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eldancer1

Taxes

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eldancer1

I'm retired and I get social security, 401(K) distribution and pension from the U.S. government, if I want to live in the Philippines who gets to tax my income? U.S. or Philippines?

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fanboat
I'm retired and I get social security, 401(K) distribution and pension from the U.S. government, if I want to live in the Philippines who gets to tax my income? U.S. or Philippines?

 

DID you notice?...tax questions scare the #hit out of all of us...not replies...fool

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tom_shor
I'm retired and I get social security, 401(K) distribution and pension from the U.S. government, if I want to live in the Philippines who gets to tax my income? U.S. or Philippines?

 

The US as always. Since the income id derived outside the Philippines you don't have to pay there.

 

DID you notice?...tax questions scare the #hit out of all of us...not replies...fool

 

Americans don't like taxes. Ask the British about that. :cry:

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Lee

As others have already posted, you will have to pay taxes in the US. You will also in effect be paying taxes in the Philippines due to the Value Added Tax or VAT for short, which is added on most things you will buy, and any interest that you might earn in most bank accounts that you might end up having in the Philippines will have tax deducted automatically.

 

Also be advised that if you end up having more than US $10,000 or the equivalent in foreign currency in a bank in the Philippines or any other foreign country at any time during any year, you will be required to file another forum notifying the US government.

http://www.irs.gov/businesses/small/articl...=159757,00.html

 

You will also notice that it is called FBAR and that reminds me of FUBAR for those of you who remember that and if you do not then do a search and it is an acronym for the IRS. :cry:

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tom_shor
As others have already posted, you will have to pay taxes in the US. You will also in effect be paying taxes in the Philippines due to the Value Added Tax or VAT for short, which is added on most things you will buy, and any interest that you might earn in most bank accounts that you might end up having in the Philippines will have tax deducted automatically.

 

Also be advised that if you end up having more than US $10,000 or the equivalent in foreign currency in a bank in the Philippines or any other foreign country at any time during any year, you will be required to file another forum notifying the US government.

http://www.irs.gov/businesses/small/articl...=159757,00.html

 

You will also notice that it is called FBAR and that reminds me of FUBAR for those of you who remember that and if you do not then do a search and it is an acronym for the IRS. :cry:

 

Is that in one account or in all accounts? :P

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Lee
Is that in one account or in all accounts? :cry:

 

 

All accounts in total is the way I read it and what my accountant said.

 

The Bank Secrecy Act (BSA) gave the Department of Treasury authority to establish recordkeeping and filing requirements for United States persons with financial interests in or signature authority, or other authority over financial accounts maintained with financial institutions in foreign countries. This provision of the law requires that a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) be filed if the aggregate balances of such foreign accounts exceed $10,000 at any time during the year. (See Exhibit 1, Form TD F 90-22.1)

Edited by Mr. Lee

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Easyrider
I'm retired and I get social security, 401(K) distribution and pension from the U.S. government, if I want to live in the Philippines who gets to tax my income? U.S. or Philippines?

 

I'm retiring from a US Government job this November, so I called IRS last week and asked if I would have to pay federal tax on my retirement annuity. I talked to a guy named Steve. According to him, since I'm a US citizen, I have to pay federal tax regardless of which country I live in, even if I move to another planet 100 billion light years away, I still have to pay taxes and file a return every year. Damned greedy bastards in washington. They probably don't pay taxes on their retirement. I'm sorry for getting upset, but I hate our federal government in washington DC. Most of them are no better than the criminals we have locked in our prisons.

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Mik

Does your state have income taxes? To avoid state tax you will have to sever your ties with that state: get rid of any land, property, business etc. You can use TurboTax to do your tax return online.

 

The Philippines won't tax the foreign income of an alien. http://www.bir.gov.ph/taxcode/1560.htm

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T.S.

The United States is one of few countries that taxes its citizens based on their citizenship rather than their residency. The IRS even tries to make some people pay United States taxes for 10 years after giving up their citizenship.

 

Most people in the world can legally stop paying taxes to their home country when they move out of their home country.

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fanboat
I'm retired and I get social security, 401(K) distribution and pension from the U.S. government, if I want to live in the Philippines who gets to tax my income? U.S. or Philippines?

 

Please excuse my use of the word Fool(that was the beer doing the talking)

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Terry

With Uncle Sam, he don't care where you are. Only, where the money comes from. BTW, the U.S. IRS is not responsible for what they tell you. That's why you never really know what your correct taxes are. If you reside overseas then your not in a state and your income is from the Fed and Not the state. Therefore no state taxes. BUT, you still gotta file so's da kin kept trak o ya. Dangit all.

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eldancer1
With Uncle Sam, he don't care where you are. Only, where the money comes from. BTW, the U.S. IRS is not responsible for what they tell you. That's why you never really know what your correct taxes are. If you reside overseas then your not in a state and your income is from the Fed and Not the state. Therefore no state taxes. BUT, you still gotta file so's da kin kept trak o ya. Dangit all.

 

 

I want to thank everybody for your information (albeit with slight hesitation) about paying taxes (or not). . .it's one more item to consider should I decide to live (or not) in the Philippines. Thanks again!

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Irishguy
DID you notice?...tax questions scare the #hit out of all of us...not replies...fool

 

Simple question -- not so nice a reply!

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fanboat
Simple question -- not so nice a reply!

 

Please excuse me...I'll be nice...the word tax just made my head blow up for a minute!

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