@@vloggergrandpa2707 do you know if you have to be in the philippines 11 months the fisical year ..or can it run say 8 months 3 months the next year as log as its cosistent..
The length of your stay is not relevant. Neither should it be consistent. If you are a dual citizen, you are considered a citizen whether you are there for one week one week or 12 months.
@@robindavis2370 That 11 mos is applicable to California resident. But the 11 months is to be counted within the "taxable year" Jan thru Dec of the same year. You may have to file "state tax" in California if you are considered California resident that is you have and/or maintaining a California Driver's License on hand. However you may not need to file that State Tax if you live the whole taxable year OUTSIDE of California but you still may have to file Federal Tax. Otherwise you may use the NR540 form to file state tax (for ex. you only left California for just six mos.)
@@vloggergrandpa2707 What I understand if you are a retiree in the US but goes to the Philippines and stays there for a period of time, you do not receive SSI..
@Romy Villalobos If you decide to retire overseas, you can have your SS wired to a Philippine bank. However, if you are retired in the U.S. and just plans to stay in the Philippines for a period of time, I would suggest continuing to receive your SS at a U.S. bank to avoid disruption, and just withdraw it in the Philippines when you need the money. I would recommend Charles Schwab Bank for this purpose.
@@vloggergrandpa2707 Thanks, I did that. I am asking about a friend who is receiving Social Supplement Income. He has not contributed to the SSS and just like most old folks whose children are residents of the USA, he only receives SSI if he is here in the US and living with his children.
@Jepot Salvatore. That is covered in one of my vlogs. Here's the link to my channel. th-cam.com/channels/YU70S4jYvhw0BOetMFdD6A.htmlvideos However, new SSRV visas are not being issued. Existing ones may be usable. Check with the Consulate first.
Hello sir. I have a question, if i retire in the Philippines as a us citizen, and permanent resident of the Philipines, and require to pay us taxes, will we be receiving a us tax refund?
@@levytorregrosaoliver6716 Getting your IRS refund, if you are a permanent PHL resident, is not as simple as getting a refund in the US. First, the IRS does not make direct deposit to foreign banks. The IRS can send a refund check to the PHL address indicated in your 1040 tax document BUT THE PHL POSTAL SERVICE IS NOTORIOUSLY UNRELIABLE. Even if you are lucky to receive the IRS check from the PHL mailman, NOT ALL PHL BANKS WILL ACCEPT IT FOR DEPOSIT. The check from the IRS will be drawn from the US Treasury, so you will need to check that your PHL bank will accept a check from the US Treasury, denominated in US Dollars. If your PHL bank will accept your IRS check, IT WILL CHARGE YOU A PROCESSING FEE AND COULD TAKE 3 TO 4 MONTHS FOR THE CHECK TO CLEAR. Your best recourse will be to maintain an account with a US Bank that allows remote access (BofA, Wells Fargo, etc.). You can indicate on your 1040 form that the refund should be deposited in that US bank and then move the money to your PHL bank using online remittance services.
Hi nice video my question is if I’m in the Philippines retired there do I have to file my income taxes or just ignore it I mean don’t file at all thanks
Can you please tell me if you have to be in USA to sign your tax return? That is my accountant tells me but nowadays everybody filing electronically then why I need to sign in person?
I filed my return electronically and I did not have to sign my return. If your accountant needs it for his record since "he is filling it for you", I would just sign a return and email it to him.
Sir, I have a US friend transferring my SSDI from my friend's bank account to my Phil Bank Dollar Account monthly. Does this needs reported and will be taxed?
Benefits paid to you are reported by social security to the IRS regardless of which bank account and whose name it is sent to. It is reported as the beneficiaries benefit payment...you! Whether it is taxable or not depends on other income factors. If the only income you have is social security, in all likelihood it will not be taxed and you may not even have to report it on your tax return. Please watch the video again as this was clearly explained.
Thanks grandpa. I saved this for future reference. I'm planning to withdraw from my retirement fund, move to the Philippines and collect my SS pension when I turned 62. Oh by the way I'll be 60 in July 😊
Hello sir!I am a dual citizen.I will be retiring in Cebu,Phils.I will be receiving soon my SS.Do I have to file every year of my retirement and how much is the limit income not to file SSecurity?Thank you so much sis🙏More power to you👍🙏
@@vloggergrandpa2707 What if you receive SS benefits that exceeds $24,000/yr (single) or $32,000/yr (married) you also don't have to file a US tax return? Thanks!
@@cdsaq007 If more than $25k for individual and over $32k, you pay taxes. It’s on page 3 of 2022 of the booklet “What You Need to Know When You Get Retirement or Survivors Benefits Booklet “.
Good day Blogger Grandpa I’ve been gathering ideas for retirement in the Philippines through your videos and it is very educational. Can I ask you please for a copy of your retirement sheets that you made in this blog. Either email or PM appreciate it. Thanks
Greetings Grandpa . I'm a retired USPS worker. I file my taxes every year and I don't have any other income. If I retire in the Philippines, are there people there who can do my tax filing like H&R Block here in the U.S? And would they send me my W2 form to my new address in the Philippines? I don't want to return to U.S every year just to file my Taxes. I need your advice Grandpa.😇
@Mario guapoak I don't really know. I always file my own taxes using turbotax and I will continue to do it the same way. No experience looking for a tax accountant.
You should get a paperless W2 from USPS. Doing your tax return (electronic filing) through Turbo Tax is much easier and don't need to send in your tax return through the mail. Plus your chances of getting a refund is much faster. This is how I did mine for the past 10 years after I found out that my tax preparer was using Turbo Tax.
Get your 1099 copy from OPM online Service where we get our W2’s . You can file with Turbo Tax or H&R Block online. U can do everything online nowadays. Im a retired carrier at USPS living in Pinas.
Bakit pag ikaw ay mag SSS pension dito sa America, bakit kailangan ibawas ang equivalent money mo na pension sa pinas. Ano kaya ang kinalaman ng pension mo at kinakailanagan ibawas sa pension mo dito sa America.
Hi !!! How are You ?Alright ? I like to find out about SRRV how it cost and where the Office located at ??? Your quick response is gladly appreciated !!! Just Stay Strong and Healthy...GOD BLESS 🙏🏽🙏🏽💕
Good morning sir paano yung retired ka na in USA then go you home for good in the Philippines, no other income only social security from my husband. I get a spouse claim coz I retired 62. ,I have no other income here coz I go retired already there. Do I still have to file an income tax return here? Anyway we filed the income tax jointly with my husband who is also retired in the Philippines. Thanks for advice.
Technically, social security earnings MAY be taxable depending on your TOTAL income. If your income is only from social security benefit, chances are you will not need to file a tax return because you will be below the threshold when you take the standard deduction.
Hi nice video ,I’m retired and I’m U.S citizens and I Wanna go to phillipines how long I can stay in the phillipines , or what kind of visa I can get so I can stay longer thanks
You can stay for 30 days without visa, subject to extension. If you want to stay permanently, go to the Philippine consulate and inquire about an SRRV Visa. That is covered in one of my vlogs. Here's the link to my channel. th-cam.com/channels/YU70S4jYvhw0BOetMFdD6A.htmlvideos
So if a US citizen or a US resident alien who lives in PH and earns exclusively US-sourced income which is not subject to PH tax, is filing a PH tax return still required or necessary and take credit for US tax liability just like when it's the other way around (US tax return credit for PH income)? Indeed, very complicated and confusing.
US citizens are taxed on worldwide income, meaning, ALL. You only pay tax to the Philippines on Philippine-source income. When you file your US Tax return that includes Philippine income, you can take credit for taxes paid to the Philippines on your US tax return.
@@vloggergrandpa2707 Thanks for elaborating. This I understood as much. What I meant specifically is all income from US (no PH income whatsoever) but living as a resident in PH. In this scenario, does PH still require to file PH tax return anyway as a matter of record being a resident and all or not?
Grandpa, to file a US tax return, I have a spouse and she lives in the Philippines, unemployed and she doesn’t have social security and ITIN, my question is that should I change my marital status as single to file US tax return?
Hi can you talk about a non citizen retired in PI whose income is only US Social Security that is less than 8000 dollars annually? SS required withhold of 30%. How to get rhat back or can we ask SS not to withhold?
By the way, maybe you are classified as non-resident that's why there is withholding. Also, @G GB, isn't SSI not paid outside the united states? Humm, maybe I'll make another TH-cam video on Social Security.
Hi, Is a dual citizen can receive a senior citizen pension from the Philippine government ,is he or she Qualify the benefits from the Phil government like PHIL HEALTH and dual citizen can stay in the Philippines like 5 years and can come to US anytime Only with a plane ticket no need to report at the US embassy for a visa?
Hello my husband had a problem about filing his tax in the U.S can I your help please if you know a tax person that can file his in the U.S. highly appreciated if you reply my comment thank you
I'm sorry I don't know anyone in the Philippines who can do that for you. If he is capable, it could be done online. Here's a link to TurboTax: turbotax.intuit.com/personal-taxes/online/
Philippine Retirement & Travels Thanks for your response sir, i forgot to tell you that i retired and live here in the Philippines for 3 years now. I dont work anymore.I retired at age 52, will that make a difference maybe? I have dual citizenship. Thanks again sir.
Your age and retired status will not make a difference. Also, rent income is NOT considered "foreign earned income" that could be excluded on your return. Sorry. 🙁
I'm a US citizen (retired) living in the PH permanently, receiving $30000+ annually (SS) and making $20k+ in the stock market online trading (NYSE), total of $60k-70k annually give or take. Do I have to file and pay income taxes since I'm below the $107K income. Please advise
Note that, while the Foreign Earned Income Exclusion permits up to $120k (2023) of INCOME -tax free income, one must still pay a 15.3% FICA/medicare tax on any FEIE monies.
![Insurance for Dual Citizens and Foreigners who are retired overseas [About Advantage Plan]](/img/n.gif)
Fantastic presentation Sir! All US retirees moving to the Philippines should watch this just so they understand what their tax liabilities are, if any.
I just checked your link to social security, I followed the questions, and I'll get to keep mines while living there! Thank you very much! Excellent information!
Another great topic Danny but man I would have to watch this again when the time comes. 🤔😁
Me.. too. For my friend..living in the US
Great presentation. Thorough, but concise.
This is very informative to those who are willing to retire in the Philippines. Thank you for sharing
Nice content. Very informative especially for people like me thats thinking of moving back.
Excellent presentation! Thank you for sharing that very useful information.
Great information, thanks for breaking it down and explaining it thoroughly.
Thanks for breaking this down and making sense out of such a complicated thing!
Grandpa thank you so much for discussing about taxation for Expat . Kaya lang nakakaloka yung mga englisation 😄😁 but very informative 👏🏼👏🏼 🙋♀️🙋♀️
Yes, this apply’s to all American’s who has any source of income from the US
Please stay on point and be precise, please, from explaining. Thank you!
Our pensions in Georgia, USA is not taxable and i am so glad.
My topic was strictly on Federal Taxes. Different states have different laws on what is taxable and what is not.
A very important topic.
Wished you discuss filing income tax return that concerns only retirees and senior citizens. Don't make it more complicated as it is already complicated. Let experts do their job and Let's enjoy retirement.
I agree and I wish I can do that. The problem is I will receive tons of questions from people who are not retired yet. Can you imagine people going to the Philippines and want to work as a trash collector? Or some people who want to invest in real estate or stocks. Like you, I just want to enjoy retirement! 😀😀😀
I am a U.S. military retiree and senior citizen residing in the Philippines since 2001. I have never stopped paying taxes o filing income tax returns since day one in the military.
In 2009, I started doing my own tax returns using TaxAct online (or Free) version and before that I used TurboTax since I only had one income (two since turning 62 years old).
I take my 1099 R directly from MyPay, and SSA 1099 from Social Security plus 1099 INT from my bank if I have any interest earned and enter all the info into the TaxAct program.
TaxAct2019 for example "asks" questions about your income (from 1099 R) and SSA 1099 from Social Security and 1099 INT from your bank.
The program lets you start and stop as needed. Re-start where you left off and help you choose how to file - paper or electronic filing.
It will also tell you where to file depending if you're getting a REFUND or paying more taxes.
I use the paper form 1040 to file. I write in the numbers in the 1040 so I can at least learn where the numbers go. 2019 was the only time i paid in taxes for $ 37 dollars, thanks to Trump.. All the other years I had refunds.
There is no tax liability in America, until one earns $23,000.00 for a couple, or the amount separating poverty level, from the rest of American citizens.
If you’re not an American citizen, you’re levied 30% , on your social security, no matter your income!
In such a case, you must file, every 3 years, to recoup that 30%!
Thanks for these very informational and interesting messages
You are so welcome.
Nobody outsmarts Uncle Sam:)
Trump did...
@@concordioobeso6437 NYSDC doesn't think so.
We appreciate you for taking your time to do this for us. Thank you, sir.
Great video and I like the way you explained in plain and simply way to understand. Does expat vlogger living in the Philippines have to pay taxes earned from TH-cam?
In the U.S., if you are a U.S. Citizen or Permanent Visa Holder (green card), you must pay tax on worldwide income--TH-cam or otherwise. In the Philippines, if you are receiving income from the Philippines, then it becomes taxable.
@@vloggergrandpa2707 if you in the Philippines earning from TH-cam? And also, what about if someone send you money to help. Say, you need medical help in the Philippines. And people start a $10k GoFundMe for you.
At the present time, I don't plan to accept donations. When that time comes, I'll have to research the permitting requirements in the Philippines to be a charitable organization. Also, will be moving to Washington State, and I plan to travel the Philippines and some parts of Asia, hopefully, after the pandemic. For now, I live in Pennsylvania. My tax home will be USA, not Philippines. That's how I plan to spend my retirement -- by being active.
@@vloggergrandpa2707 nice. Where in Pennsylvania? My family live there in Reading.
We are in Philadelphia Suburb. We're about one hour away from you.
I think all US Veterans could also receive the stimulus only on the later part.
Thank you very much.You’re the best.
Thank you, very informative.
What about the dual citizen retired with SSS
No difference. You will continue to receive the benefits.
Thank you for information by SSS
If you are on a payment plan for taxes owed from some previous year than you are required to file a tax return even if you don't usually have to untill the amount owed that you pay monthly is completely paid off.
Thanks so
Much sir. Excellent presentation.
Magandag Hapon Po! Living abroad and Retired. I still owed State and Feds. At least USA made it easier to pay online. I am still waiting on a stimulus income but I do not rely on it.
Mabuhay
Why would you have to pay state tax ?
Ask the governor! 🙁
@@kellytraveler4748 It depends if the home state indicated on your 401K, IRAs, annuities, Social Security, etc., imposes state taxes on retirement income (for example, The People's Republic of California). So before you retire in PHL, change the home state in your retirement funds to states like WA or FL, where there are no state taxes.
Also Alaska. No state tax.
How about if I'm not a Us citizen and I m immigrat I can't come back to US even though I don't have a passport to showthe passport of U S passport because I m not U S citizen
Great presentation Sir Grandpa vlogger.Thank you for that very informative info for us mostly and to those people planning to retire or return back to Phillipines.Stay safe and God bless
I intend to retire in the Philippines with my wife in a few years. Your blog helps answer so many of my questions. Nice job pointing me in the right direction. Future ExPat subscribing! Thank you. :)
What about the USA Phillipines Tax treaty....surely that has significant bearing on the subject....especially with regards to taxation of pensions. Filing a USA tax return is not a big deal, but determination of whether your pension is taxed by the USA or "other" country is.
u.s. citizens may have both federal and state obligations that are not excused by simply retiring abroad.
Wrong, you must pay federal reguardless . If perminate resident on philippines and a usa citizen, you pay usa federal, and mo state but pay philippines tax. You pay usa fed and philippines national taxes and always pay your land and home and car tax rvery tear plus ins. Im 63 usa citizen and a perminate resident of philippines, retired , i own 3 homes and 3 farms in philippines many many years
Excellent information, thank you very much
I love your topic, If you have the time, Can you go into detail how XOOM work’s. Thank you !
😮 Believe it or not, I don't know much about it. I was invited to give a webinar presentation on retirement using Zoom. I will get a phone call this weekend to be trained on how to use Zoom. I have a feeling that I will like it. Once I know more, maybe I'll do a video on that.
Thank you for responding, It mean’s a lot.
That’s a good news
I understand having to file a federal tax return if living overseas but not state taxes. If I don't live in a state anymore why would I be obligated to file a state tax return?
I agree if you no longer maintain any residence in any state.
If you have retirement funds (401K, IRA’s, annuities, etc) and the home state, indicated on those funds, imposes state tax, distributions from those retirement funds could be subject to state tax, even if you are already living overseas. The taxman's motto: You can run, but you can't hide.
No state tax? Only IRS or federal? Thanks
If you claim to be a resident of a state that has Income Tax law, you need to file. If you claim to be a resident of a state with no Income Tax law, you need not file, they probably have NO FORMS to fill out.
Everybody wants a lower tax bill. One way to accomplish that might be to live in a state with no income tax. As of 2020, seven states-Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming-levy no personal income tax.1 Two others, New Hampshire and Tennessee don’t tax wages. They do currently tax investment income and interest, but both are set to eliminate those taxes soon.2 3 4 That will bring the number of states with no income tax to nine by 2025.
Hello vlogger Grandpa. I have been following your vlogs and thank you so much for the information about taxation. My question is, I sold my properties in the Philippines. I am a dual citizen. I paid taxes in the Philippines when I sold, the properties. I’m residing in United States , do I need to file to IRS the net proceeds of the sale of property in the Philippines as an income even though I paid the taxes already in the Philippines.
Technically, yes. And you can credit the taxes paid to foreign country against U.S. tax liability. Thus, if Philippine taxes is higher than US, you will wind-up not paying anything.
If you are a retired us citizen ,say you only receiving a sss pension in the Phil's.and it's only say 15k / year do I need to file income tax?
As long as you are a US citizen, your are subject to tax on your WORLDWIDE income. Whether you are required to file or not dpends on your income level and filing status. Please check the link in the comment section of the video to determine if you are required to file income tax.
Thank you so much it’s very informative.
Yes, .my brother retired in the Philippines and he always files US TAX RETURNS every year. He only claims his navy pension as income.
Is he using turbo tax or going to the embassy
I have questions I’m a US Cetizin and I want to open some business in the Philippines do I need to file tax in US or philippines
Yes, both in the U.S. and Philippines. You MAY not necessarily have to pay tax since you can credit what you pay in the Philippines against your U.S tax liability.
U.S resident alien born in the Philippines, I earned U.S. Pension how does my tax work on my Private Pension plan when I retire in the Philippines?
Check with SS office in the US before going to the Philippines to live permanently there. It is not a problem to receive SS benefit if you're a US citizen, but could be a problem if you're not.
Can you talk about an immigrant or a US citizen getting pension here in US being deducted equivalent to the amount of your pension received in the Philippines. For example : Your SS pension here in US is $700, and in the Phil. is P10,000. My SS pension I only get is $399 instead of receiving $700. The US-SS reason is that because I receive P10,000 pension in the Phil. meaning my Phil. SSS pension from the Phil. will be deducted equivalent to dollars from my SS pension here in US that is why I will only get $399 instead of $700.
Is this legal? or is there a law that governs in this matter? Pls notify me when you make a discussion on this matter. Thank you
Yes, it's called Windfall Elimination Provision on foreign pensions. Here's a link to determine if it will apply to you: www.ssa.gov/international/wep1.html Good luck!
Hi, and tnx for sharing. Can you make a video about Independent living elderly homes in the PHL ?
I am a dual citizen residing in the Philippines I’m receiving 429 US dollar pension every month am i required to file federal income tax every year
Most likely not. But to be sure, please click the link below the video and verify. Thanks for asking.
Why only $429.00? Just curious.
Yes, even if you have no pension or income for that matter - it might get you a refund from the US.
About, your dual (Filipino) citizenship - that you have to ask the BIR yourself. But I think they "should" only tax what income you have left AFTER the US has taken their taxes. That is the only reason I decided NOT to take up Dual citizenship...last time I heard, we are supposed to enroll in Philhealth and pay Php 17,000 a year...
@@karlbryant5706 possibly that is how much or total number of years he contributed. I know someone who was not able to collect because of lacking points of contribution. Normally, it is 10 years, I think.
Wala nman akong trabaho sa pinas.pls explain!!
Maraming possible source of income kahit wala kang trabaho sa PHL. For example, may apartment kang pinapaupa sa PHL. Or nanalo ka sa casino or lottery sa Manila. Considered taxable international income ang mga ito sa mata ng IRS.
Yup US citizen living outside will hv to pay taxes....my sis in law resides in Cda pays both.
Only if you are earning income..henceforth the term income tax. If no income or profits..then at least in the US..no tax..i.e. liviving entirely off US Soc Sec..which is not taxable then no US tax is due..
US uses citizen based taxation not residence based. i hope they explain this to people who are applying for a green card. if one has a property BEFORE he/she got the green card and if he/she sold that property AFTER he/she got the green card, uncle sam will still tax you on the capital gains of that sale. ain't that something 🤔
Thank you. Can I have the link mentioned?
It is in the comment section below the video. Please check.
@@vloggergrandpa2707 we dont see it where you mentionex
Thank you.
I'm a dual citizen planning to live in the Phillippines for 6 months and 6 months in TX out of a year. I work remotely, my employer is NV based so my source of income is from the US. I'm building an apartment which will give me an income of approximately 50,000 pesos per month. Should I pay all my US sourced income to US even though I'm living in the Philippines and pay taxes on the apartment income to the Philippines?
US will tax you on ALL income, US and OVERSEAS. Philippines will only tax you on Philippince-source income if you are a dual citizen.
@@vloggergrandpa2707 👍
Sorry it is out of context , i value your opinion on all aspects of your presentations ! My wife and I been considering to move ph. We have school age kids and our main concern is how the scholl seystem work ? What is the costs of rezenble privet scholl's?
Sorry, I don't have that information yet, although I was curious as well. Maybe, later I will look into it. The reason I'm not giving that priority is that it is seldom a suitable topic for my vlog, which is for retired people.
Hello! My wife is a retired US and Filipino(dual) citizen living in the Philippines. She receives about $2k from her US pension. Does she really need to file income tax return with that amount of pension she receives? Every tax season, she files her US income tax return. Thank you for your reply!
There is a link at the bottom of my video to check if you are required to file. Please check.
@@vloggergrandpa2707 Thank you!
Yes. Federal and state.
@@vloggergrandpa2707 i lost my job on Jan 1 2020 and went back to the Philippines, do i still have to file my income tax return even though i did not work the whole year?
If you have no income during the year, you do not have to file a tax return, whether you are in the US or overseas.
The answer is it depends your source of income.
What’s the best way to transfer funds to pay off a condo (over 70K)? Payoff to a bank.
To keep it simple, do a bank to bank wire transfer, but that is not the lease expensive way. In one of my vlogs, I discussed the ways of transferring money to the Philippines. Here's the link to my channel. th-cam.com/channels/YU70S4jYvhw0BOetMFdD6A.htmlvideos
I have a question: How do you file your U.S. taxes while living in the Philippines. Is there any CPA services in the Philippines that can file for you? Thank you
@Pebbles In Heaven I'm sure there are some, but don't know who to refer you to. However, you can always file online if you want. I might do another video on this matter in due time.
Do I need to file a income tax if I go to retire in the philippines?
@Romelia Tabalba US will tax you on *_worldwide income_* if you are a Citizen or Permanent Resident of the US. However, if your only source of money is US social security, chances are you will not be required to file. I'm sure you'll find someone in the Philippines who could handle the filing for you if you need to.
I am naturally born Filipino but naturalized US citizen. How long I can stay in the Philippines just for visit?
@Myrna Hall After Jan 15th and assuming no changes thereafter, you can stay as Balikbayan for up to one year.
Thanks
Of course, you file US Income Tax Return, to get a refund. Unless you are a moneyed guy and just ignore the refund, it's okay.
I will be on vacation in the Philippines during the filing of US income tax return, where shall I file?
Online.
How? Am sorry d ako masyadong marunong mag online.
Sorry paki ignore na lang sa reply ko. Salamat
i do mine here online every year,,,,,,,like turbo tax
If you are a US citizens or dual. YOU HAVE TO PAY TAXES AT YOUR HOME COUNTRY....ie..USA
That's true up to a point. If you have an income, the US will take their taxes off the top - called Federal Withholding tax.
Dual of NOT you have to FILE and income tax return every year and If you did not pay enough taxes, then you have to pay more taxes.
But if you paid more that you're supposed to, you will get a REFUND.
That is the point in FILING income tax returns every year in the US. I have never heard of a Filipino taxpayer getting a Tax Refund from the BIR...
Hello grandpa vlogger I have a question, I’m a dual citizen, and I residing in the U.S I’m not working on either country, I’m fixing to go home in the Philippines Am I still paying Philippine tax?
Since you said you are not working in either country, then there is no income tax to pay!
For the bona fide residence, if I have 13a visa in Philippines can I visit the auS fir 2 month and still qualify?
Does the TH-cam income fall under Filipino income? Does the tourist status for the TH-cam income fall under foreign income? Is You Tube donations taxable? I heard some vloggers get over $1000 each live chat for “coffee”. Tax-free?
Of course you can if you have appropriate papers to enter that country. Income from TH-cam may or may not be taxed depending on your "Tax State." I don't know anything about TH-cam donations. Sorry.
Philippine Retirement & Travels : I was referring to a 2 month stay (or longer) for the person who has bona fide residence (as a 13a visa holder). Can he as a USC, go to the US and not violate the tax status?
I have no tax state because I live outside the US. I used to pay in California which was high tax. What about tourists here in the Philippines? Is TH-cam income FEDERALLY taxable if you are required to file taxes?
Let me make it clear and simple. If you are a "Citizen" or "Permanent Resident" (i.e. you have a green card) of the U.S., any income you receive is subject to Federal Income Tax Reporting (and I'm not talking about state income tax reporting), whether it is TH-cam income or otherwise. Whether or not you owe tax will depend on your "total" Worldwide income. Hope I made this clear.
@@vloggergrandpa2707 what if you are on full retirement age ( US Citizen). Do you still have to pay taxes on TH-cam earned income?
Age does not have anything to do with the taxability of your income. It's handled the same way like you're working for McDonald! 🙁
I am interested in knowing how to file taxes from the Philippines as a US citizen?
Go to a usa tax preparers , its a usa colony since 1898
turbotax
@@michaelspencer6523 , can you be clear about what you mean by USA Tax Preparers, are you talking about a website ?? I'm confused.
I would like to know also@@alroberts193
Me too. I'm not a CPA and need a qualified person to do my American income tax here in the Philippines
Can use my us driver’s license if I stay long time in the Philippine please advise thank you
Only for a short time -- 30 to 90 days. After that, you have to get a local driver's license, which is easy to get.
Philippine Retirement & Travels thank you very much
Good day sir! What about the FBAR??? Do I still have to file an FBAR report every year??? And what if my income is coming from my VA benefits do I still have to do an FBAR report???
@Wituro Mariko. Yes, only if you meet the requirements. That is covered in one or several of my vlogs. Here's the link to my channel. th-cam.com/channels/YU70S4jYvhw0BOetMFdD6A.htmlvideos
@@vloggergrandpa2707 thank you very much for what you are doing sir. Your are very helpful. Keep doing what you are doing. God bless
Sir grandpa, H1B visa worker po ako sa US from Jan 2020 to July 2020, tapos nagfile po ako ng tax return ngayon. Problema ko po, nagclose yung bank account ko na nilagay ko sa e-filing ng tax return. Paano ko po ba makokontak yung IRS? makukuha ko po ba yun? tapos yung stimulus check ng anak ko, by mail, di pa din nahahatid. May alam po ba kayo? please advise and help grandpa.
Send them a letter and be sure that they can communicate with you. Include your email address (or fax number if you have one) so they can reply faster if they want. Or, you can use this online inquiry: sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp . Be sure to include information as to where to contact you.
The IRS will send you a letter stating the issue they’re having with your account. You then respond with instructions.
As far as the stimulus checks, go to irs.gov and click on “where’s my stimulus checks “ or something like that. Follow the online instructions.
don
don't worry as long the IRS has your address , they will mailed them to you.
I'm a US citizen (dual Pinoy) with stocks on various companies in the Phil. (like SMPH, ALI, etc)... I earned around $9500 (equivalent) last year 2019 from dividends. Should I declare that as foreign income... Please advise. Ciao!
Absolutely! Your "Worldwide" income is subject to tax.
Sir if we will live in the Philippines and live only with our U S pension should we still pay taxes
@melinda moore *_Most likely_* , NO.
@@vloggergrandpa2707 Thanks a lot Sir for the information you extended to me i do really appreciate
It depends if it’s federal pension or even private. It depends on the retirement income amounts.
Pano nman kabayan kung umuwi ako sa pinas at dun ako mag ss,mag file ba ako ng income tax in the US
Usually, kailangan mong mag file. Pero kung ang income mo ay yung ss lang, malamang na hindi aabot yung threshold income mo para kailangan kang mag file. Palagay ko ay hindi mo kailanganing mag file.
Hi Sir,
Can you pls advice the best way to receive your SSS pension if you are retiring and residing in the Philippines? What bank in the US that can be used to transfer this funds in the Philippines? Thank you, I’ll appreciate your response on this.
And yes I’m a dual cit and will be retiring in few years from now.
Three ways that I know:
1. Contact PNB (Philippine National Bank) in NYC. They will transfer funds received from SS to you in the Philippines for a small fee. However, the last time I talked to them, you have to go there to open the account (typical Filipino way).
2. Another way is to deposit funds to, say, Wells Fargo Bank. Then open an account with TransferWise and you can send funds from TransferWise to BDO in the Philippines as you need it. The transferred amount will be charged via debit card against your Wells Fargo account. This way, you can save your money in the US and only withdraw funds that you need.
3. Finally, I understand that you can ask SSA to send your fund directly to the Philippines. Since I have not done this, I don't know what fees they (SSA and Philippine Bank) charge, if any, and what exchange rate you will receive unless it is sent to your dollar account in the Philippines.
You can explore all those options. If you have no plans to come back to the U.S., and you want ALL monies to be sent to you, I will recommend #3, but I have no experience doing that.
Vlogger Grandpa, USA , Thank you po! I will explore on those options. God bless you
Hi i have i belive 2 questions. First im a us citizen still in the usa . when we move to the philippines i see where you have to be in the philippines for 11 months to be cosidered living there. Do you have to be there the whole fisical year or say can it be 8 months in 2021 and then 3 months in 2022 consistent months... question #2 reciving traditional Ira aprx $600 in us i have 15% tax coming out state and federal . if im living in the philippines i guess ill still have to pay federal so does the state tax stop or then do i have to pay state tax to philippines... and also i asxed you a question about ss direct deposit before .i fount oit you caint have the ira direct deposit in philippines..
US-source income is not taxed in the Philippines if you are dual citizen or non-resident of the Philippines. It's correct that you have to pay Federal taxes, but you do not have to pay State taxes ones you lose residence.
@@vloggergrandpa2707 do you know if you have to be in the philippines 11 months the fisical year ..or can it run say 8 months 3 months the next year as log as its cosistent..
The length of your stay is not relevant. Neither should it be consistent. If you are a dual citizen, you are considered a citizen whether you are there for one week one week or 12 months.
Even if you’re a dual citizen, if one citizenship is US, you are obligated to report your worldwide income.
@@robindavis2370 That 11 mos is applicable to California resident. But the 11 months is to be counted within the "taxable year" Jan thru Dec of the same year. You may have to file "state tax" in California if you are considered California resident that is you have and/or maintaining a California Driver's License on hand. However you may not need to file that State Tax if you live the whole taxable year OUTSIDE of California but you still may have to file Federal Tax. Otherwise you may use the NR540 form to file state tax (for ex. you only left California for just six mos.)
If you are receiving ssi benefit does it affect or they will remove it when you will apply dual citizenship?
@Amelia Bonifacio No, it does not affect social security.
@@vloggergrandpa2707 What I understand if you are a retiree in the US but goes to the Philippines and stays there for a period of time, you do not receive SSI..
@Romy Villalobos If you decide to retire overseas, you can have your SS wired to a Philippine bank. However, if you are retired in the U.S. and just plans to stay in the Philippines for a period of time, I would suggest continuing to receive your SS at a U.S. bank to avoid disruption, and just withdraw it in the Philippines when you need the money. I would recommend Charles Schwab Bank for this purpose.
@@vloggergrandpa2707 Thanks, I did that. I am asking about a friend who is receiving Social Supplement Income. He has not contributed to the SSS and just like most old folks whose children are residents of the USA, he only receives SSI if he is here in the US and living
with his children.
@Romy Villalobos Well, if that is the case, then he has to stay in the U.S. I would not recommend circumventing the system.
Are you familiar with the Retirement visa in the Philippines?
@Jepot Salvatore. That is covered in one of my vlogs. Here's the link to my channel. th-cam.com/channels/YU70S4jYvhw0BOetMFdD6A.htmlvideos However, new SSRV visas are not being issued. Existing ones may be usable. Check with the Consulate first.
Hello sir. I have a question, if i retire in the Philippines as a us citizen, and permanent resident of the Philipines, and require to pay us taxes, will we be receiving a us tax refund?
Yes, if you are entitled to a refund.
Thank you Sir..."
@@levytorregrosaoliver6716 Getting your IRS refund, if you are a permanent PHL resident, is not as simple as getting a refund in the US. First, the IRS does not make direct deposit to foreign banks. The IRS can send a refund check to the PHL address indicated in your 1040 tax document BUT THE PHL POSTAL SERVICE IS NOTORIOUSLY UNRELIABLE. Even if you are lucky to receive the IRS check from the PHL mailman, NOT ALL PHL BANKS WILL ACCEPT IT FOR DEPOSIT. The check from the IRS will be drawn from the US Treasury, so you will need to check that your PHL bank will accept a check from the US Treasury, denominated in US Dollars. If your PHL bank will accept your IRS check, IT WILL CHARGE YOU A PROCESSING FEE AND COULD TAKE 3 TO 4 MONTHS FOR THE CHECK TO CLEAR.
Your best recourse will be to maintain an account with a US Bank that allows remote access (BofA, Wells Fargo, etc.). You can indicate on your 1040 form that the refund should be deposited in that US bank and then move the money to your PHL bank using online remittance services.
Hi nice video my question is if I’m in the Philippines retired there do I have to file my income taxes or just ignore it I mean don’t file at all thanks
As long you a usa citizen, you file a usa tax plus where you reside like philippines national tax.
Maybe the US should adapt price controls and socialism?
Biden is doing his best to turn the United States into that.
Can you please tell me if you have to be in USA to sign your tax return? That is my accountant tells me but nowadays everybody filing electronically then why I need to sign in person?
I filed my return electronically and I did not have to sign my return. If your accountant needs it for his record since "he is filling it for you", I would just sign a return and email it to him.
use electronic signature called docusign
Sir, I have a US friend transferring my SSDI from my friend's bank account to my Phil Bank Dollar Account monthly. Does this needs reported and will be taxed?
Benefits paid to you are reported by social security to the IRS regardless of which bank account and whose name it is sent to. It is reported as the beneficiaries benefit payment...you! Whether it is taxable or not depends on other income factors. If the only income you have is social security, in all likelihood it will not be taxed and you may not even have to report it on your tax return. Please watch the video again as this was clearly explained.
@@vloggergrandpa2707 : I have to watch it multiple times, sir. Thanks for the patience. Very worth it. Grateful here.
Thanks grandpa. I saved this for future reference. I'm planning to withdraw from my retirement fund, move to the Philippines and collect my SS pension when I turned 62. Oh by the way I'll be 60 in July 😊
Do I have to file tax on my annuity if I leave here in America,and retire in the Philippines?
As long as you are a US citizen or permanent resident, you may be required to file a tax return as long as you meet the income requirement and source.
As long as you get retirement , you must file tax. All retirement above limit
Good am,Sir do still to file the tax even ,I m a low income, stays in the Philippines & how if I’m in the Philippines???tnx
If your income is low and below your standard deduction (for example, if income only comes from social security), then you're not required to file.
Hello sir!I am a dual citizen.I will be retiring in Cebu,Phils.I will be receiving soon my SS.Do I have to file every year of my retirement and how much is the limit income not to file SSecurity?Thank you so much sis🙏More power to you👍🙏
If the only money you receive is SS, no need to file a US tax return.
@@vloggergrandpa2707 What if you receive SS benefits that exceeds $24,000/yr (single) or $32,000/yr (married) you also don't have to file a US tax return? Thanks!
@@cdsaq007 If more than $25k for individual and over $32k, you pay taxes. It’s on page 3 of 2022 of the booklet “What You Need to Know When You Get Retirement or Survivors Benefits Booklet “.
Good day Blogger Grandpa I’ve been gathering ideas for retirement in the Philippines through your videos and it is very educational. Can I ask you please for a copy of your retirement sheets that you made in this blog. Either email or PM appreciate it. Thanks
Greetings Grandpa .
I'm a retired USPS worker. I file my taxes every year and I don't have any other income.
If I retire in the Philippines, are there people there who can do my tax filing like H&R
Block here in the U.S?
And would they send me my W2 form to my new address in the Philippines? I don't want to return to U.S every year just to file my
Taxes. I need your advice Grandpa.😇
@Mario guapoak I don't really know. I always file my own taxes using turbotax and I will continue to do it the same way. No experience looking for a tax accountant.
@@vloggergrandpa2707 OK. Thanks grandpa👌
You should get a paperless W2 from USPS. Doing your tax return (electronic filing) through Turbo Tax is much easier and don't need to send in your tax return through the mail. Plus your chances of getting a refund is much faster. This is how I did mine for the past 10 years after I found out that my tax preparer was using Turbo Tax.
I'll do Turbo tax. . If you do it in the Phil, the accountant will clean you up. You should
know it by now.
Get your 1099 copy from OPM online Service where we get our W2’s . You can file with Turbo Tax or H&R Block online. U can do everything online nowadays. Im a retired carrier at USPS living in Pinas.
Bakit pag ikaw ay mag SSS pension dito sa America, bakit kailangan ibawas ang equivalent money mo na pension sa pinas. Ano kaya ang kinalaman ng pension mo at kinakailanagan ibawas sa pension mo dito sa America.
Ask Uncle Sam! 😉
@@vloggergrandpa2707 🤣
Hi !!! How are You ?Alright ? I like to find out about SRRV how it cost and where the Office located at ??? Your quick response is gladly appreciated !!!
Just Stay Strong and Healthy...GOD BLESS 🙏🏽🙏🏽💕
That is covered in one of my vlogs. Here's the link to my channel. th-cam.com/channels/YU70S4jYvhw0BOetMFdD6A.htmlvideos
Good morning sir paano yung retired ka na in USA then go you home for good in the Philippines, no other income only social security from my husband. I get a spouse claim coz I retired 62. ,I have no other income here coz I go retired already there. Do I still have to file an income tax return here? Anyway we filed the income tax jointly with my husband who is also retired in the Philippines. Thanks for advice.
Technically, social security earnings MAY be taxable depending on your TOTAL income. If your income is only from social security benefit, chances are you will not need to file a tax return because you will be below the threshold when you take the standard deduction.
@@vloggergrandpa2707 Even when it’s above standard deduction, it still not reportable income. Tax free baby!
Hi nice video ,I’m retired and I’m U.S citizens and I Wanna go to phillipines how long I can stay in the phillipines , or what kind of visa I can get so I can stay longer thanks
You can stay for 30 days without visa, subject to extension. If you want to stay permanently, go to the Philippine consulate and inquire about an SRRV Visa. That is covered in one of my vlogs. Here's the link to my channel. th-cam.com/channels/YU70S4jYvhw0BOetMFdD6A.htmlvideos
So if a US citizen or a US resident alien who lives in PH and earns exclusively US-sourced income which is not subject to PH tax, is filing a PH tax return still required or necessary and take credit for US tax liability just like when it's the other way around (US tax return credit for PH income)? Indeed, very complicated and confusing.
US citizens are taxed on worldwide income, meaning, ALL. You only pay tax to the Philippines on Philippine-source income. When you file your US Tax return that includes Philippine income, you can take credit for taxes paid to the Philippines on your US tax return.
@@vloggergrandpa2707 Thanks for elaborating. This I understood as much. What I meant specifically is all income from US (no PH income whatsoever) but living as a resident in PH. In this scenario, does PH still require to file PH tax return anyway as a matter of record being a resident and all or not?
No. That's what I mean when I said you only pay tax to the Philippines on *_Philippine-source income_* .
@@vloggergrandpa2707 Got it! Thanks again.
Where is the link ?
In the comment section below the video.
Do I have to file my tax,even im a low income???we have joint income ,of &1200 a month for our SSS income,tnx
No. Not for that level of income for joint taxpayer.
Paano po pag na biyuda na at US Citizen po ang asawang lalaki, magpepension din po ba yung asawa niya kahit wala po silang anak?
Here is a link regarding benefit to spouse that should answer your question: www.ssa.gov/oact/quickcalc/spouse.html
Yes I m a widow and recieved pension,and depends of what company your husband work before.
Grandpa, to file a US tax return, I have a spouse and she lives in the Philippines, unemployed and she doesn’t have social security and ITIN, my question is that should I change my marital status as single to file US tax return?
She could apply for Tax Identification Number and take advantage of the Married Filing Jointly status.
Hi can you talk about a non citizen retired in PI whose income is only US Social Security that is less than 8000 dollars annually? SS required withhold of 30%. How to get rhat back or can we ask SS not to withhold?
You can ask SS not to withhold.
Its required is my understanding
No, it's not. It's optional.
If you get $8000 per year, it means you are getting welfare called SSI .
By the way, maybe you are classified as non-resident that's why there is withholding. Also, @G GB, isn't SSI not paid outside the united states? Humm, maybe I'll make another TH-cam video on Social Security.
Hi, Is a dual citizen can receive a senior citizen pension from the Philippine government ,is he or she
Qualify the benefits from the Phil government like PHIL HEALTH and dual citizen can stay in the Philippines like 5 years and can come to US anytime
Only with a plane ticket no need to report at the US embassy for a visa?
Yes!
Pag magreretire ka dito, at magtrabaho ka sa ibang bansa, may effect ba ito sa hslaga ng pension mo dito?
Magtrabaho shld be past, nagtrabaho
Hello my husband had a problem about filing his tax in the U.S can I your help please if you know a tax person that can file his in the U.S. highly appreciated if you reply my comment thank you
I'm sorry I don't know anyone in the Philippines who can do that for you. If he is capable, it could be done online. Here's a link to TurboTax: turbotax.intuit.com/personal-taxes/online/
I have an airbnb rental income here in the Philippines from a condo unit less than 10k/ year. Do i need to add it to my income on my ITR? Thanks
Yes, you do on both Philippine and U.S. tax returns.
Philippine Retirement & Travels Thanks for your response sir, i forgot to tell you that i retired and live here in the Philippines for 3 years now. I dont work anymore.I retired at age 52, will that make a difference maybe? I have dual citizenship. Thanks again sir.
Your age and retired status will not make a difference. Also, rent income is NOT considered "foreign earned income" that could be excluded on your return. Sorry. 🙁
I'm a US citizen (retired) living in the PH permanently, receiving $30000+ annually (SS) and making $20k+ in the stock market online trading (NYSE), total of $60k-70k annually give or take. Do I have to file and pay income taxes since I'm below the $107K income. Please advise
The 100K income exemption is only on "earned income." Meaning, from salaries if you are working. It does not apply to anything else.
Not at all! Yours is passive income and SS benefits alone is not reportable income
Note that, while the Foreign Earned Income Exclusion permits up to $120k (2023) of INCOME -tax free income, one must still pay a 15.3% FICA/medicare tax on any FEIE monies.
Thank you for all the info. vlogger Grandpa