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Marty ********
This is a summary of
Marty ********
's contributions to the platform. They have posed 11 questions and added 1325 comments.

QUESTIONS

COMMENTS

Marty *********
@Albert ******
So you are keeping citizenship and paying taxes so you can easily visit the US? That’s your choice and may be expensive. However I don’t know what alternative passports are available to you. We know Thai citizenship is pretty hard to get.
Marty *********
@Albert ******
Where were your kids born? If they were born outside the US then I know they can get a US passport but I didn’t think it was required.
Marty *********
@Albert ******
I agree that this is unique to US citizens and seems absurd in your situation but look at the flip side. You have calculated, after all these years, that there is value to keeping US citizenship for you and your children.
Marty *********
@Albert ******
I think the first $120,000 of foreign income is excluded
Marty *********
@Brian *******
That’s what I said but your grammar and sentence structure is clearer.
Marty *********
@Marco ********
They do tax 85% of our Social Security. When SS was running out of money in the early 1980’s the fixed the problem by gradually raising the full retirement age from 65 to 67 and they started taxing 85% of the benefits. Social Security is running out of money again so they are thinking about how to fix it again.
Marty *********
@Trevor ******
I’m not sure what the comment means either but we have to report whether we had more than $10,000 in a foreign bank account each tax year. It a simple form each year. We can’t hide our money.
Marty *********
@Steve ******
I think you just have to file a final return with the IRS to pay any outstanding taxes. Other than that the fee to renounce is $2,350 plus any lawyer fees you may incur.
Marty *********
@Glyn *********
Thailand has progressive tax rates. It depends on what you earn but 35% is the maximum
Marty *********
You need a second passport to renounce your US citizenship. Getting citizenship in Thailand is pretty difficult. Before you worry about paying taxes in Thailand vs the US you should worry about your next passport.