Thank you very much Chuck for taking the time to make this video! the links and information are a couple thinks I had not found yet in trying to obtain the knowledge I need for living overseas when I retire! Have a blessed day!
Hello, I would like to share my testimony here Financewebservice AT gmail DOT com raised my credit score immensely and I could not have had 850 score without the help of their experts. I’m very grateful and would recommend them to anyone! They also clear credit card debts, remove bankruptcy, student loans.
If you are a Permanent Resident of a foreign country, and still want to keep your U.S. Citizenship, then you have to pay U.S. Taxes. If you renounce your citizenship, you don't have to. Of course, that is when you have to File a Form N-400 to regain your citizenship. Of course, you could be denied. Anyone with a U.S. VISA or Passport is still a U.S. Citizen. If you plan on never coming back to live in The United States, they can't tax you if you renounce your citizenship. www.usa.gov/renounce-lose-citizenship travel.state.gov/content/travel/en/legal/travel-legal-considerations/us-citizenship/Renunciation-US-Nationality-Abroad.html Of course, most people don't want to do that and retain their duel Citizenship.
@@samlima1977 Mail, or e-File. irs.gov; If you are a U.S. citizen or resident alien (Green Card Holder) and you live in a foreign country, mail your U.S. tax return to:
Thank you for the advice. I'll make sure I put to rest my U.S. citizenship when I become an australian citizen. I'm done funding the U.S. wars and bullying.
It is great that you make videos like this because a lot of US expats think they don't have to pay, being overseas. Some find out later that they do have to pay and when the IRS catches up as they eventually do, then they have a multi-year tax bill they cannot pay. In one case I know of one such person who wants to give up his US citizenship to get out of the obligation; they will not allow renouncing until the taxes are paid. Actually, in some cases, expat SS or other pensions are below the filing limit and they do not have to file the form (as shown on the 1040 instructions) but they had better be able to prove it because SS and other employers give a copy of the earnings statements to the IRS.
Chuck, I find that the more that I watch your channel, the more I am impressed with you as an individual. I do not think that I have ever known a person as well rounded as you (and I do not mean physically.. 555). You are a very knowledgable person, I suppose thru your life experiences, and even though I am much older than you, I wish that I would have had a mentor with the knowledge, philosophy and outlook on life as you. I can never catch up to all of the videos you have posted, but I have seen the ones that help define what has made your life so happy and well-rounded. Congratulations, my Friend, for you have found REAL success in life and for that, I truly admire you as well as Paige. 🙏
Thanks for posting this video Chuck. I actually downloaded it for later reference, because I'm planning on relocating to Thailand a year. Hope you dont mind.
Social Security: Most people can apply online and never need to show up in person. Or you can apply at most US embassies overseas. Social security can be direct deposited in foreign bank accounts in many countries, unfortunately not Thailand, but this may change in the future.
I like that you are just a regular guy telling viewers info, not a polished TH-camr trying to make tons of money. Maybe you are making money, but you come across as a regular Joe. Thanks. I'll subscribe and check out your other videos as I am just under six years away from retirement. Yay! Thinking of moving across the pond somewhere and don't want to run afoul of the powers that be.
A note on residency. Don't know Thailand but most places to qualify for residency you have to spend there 6 months plus 1 day or in other words majority of the year. Same applies for US green card residency (or you can lose your status).
Great info Chuck. When I served overseas in the military, many years ago military personnel were not required to file income tax return while serving out of country. I wouldn't know what are the requirements in today's world.
The problem with the automatic 2-month extension when living overseas is that if you need additional time beyond the 2 months (June 15), you will have to file that additional extension by paper mail (Form 4868). The filing of extensions via online no longer works after the regular tax due date (April 15). Suggest if you think you might need any extension beyond April 15, just file Form 4868 via online while available (prior to April 15).Depending on which state you most recently lived in before your move overseas, you may still need to file state taxes: www.usexpattaxhelp.com/Expat-State-Tax-Return.php
I filed with T.T. free edition last year and had a surprise when I clicked "Ready to File". There was a popup Fee for filing with a full year foreign residency. So I tried OLT.COM from the IRS.gov list and they did it Free - No Fee. OLT.com even stated "Foreign Residency excepted" in their description on the IRS.com site unlike T.T. Good site and easier to use than T.T.
Hi Chuck, What about farang "retirees" (50 and older) in Thailand - must they file Thailand Tax Returns? Even though the farang "retiree" doesn't work in Thailand, what about their Bank Accounts in Thailand and elsewhere (e.g. US) ... is there a requirement to file Thailand Tax Returns? Also, the farang's social security, pension, etc., must they file Thailand Tax Returns? Thank you.
If you do not owe the IRS you do not have to file a tax return as long as you work for a company paying into your taxes ie: DoD. You can skip filing for 3 years (2014, 2015 and 2016) but you have to file on the third year. I did this while living in germany for 17 years numerous times.
GREAT INFORMATION CHUCK I GOT A LETTER FROM THE IRS LAST YEAR AND MY DISABILITY CHECK IS MY ONLY INCOME SO I DONT HAVE TO DEAL WITH DOING MY TAXES ANYMORE AND IM GLAD I DONT HAVE ANY STOCKS OR BONDS OR ANYTHING LIKE THAT I HAD A BAD STROKE A COUPLE YEARS AGO AND IM OVER 50 YEARS OLD SO I GUESS IM BEING PUT OUT TO PASTURE .TAKE CARE HELLO TO PAIGE
Thanks for a real helpful video about taxes ,just had questions and I resolved them from your great informational video thank you very much chuck 🇺🇸🇹🇭✈️✈️👍👍
o man, thank you for this. before seeing this video, i never considered checking to see if it was even possible to get disability benefits while living in another country. it just never crossed my mind. well it did, but i thought that there was no way, and i figured that if i asked i would just get laughed out of the building. i just checked the SSA website, and apparently, according to their online tool, with my status, i should qualify to receive my benefits indefinitely. i wish i would have known this a long time ago, because i would have probably been living in Vietnam for the last 8 years. im definitely calling the SSA on monday to make sure, and to see if there is also a way to somehow get a similar insurance plan to the one i have through them setup over there. if so, i might be selling off my cars this year, and finding a realtor to rent out my house. thank you so much for this, you might have just helped me cut 8-10 years of waiting off of my plan, and helped me move my life in the direction i want it to go. it would be nice to move while im 30, instead of waiting and living in the damn desert until im 40. also, i wanted to say that i just found your channel a few hours ago, and you got me to sub on the first video, and i think iv watched about 10 of em tonight, and the sun is about to come up. so you are doing a great job.
The FEIE is only on earned income, any income and gains not fitting that tight definition is US taxable. FBAR rules are more complex than they first appear as well. The way most people deal with this is to completely ignore it. Being retired gives a false picture of just how onerous US tax code and laws are for US citizens abroad who actually want to lead a full and productive life in other nations.
At least your government is willing to pay if your out of the country. The Australian gov is moving toward stopping or reducing benefits for Australians who chose to live overseas on the pension.
Another comment on the IRS. Frankly not very lenient in my experience. One year I filed from overseas but not electronically. I did send the tax return via registered mail. The US Postal service lost it! Yes it show that it showed up in New York then entered a black hole. I immediately refiled but it was 2 weeks late (past April 15). Since I owed a little bit of money I was charged a $6 late fee by the IRS even though another federal agency lost the paperwork! Well I don't call that lenient. Now I file electronically and pay electronically! LOL!
Also if it is not to stalkerish....I like to use google maps and find where you are doing your video's. Of course google street view is like 3 years out of date but close enough. Thanks love seeing Thailand thru your eyes!
Good video. I love Thailand. I have been studying the Thai culture for almost 20 years and I even married into it. I am looking to move to Thailand soon but US citizenship based taxation is scaring the hell out of me. I think your video was nice but seems like there were things missing. The income tax is not much of a problem because in Thailand we won't be making that much money therefore we really wouldn't have to pay us taxes on it but, how about the other parts you have to pay taxes on such as pension, interest, capital gains, etc?
What US banks are best for depositing social security into so we can then withdraw funds while living in Thailand ? Then are those same banks found in Thailand or do you use debit cards and ATMs ?
The US is so tough that I - a Brit - have to check a box to confirm that I am not a US person (which is citizens plus others) every time I buy investment funds. British companies are paranoid about selling investments to Americans by mistake.
same for me, my bank send me a US form every other year that I must check the box I m not a US person. I wish to say they can go to hell with this form , but my bank will not accept me if i don't sign this crappy US form. The problem come from some americans are lying (tax evasion)and bank will be responsible if americans don't pay their due to their IRS so banks don't want US person at all, not matter what. In fact Americans have lost total freedom, who control your money, control you.
Maybe a little ;-). I've just whacked this year's pension contribution into an investment trust and it didn't ask me about being an American person, so it seems that shares are okay. Investment trusts are just like mutual funds in most ways, but they're listed companies which - I'm guessing - Americans can buy in their 401Ks and the like no problem. It seems to be mutual funds and open ended investment companies (OEICs) that they don't like. I'm guessing that the structure of funds allows people to hide more easily: no shareholder register.
Does the government withhold taxes from the SS payments or do retirees just have to save what they think they will owe in taxes and payup at filing time?
You are responsible for the tax at the end of the year. There is a $102k threshold living overseas that will never be reached on SS alone. In the States some people who get Social Security must pay federal income taxes on their benefits. But, no one pays taxes on more than 85 percent of their Social Security benefits. If yo have income that will exceed $102k you pay FICA. In states if you make over $25k and single, you pay. faq.ssa.gov/link/portal/34011/34019/article/3831/must-i-pay-taxes-on-social-security-benefits
Gidday, a simple rule to tax is. It does not matter where you live, it matters where the money lives. If you earn $100,000 in the US, then you pay American tax on that $100,000. If you earn $50,000 in the US, and $50,000 in Australia, then you pay tax on $50k to the US, and tax on $50k to Australia.
Chuck, great info. I have been a sub for a while now. I haven't commented much, but I am a big fan. I would like to pose some questions to you about finances in Thailand. I will send you an email with my questions. Keep producing your channel. It is great.
I was an expat in Saudi Arabia for 2+ years and because I was a foreign resident making less than $66k (long time ago), I paid no income taxes. I was fortunate that my US employer also provided us with housing and almost all the comforts of home (but not wives). You bank enough to make a downpayment on investment property, then come back to the states and play Monopoly with real money and properties. I pay US taxes, but it is reduced by the substantial write-offs property owners get to take here. If you like living overseas, then do it, but I made the most of life here.
People wonder why do I have to pay US income taxes if I don't still live in the US? Well, you get the consular support of the Embassies, paperwork support, etc. As a US citizen you are still using, and have access to, your rights as a citizen.
Those factors are important, but not really a justification for the taxation. Citizens of other countries that don't tax global earnings get exactly the same benefits from their governments even though the don't pay taxes on income earned while living and working outside their home countries. So, any claims someone working for the US government makes that we are paying taxes while living overseas so that we can have consular support and access to our rights as US citizens is basically just spouting BS. My wife is not a US citizen. We lived in other countries before I retired to Thailand. It was a huge shock to her the first country where we lived when I explained that we would not be able to participate in some of the activities her friends did, because our family income was automatically 25% to 35% less than her friends had. That lower spendable income was thanks to us having to pay personal income taxes and both the employee and employer share of social security.
True that Richard. Also, for many expats living abroad, there is little to no reason to even have any dealings with your embassy if it can avoided. In Thailand, the government almost forces you to deal with your embassy for petty little things like getting them to notarize your local address for the purposes of getting a Thai driver's license or similar things. By contrast, a Thai citizen living in the USA is hardly ever required to have any dealings with their embassy because they aren't required to get a notarized statement from their embassy to show where they live. The US Department of Motor Vehicles (DMV) will believe a Thai national when they write down their US residential address.
My question would be about Medicare and the taxes associated with that. You can’t use Medicare when you’re overseas at 65 so the benefit is now wasted. is that a correct assessment?
Medicare is only used in the states. www.medicareinteractive.org/get-answers/medicare-health-coverage-options/medicare-and-living-abroad/medicare-coverage-when-living-abroad
Good video Chuck. Do you know if the Thailand government taxes your income if you have a retirement visa in Thailand? For example.....when I show the Thailand immigration my monthly income in my bank account statement......will they tax me on that income ?
CPA? Seems like overkill with electronic filing available world-wide. If there's an audit, most of the time it's just a desk audit done completely by mail. I guess if having a CPA gives you piece of mind...why not.
Basic tax filing sure, If you have income coming in, investment accounts, dependents, or any deductions, it can become difficult. Yes having been through a couple of tax audits, it is peace of mind, and some documents are not easily obtained living overseas. Just like having Insurance.
Question not on taxes, transferring money to Thailand , the exchange rate change often even daily , so sending when on an upward , is there a website ? Thanks
Do you have a recommendation for a professional that you know? i've been an expat for 15 years, and no plans to go back. i don't mind paying federal tax but I am trying to break my CA residency, which has a whopping 8% state tax. now talks about wealth tax...hasta la vista California...
Hello Chuck, like this video. Tell me, what you think of this: is it a good idea to voluntarily pay into Social Security while you're overseas in order to have bigger SS checks for when you finally return?
The whole subject is very stupid to me. If they actually can come up with a tax system that can just withhold tax money without authorization from foreigners not working without tax ID's that would be theft. if they did decide to break the tax treaty and steel money there will be mass exodus so don't worry about it. I am required to have 800k in and account here, Then I must send money over to live since I am living here. If you believe they will just take a portion of that money because they have no idea where it is coming from other than a bank transfer than I suggest you stop watching stupid shit on the internet or not retire here. Worn out conversation for me so sorry for the to the point manner....
As a US Citizen do you get your full SS amount when living overseas or does the irs take half etc? I ask because a friend who lives in the USA gets SS from another country and the US irs takes 50% of her SS from the other country.
US allows it citizens to live abroad and collect full SS. Except for a few listed Countries. Many Americans living here and collecting SS. If The IRS kept Half That would not be duable to live here. Sounds like someone owes the government back taxes.
Hi Chuck, I am a 20+ year retired US military member and current US civilian contractor working in Afghanistan. Should be living in LOS full time within the next few years. Believe that you are retired US military as well? If so , have you tried using Tri-Care for medical in the LOS? Just wondering what my best route will be in regards to health insurance. Thanks Chuck.....You have an awesome channel!!!!!
Thanks for your service Dan. Check with Tri-Care. I believe there is no difference in coverage. I am not retired military, My story. th-cam.com/video/uZQdwxNMQdY/w-d-xo.html
Suggest asking one of the VFW posts in Thailand for advice. I am also not retired military (4 years Navy Vietnam), so Tri-Care does not apply to me, but the VFW in Chiang Mai spends a lot of time keeping members up to date about retired military issues: www.vfwpost9876.com/faqvfw_files/vfwposts.htm
Phil Bet....Courier services like Aeropost, Jet Box and others in Florida offer mailing services and an address. There are many others in Florida and Texas that expats use.
Thanks for the video, do you have any issues with investing in a brokerage firm like Vanguard or Fidelity being an expat? I know of some expats had account closed at Fidelity. However, I have talked to a gent in Germany and he maintains his parents address for investing in Vanguard. Nice video. take care
It is a shame that Medicare doesn't cover you outside the country. It would cost them probably 75% less than U.S. hospitals. We contributed our entire working life.
Alan... I retired to Costa Rica and the private hospital are cheap compared to the States. In terms of Medicare overseas the AMA and other medical interest would never let it happen. I know people who fly back to the States (Orlando) use Medicare for an operation that would cost less than half here in Costa Rica. ACA..American Citizens Abroad lobbies for us.
I have a quick question on behalf of my friend. She is US resident currently living in the Philippines for 4 yrs now. The last time she worked in the US was back in March of 2016. Since then she's been out if the US because she needs to take of her father who has this lifetime illness. She then worked in the Philippines in late 2018 until Jan of 2020 because she needs to help out with her father on their finance. She spoke to a CPA in the US and asked if she needs to declare her Income tax here in the Philippines. She's been advised that she doesn't have too, that according to the Income-tax law of the US you need to declare that if you made $18k above, otherwise if lesser than that, you don't have too. What I would like to know is how true or legit this is? what the CPA told my friend
If she is working for a US base company and getting a w2 than yes. If she is collecting a form 1099 that is reported to the IRS than she will be subject to self employment tax if over $400. @ 15% if she is living overseas for 1 year. She can claim overseas tax deductions of 119kusd. On FICA. If she is not having to report bank info or any other info and is collecting cash. Then I would take your CPA advice.
Hi Chuck ,I am thai,but US citizen. if I go back to live in Thailand . Do I have to apply Thai visa or not.I hope you give me the answers,and you speck Thai very good . Thank you very much.
If you have a Thai passport use it when you go through the quick lane in Thailand. America doesn't care if you carry two passports. Thai authorities don't ask.... Paige has done this over 10 times along with many others we know. Visa for a Thai citizen is a waste of time for you and immigration.
Correct, but only if Kitty Wong kept Thai citizenship & passport. Some people make the mistake of giving up their original citizenship when they become US citizens. If gave up Thai citizenship and is only US citizen now, then will be treated same as any other US citizen when returning to Thailand. That means 30 days as tourist without applying for a visa. For any other stays, it means applying for Thai visa.
American immigration does not ask a foreigner to renounce there citizenship of there home country in exchange of a green card, or after the become a citizen. America has a huge population of Thai's in Houston, LA, Chicago, DC, and Florida. I have heard this once before. But I have never met anyone who gave up there passport and was unable to get another one.
True, they don't ask, but some immigrants renounce their original citizenship anyway, even if their native country allows dual citizenship. When I was in the US, I taught citizenship and English classes for immigrants preparing for the citizenship exam. Several of the students gave up their original citizenship after they were sworn in as US citizens. It seemed to be short sighted to me, but they were totally intent on becoming "100% real Americans". Anyway, my comment was just a slight expansion of one possible situation, which wasn't stated specifically in Kitty Wong's original message.
Me personally I don't work here or in the states, so I would not get any. However TH-cam gives me one electronically every year. I email it to my CPA. It is never over the $119k so there is not FICA on it.
Most of your bla bla videos are really interesting and helpful, thanks for the bla bla....at a later date could you tell us about getting mail and our important letters (irs,dr.,kids, etc.)or not.
If you live in the Philippines and married to a Filipino keep your money in your spouse bank account by law the bank cannot give any information on a Filipino bank account, one of the best countries to launder money in
great to have someone keep those of us planning to retire in Thailand up to date with IRS info,,, thanks Chuck...eeee :)
Thank you very much Chuck for taking the time to make this video! the links and information are a couple thinks I had not found yet in trying to obtain the knowledge I need for living overseas when I retire! Have a blessed day!
If you live completely on Social Security and perhaps some savings, you do not have to file a tax return unless it exceeds $25,000 annual.
Hello, I would like to share my testimony here Financewebservice AT gmail DOT com raised my credit score immensely and I could not have had 850 score without the help of their experts. I’m very grateful and would recommend them to anyone! They also clear credit card debts, remove bankruptcy, student loans.
If you are a Permanent Resident of a foreign country, and still want to keep your U.S. Citizenship, then you have to pay U.S. Taxes. If you renounce your citizenship, you don't have to. Of course, that is when you have to File a Form N-400 to regain your citizenship. Of course, you could be denied. Anyone with a U.S. VISA or Passport is still a U.S. Citizen. If you plan on never coming back to live in The United States, they can't tax you if you renounce your citizenship.
www.usa.gov/renounce-lose-citizenship
travel.state.gov/content/travel/en/legal/travel-legal-considerations/us-citizenship/Renunciation-US-Nationality-Abroad.html
Of course, most people don't want to do that and retain their duel Citizenship.
@@samlima1977 Mail, or e-File.
irs.gov; If you are a U.S. citizen or resident alien (Green Card Holder) and you live in a foreign country, mail your U.S. tax return to:
Thank you for the advice. I'll make sure I put to rest my U.S. citizenship when I become an australian citizen. I'm done funding the U.S. wars and bullying.
It is great that you make videos like this because a lot of US expats think they don't have to pay, being overseas. Some find out later that they do have to pay and when the IRS catches up as they eventually do, then they have a multi-year tax bill they cannot pay. In one case I know of one such person who wants to give up his US citizenship to get out of the obligation; they will not allow renouncing until the taxes are paid. Actually, in some cases, expat SS or other pensions are below the filing limit and they do not have to file the form (as shown on the 1040 instructions) but they had better be able to prove it because SS and other employers give a copy of the earnings statements to the IRS.
Chuck, I find that the more that I watch your channel, the more I am impressed with you as an individual. I do not think that I have ever known a person as well rounded as you (and I do not mean physically.. 555). You are a very knowledgable person, I suppose thru your life experiences, and even though I am much older than you, I wish that I would have had a mentor with the knowledge, philosophy and outlook on life as you. I can never catch up to all of the videos you have posted, but I have seen the ones that help define what has made your life so happy and well-rounded. Congratulations, my Friend, for you have found REAL success in life and for that, I truly admire you as well as Paige. 🙏
Thanks means a lot
A big help with this. Thank you!
I love all your videos! It has gotten me through this NE winter. Thank you SO much!
Thanks. Stay warm.
Excellent! Missed this one. Thank you
Thanks for posting this video Chuck. I actually downloaded it for later reference, because I'm planning on relocating to Thailand a year. Hope you dont mind.
Before I finish watching it all just want to say thank you! Love your into song. Thanks for putting it back :)
Good video Chuck a lot of important information there, sure to help a lot of people.
Once again a very helpful video Chuck, It really gives me some great information so I can plan my travels and living for the future.
Chuck Thanks So Much for your informative video. Totally agree with you Hire A States Side CPA Period !! Your videos Rock
Thank You
Great video, very informative.
Great information Chuck thanks for the links too.
Heck of a lot of good info.
Thanks for sharing Chuck and Paige.
Social Security: Most people can apply online and never need to show up in person. Or you can apply at most US embassies overseas. Social security can be direct deposited in foreign bank accounts in many countries, unfortunately not Thailand, but this may change in the future.
Thanks again for the great information. I will utilize it.
Thanks man. Much appreciated. Ooorah! Keep up the vlogs
Thank you for all those information IRS..
I like that you are just a regular guy telling viewers info, not a polished TH-camr trying to make tons of money. Maybe you are making money, but you come across as a regular Joe. Thanks. I'll subscribe and check out your other videos as I am just under six years away from retirement. Yay! Thinking of moving across the pond somewhere and don't want to run afoul of the powers that be.
This ones going into s Thailand info playlist of mine. Thanks!
A note on residency. Don't know Thailand but most places to qualify for residency you have to spend there 6 months plus 1 day or in other words majority of the year. Same applies for US green card residency (or you can lose your status).
Thanks Chuck, that answered a lot of my curiosity.
Great info Chuck. When I served overseas in the military, many years ago military personnel were not required to file income tax return while serving out of country. I wouldn't know what are the requirements in today's world.
Same for active military now.
Awesome info Chuck...Thanks!!
The problem with the automatic 2-month extension when living overseas is that if you need additional time beyond the 2 months (June 15), you will have to file that additional extension by paper mail (Form 4868). The filing of extensions via online no longer works after the regular tax due date (April 15). Suggest if you think you might need any extension beyond April 15, just file Form 4868 via online while available (prior to April 15).Depending on which state you most recently lived in before your move overseas, you may still need to file state taxes:
www.usexpattaxhelp.com/Expat-State-Tax-Return.php
thanks chuck. big day 2moro. will update.
Thanks, I needed to know these things. I too have a CPA.
Good job Chuck information spot on
I filed with T.T. free edition last year and had a surprise when I clicked "Ready to File". There was a popup Fee for filing with a full year foreign residency.
So I tried OLT.COM from the IRS.gov list and they did it Free - No Fee. OLT.com even stated "Foreign Residency excepted" in their description on the IRS.com site unlike T.T. Good site and easier to use than T.T.
Thanks for the loads of great information. Also on which sites to go to under the IRS.
Fantastic video all the ins and outs thanks heaps daz
Hi Chuck, What about farang "retirees" (50 and older) in Thailand - must they file Thailand Tax Returns? Even though the farang "retiree" doesn't work in Thailand, what about their Bank Accounts in Thailand and elsewhere (e.g. US) ... is there a requirement to file Thailand Tax Returns? Also, the farang's social security, pension, etc., must they file Thailand Tax Returns? Thank you.
If you do not owe the IRS you do not have to file a tax return as long as you work for a company paying into your taxes ie: DoD. You can skip filing for 3 years (2014, 2015 and 2016) but you have to file on the third year. I did this while living in germany for 17 years numerous times.
This video is so informative. Thank you sir
GREAT INFORMATION CHUCK I GOT A LETTER FROM THE IRS LAST YEAR AND MY DISABILITY CHECK IS MY ONLY INCOME SO I DONT HAVE TO DEAL WITH DOING MY TAXES ANYMORE AND IM GLAD I DONT HAVE ANY STOCKS OR BONDS OR ANYTHING LIKE THAT I HAD A BAD STROKE A COUPLE YEARS AGO AND IM OVER 50 YEARS OLD SO I GUESS IM BEING PUT OUT TO PASTURE .TAKE CARE HELLO TO PAIGE
Thanks for a real helpful video about taxes ,just had questions and I resolved them from your great informational video thank you very much chuck 🇺🇸🇹🇭✈️✈️👍👍
o man, thank you for this. before seeing this video, i never considered checking to see if it was even possible to get disability benefits while living in another country. it just never crossed my mind. well it did, but i thought that there was no way, and i figured that if i asked i would just get laughed out of the building.
i just checked the SSA website, and apparently, according to their online tool, with my status, i should qualify to receive my benefits indefinitely. i wish i would have known this a long time ago, because i would have probably been living in Vietnam for the last 8 years.
im definitely calling the SSA on monday to make sure, and to see if there is also a way to somehow get a similar insurance plan to the one i have through them setup over there. if so, i might be selling off my cars this year, and finding a realtor to rent out my house.
thank you so much for this, you might have just helped me cut 8-10 years of waiting off of my plan, and helped me move my life in the direction i want it to go. it would be nice to move while im 30, instead of waiting and living in the damn desert until im 40.
also, i wanted to say that i just found your channel a few hours ago, and you got me to sub on the first video, and i think iv watched about 10 of em tonight, and the sun is about to come up. so you are doing a great job.
Great vlog chuck hope some take notice
Thank you that was very informative.
The FEIE is only on earned income, any income and gains not fitting that tight definition is US taxable. FBAR rules are more complex than they first appear as well. The way most people deal with this is to completely ignore it. Being retired gives a false picture of just how onerous US tax code and laws are for US citizens abroad who actually want to lead a full and productive life in other nations.
Very helpful! Thanks Chuck.
Thanks
At least your government is willing to pay if your out of the country. The Australian gov is moving toward stopping or reducing benefits for Australians who chose to live overseas on the pension.
Clarifying terms; Report of Foreign Bank and Financial Accounts, FBAR. Form 114, BAS.
Thank you very much for watching this video all the links are in the description box of this video. Please Subscribe thank you
Hey Chuck and Paige, thanks for the videos.
I'm wondering what you do about your mail in the US? And how do you maintain a US driver's license?
Thanks
Hi Chuck, I have a question, what is the stringed instrument music that I hear in many of your videos?
it is called in Thai พิณ sounds like (pen) th-cam.com/video/GwRl2cBN2nc/w-d-xo.html
Another comment on the IRS. Frankly not very lenient in my experience. One year I filed from overseas but not electronically. I did send the tax return via registered mail. The US Postal service lost it! Yes it show that it showed up in New York then entered a black hole. I immediately refiled but it was 2 weeks late (past April 15). Since I owed a little bit of money I was charged a $6 late fee by the IRS even though another federal agency lost the paperwork! Well I don't call that lenient. Now I file electronically and pay electronically! LOL!
Also if it is not to stalkerish....I like to use google maps and find where you are doing your video's. Of course google street view is like 3 years out of date but close enough. Thanks love seeing Thailand thru your eyes!
good job as usual. thanks pal
Good video. I love Thailand. I have been studying the Thai culture for almost 20 years and I even married into it. I am looking to move to Thailand soon but US citizenship based taxation is scaring the hell out of me. I think your video was nice but seems like there were things missing. The income tax is not much of a problem because in Thailand we won't be making that much money therefore we really wouldn't have to pay us taxes on it but, how about the other parts you have to pay taxes on such as pension, interest, capital gains, etc?
What US banks are best for depositing social security into so we can then withdraw funds while living in Thailand ? Then are those same banks found in Thailand or do you use debit cards and ATMs ?
I hope Thailand will be awsome to me to. I did not understand that much, but taxes are imortent for any country.
I want to live there but here is my question i get social security supplemtal income can i just tranfer my benefits to that country thialand..
The US is so tough that I - a Brit - have to check a box to confirm that I am not a US person (which is citizens plus others) every time I buy investment funds. British companies are paranoid about selling investments to Americans by mistake.
same for me, my bank send me a US form every other year that I must check the box I m not a US person. I wish to say they can go to hell with this form , but my bank will not accept me if i don't sign this crappy US form.
The problem come from some americans are lying (tax evasion)and bank will be responsible if americans don't pay their due to their IRS so banks don't want US person at all, not matter what. In fact Americans have lost total freedom, who control your money, control you.
Feel better?
Maybe a little ;-). I've just whacked this year's pension contribution into an investment trust and it didn't ask me about being an American person, so it seems that shares are okay. Investment trusts are just like mutual funds in most ways, but they're listed companies which - I'm guessing - Americans can buy in their 401Ks and the like no problem. It seems to be mutual funds and open ended investment companies (OEICs) that they don't like. I'm guessing that the structure of funds allows people to hide more easily: no shareholder register.
very GOOD question ask ...... about TAX
Thanks. Am in India and needed info like this.
Great info Chick. Thanks.
Does the government withhold taxes from the SS payments or do retirees just have to save what they think they will owe in taxes and payup at filing time?
You are responsible for the tax at the end of the year. There is a $102k threshold living overseas that will never be reached on SS alone. In the States some people who get Social Security must pay federal income taxes on their benefits. But, no one pays taxes on more than 85 percent of their Social Security benefits. If yo have income that will exceed $102k you pay FICA. In states if you make over $25k and single, you pay. faq.ssa.gov/link/portal/34011/34019/article/3831/must-i-pay-taxes-on-social-security-benefits
Gidday, a simple rule to tax is. It does not matter where you live, it matters where the money lives. If you earn $100,000 in the US, then you pay American tax on that $100,000. If you earn $50,000 in the US, and $50,000 in Australia, then you pay tax on $50k to the US, and tax on $50k to Australia.
Chuck watching about taxes and social security.
Ya it sucks finding out us Canadians have to come back to Canada every six months.
Adrian
Hello Chuck from Vancouver. Love your channel. What do you usually use to make your videos?
QnA
Chuck, great info. I have been a sub for a while now. I haven't commented much, but I am a big fan. I would like to pose some questions to you about finances in Thailand. I will send you an email with my questions. Keep producing your channel. It is great.
Hey Chuck, about the FBAR tax filing, when is a good time to submit that document and does it have to accompany your online tax forms? Thanks.
Living overseas you automatically get an extension on your taxes. The fbar needs to be done by April 15th
Thanks, good info for ref
I was an expat in Saudi Arabia for 2+ years and because I was a foreign resident making less than $66k (long time ago), I paid no income taxes. I was fortunate that my US employer also provided us with housing and almost all the comforts of home (but not wives). You bank enough to make a downpayment on investment property, then come back to the states and play Monopoly with real money and properties. I pay US taxes, but it is reduced by the substantial write-offs property owners get to take here. If you like living overseas, then do it, but I made the most of life here.
People wonder why do I have to pay US income taxes if I don't still live in the US? Well, you get the consular support of the Embassies, paperwork support, etc. As a US citizen you are still using, and have access to, your rights as a citizen.
Those factors are important, but not really a justification for the taxation. Citizens of other countries that don't tax global earnings get exactly the same benefits from their governments even though the don't pay taxes on income earned while living and working outside their home countries. So, any claims someone working for the US government makes that we are paying taxes while living overseas so that we can have consular support and access to our rights as US citizens is basically just spouting BS.
My wife is not a US citizen. We lived in other countries before I retired to Thailand. It was a huge shock to her the first country where we lived when I explained that we would not be able to participate in some of the activities her friends did, because our family income was automatically 25% to 35% less than her friends had. That lower spendable income was thanks to us having to pay personal income taxes and both the employee and employer share of social security.
True that Richard. Also, for many expats living abroad, there is little to no reason to even have any dealings with your embassy if it can avoided. In Thailand, the government almost forces you to deal with your embassy for petty little things like getting them to notarize your local address for the purposes of getting a Thai driver's license or similar things. By contrast, a Thai citizen living in the USA is hardly ever required to have any dealings with their embassy because they aren't required to get a notarized statement from their embassy to show where they live. The US Department of Motor Vehicles (DMV) will believe a Thai national when they write down their US residential address.
...moar immigrants to the USA is a 'good thing'.
Thank you for sharing
My question would be about Medicare and the taxes associated with that. You can’t use Medicare when you’re overseas at 65 so the benefit is now wasted. is that a correct assessment?
Medicare is only used in the states. www.medicareinteractive.org/get-answers/medicare-health-coverage-options/medicare-and-living-abroad/medicare-coverage-when-living-abroad
Good video Chuck. Do you know if the Thailand government taxes your income if you have a retirement visa in Thailand? For example.....when I show the Thailand immigration my monthly income in my bank account statement......will they tax me on that income ?
CPA? Seems like overkill with electronic filing available world-wide. If there's an audit, most of the time it's just a desk audit done completely by mail. I guess if having a CPA gives you piece of mind...why not.
Basic tax filing sure, If you have income coming in, investment accounts, dependents, or any deductions, it can become difficult. Yes having been through a couple of tax audits, it is peace of mind, and some documents are not easily obtained living overseas. Just like having Insurance.
Question not on taxes, transferring money to Thailand , the exchange rate change often even daily , so sending when on an upward , is there a website ? Thanks
Yes there are several websites on exchange rates.www.xe.com/currencyconverter/convert/?Amount=1&From=USD&To=THB
Very informative.
Omg so if you make money overseas you have to pay U.S. taxes on it and then turnaround and pay taxes for the country you live in too?
Do you have a recommendation for a professional that you know? i've been an expat for 15 years, and no plans to go back. i don't mind paying federal tax but I am trying to break my CA residency, which has a whopping 8% state tax. now talks about wealth tax...hasta la vista California...
Hello Chuck, like this video. Tell me, what you think of this: is it a good idea to voluntarily pay into Social Security while you're overseas in order to have bigger SS checks for when you finally return?
Hmmm not sure.
HEY CHUCK AND PAIGE, GOOD VIDEO CHUCK. I HAVE DISABILITY INCOME SO IT IS TAX FREE BUT ALWAYS GOOD TO KNOW WHAT THE RULES ARE.
BROCK
As an American, does Thailand tax me on my pension or Social Security payments if I stay in Thailand over 6 months?
The whole subject is very stupid to me. If they actually can come up with a tax system that can just withhold tax money without authorization from foreigners not working without tax ID's that would be theft. if they did decide to break the tax treaty and steel money there will be mass exodus so don't worry about it. I am required to have 800k in and account here, Then I must send money over to live since I am living here. If you believe they will just take a portion of that money because they have no idea where it is coming from other than a bank transfer than I suggest you stop watching stupid shit on the internet or not retire here. Worn out conversation for me so sorry for the to the point manner....
They are talking about taking away passports for people that owe the IRS back taxes. I believe its 50000 USD.
As a US Citizen do you get your full SS amount when living overseas or does the irs take half etc? I ask because a friend who lives in the USA gets SS from another country and the US irs takes 50% of her SS from the other country.
US allows it citizens to live abroad and collect full SS. Except for a few listed Countries. Many Americans living here and collecting SS. If The IRS kept Half That would not be duable to live here. Sounds like someone owes the government back taxes.
What about military benefits? Can you collect and live overseas?
Hi Chuck, I am a 20+ year retired US military member and current US civilian contractor working in Afghanistan. Should be living in LOS full time within the next few years. Believe that you are retired US military as well? If so , have you tried using Tri-Care for medical in the LOS? Just wondering what my best route will be in regards to health insurance. Thanks Chuck.....You have an awesome channel!!!!!
Thanks for your service Dan. Check with Tri-Care. I believe there is no difference in coverage. I am not retired military, My story. th-cam.com/video/uZQdwxNMQdY/w-d-xo.html
Suggest asking one of the VFW posts in Thailand for advice. I am also not retired military (4 years Navy Vietnam), so Tri-Care does not apply to me, but the VFW in Chiang Mai spends a lot of time keeping members up to date about retired military issues: www.vfwpost9876.com/faqvfw_files/vfwposts.htm
how do you keep a USA bank account if you no longer have an address there?
There are plenty of web sites for companies that will give you an address and you can manage your mail. I use a family member
Phil Bet....Courier services like Aeropost, Jet Box and others in Florida offer mailing services and an address. There are many others in Florida and Texas that expats use.
if i work in thailand as a US expat, i understand the federal income tax part. do i have to pay social security taxes?
thanks...good overview
Thanks for the video, do you have any issues with investing in a brokerage firm like Vanguard or Fidelity being an expat? I know of some expats had account closed at Fidelity. However, I have talked to a gent in Germany and he maintains his parents address for investing in Vanguard. Nice video. take care
Can I apply for SSDI while living in thailand or do i have to fly back to the US? thanks
what happens when as a dual citizen you've living abroad since baby, therefore never obtained your ssn, and want to travel back to USA
Info is here: cl.usembassy.gov/u-s-citizen-services/social-security/
Yeah, I just got my tax refund from the IRS, next year i am going to need an accountant, its getting to difficult to do alone.
That is good you get a tax refund. I still have to pay every year.
Next year i will be joining u in the writing the damn check video 55555 happy sunday to ya bro
Do you have to pay taxes if your working overseas
It is a shame that Medicare doesn't cover you outside the country. It would cost them probably 75% less than U.S. hospitals. We contributed our entire working life.
Alan... I retired to Costa Rica and the private hospital are cheap compared to the States. In terms of Medicare overseas the AMA and other medical interest would never let it happen. I know people who fly back to the States (Orlando) use Medicare for an operation that would cost less than half here in Costa Rica. ACA..American Citizens Abroad lobbies for us.
If you expect to collect social security you want them to know where to send you your money.
I have a quick question on behalf of my friend. She is US resident currently living in the Philippines for 4 yrs now. The last time she worked in the US was back in March of 2016. Since then she's been out if the US because she needs to take of her father who has this lifetime illness. She then worked in the Philippines in late 2018 until Jan of 2020 because she needs to help out with her father on their finance. She spoke to a CPA in the US and asked if she needs to declare her Income tax here in the Philippines. She's been advised that she doesn't have too, that according to the Income-tax law of the US you need to declare that if you made $18k above, otherwise if lesser than that, you don't have too. What I would like to know is how true or legit this is? what the CPA told my friend
If she is working for a US base company and getting a w2 than yes. If she is collecting a form 1099 that is reported to the IRS than she will be subject to self employment tax if over $400. @ 15% if she is living overseas for 1 year. She can claim overseas tax deductions of 119kusd. On FICA. If she is not having to report bank info or any other info and is collecting cash. Then I would take your CPA advice.
Hi Chuck ,I am thai,but US citizen. if I go back to live in Thailand . Do I have to apply Thai visa or not.I hope you give me the answers,and you speck Thai very good . Thank you very much.
If you have a Thai passport use it when you go through the quick lane in Thailand. America doesn't care if you carry two passports. Thai authorities don't ask.... Paige has done this over 10 times along with many others we know. Visa for a Thai citizen is a waste of time for you and immigration.
Correct, but only if Kitty Wong kept Thai citizenship & passport. Some people make the mistake of giving up their original citizenship when they become US citizens. If gave up Thai citizenship and is only US citizen now, then will be treated same as any other US citizen when returning to Thailand. That means 30 days as tourist without applying for a visa. For any other stays, it means applying for Thai visa.
American immigration does not ask a foreigner to renounce there citizenship of there home country in exchange of a green card, or after the become a citizen. America has a huge population of Thai's in Houston, LA, Chicago, DC, and Florida. I have heard this once before. But I have never met anyone who gave up there passport and was unable to get another one.
True, they don't ask, but some immigrants renounce their original citizenship anyway, even if their native country allows dual citizenship. When I was in the US, I taught citizenship and English classes for immigrants preparing for the citizenship exam. Several of the students gave up their original citizenship after they were sworn in as US citizens. It seemed to be short sighted to me, but they were totally intent on becoming "100% real Americans". Anyway, my comment was just a slight expansion of one possible situation, which wasn't stated specifically in Kitty Wong's original message.
Thanks Richard for sharing.
How do you get your W2's. Thanks
Me personally I don't work here or in the states, so I would not get any. However TH-cam gives me one electronically every year. I email it to my CPA. It is never over the $119k so there is not FICA on it.
Most of your bla bla videos are really interesting and helpful, thanks for the bla bla....at a later date could you tell us about getting mail and our important letters (irs,dr.,kids, etc.)or not.
Will do a qna next week. I will answer this.
If you live in the Philippines and married to a Filipino keep your money in your spouse bank account by law the bank cannot give any information on a Filipino bank account, one of the best countries to launder money in
Why ya?
There are loop holes... Anyway, wish I could live there. In my situation, that will never happen.
where is that location ? it looks beautiful !
Go to the link on the about tab under the home page notime2bsad picture.
Also, if you don't mind, about how much a year do you pay your accountant?
between $100-$300
notime2bsad Thanks Chuck.