dj3642 Posted August 15, 2019 Posted August 15, 2019 For those of you still keeping your money in US banks and then transferring money over to the Philippines.. when you need it.. my question is this.. even though you now live here year round.. when it comes to taxes on your bank accounts in the US.. do you still have to file STATE taxes for the state your bank account is in or no?? I am assuming you still keep an address in the US.. (I.E. maybe a friends address ).. so does that mean you still have to pay State taxes or what??..i mean you earn dividends on your money in the US banks.. so??? Link to comment Share on other sites More sharing options...
robert k Posted August 15, 2019 Posted August 15, 2019 12 minutes ago, dj3642 said: For those of you still keeping your money in US banks and then transferring money over to the Philippines.. when you need it.. my question is this.. even though you now live here year round.. when it comes to taxes on your bank accounts in the US.. do you still have to file STATE taxes for the state your bank account is in or no?? I am assuming you still keep an address in the US.. (I.E. maybe a friends address ).. so does that mean you still have to pay State taxes or what??..i mean you earn dividends on your money in the US banks.. so??? Many people get an address in a state that doesn't have state income taxes and I suppose transfer their money to a bank in that state. The state I claim is Texas so it works for me. I'm fairly certain South Dakota and Florida are no state income tax states. In the Philippines when I had an account I specifically got one that didn't pay interest. Link to comment Share on other sites More sharing options...
Forum Support Mike J Posted August 15, 2019 Forum Support Posted August 15, 2019 I keep the bulk of our funds in the USA. I do not have a USA address. If I felt the need for a US address, I would go with a mail forwarding service and choose and address from a tax free state just to be safe. There are a variety of companies that do this and you can use google to locate them. Link to comment Share on other sites More sharing options...
OnMyWay Posted August 15, 2019 Posted August 15, 2019 7 minutes ago, Mike J said: I do not have a USA address. What address do you use for your U.S. banks and investments? Link to comment Share on other sites More sharing options...
Forum Support Mike J Posted August 15, 2019 Forum Support Posted August 15, 2019 2 minutes ago, OnMyWay said: What address do you use for your U.S. banks and investments? Our Philippine address. Bank is Wells Fargo. Link to comment Share on other sites More sharing options...
Forum Support scott h Posted August 15, 2019 Forum Support Posted August 15, 2019 38 minutes ago, dj3642 said: file STATE taxes for the state your bank account is in or no I am not a tax expert and have my taxes done by a tax person in the states (been doing them for us for years) and this my understanding. You only pay state taxes in your home of record state. When we retired we changed our HOR to the Philippines, so we only have to pay federal taxes (on our pensions, which is a big savings) . The bulk of our money is kept in a major stateside bank. We do use my sisters address in the states if needed. We pay state taxes on an income property but only on THAT income. We came from socialist republic of California , so if this was illegal I am sure they would have got us by now lolol. Filed taxes 7 times and no problems thus far. 1 Link to comment Share on other sites More sharing options...
OnMyWay Posted August 16, 2019 Posted August 16, 2019 49 minutes ago, Mike J said: Our Philippine address. Bank is Wells Fargo. Many of the U.S. banks and most investment brokers don't like customers with foreign addresses. Too much hassle with the U.S regulations, I guess. Glad that it works for you. Banks are more lenient than investments brokers due to special rules with certain types of investments. Link to comment Share on other sites More sharing options...
OnMyWay Posted August 16, 2019 Posted August 16, 2019 (edited) 2 hours ago, dj3642 said: For those of you still keeping your money in US banks and then transferring money over to the Philippines.. when you need it.. my question is this.. even though you now live here year round.. when it comes to taxes on your bank accounts in the US.. do you still have to file STATE taxes for the state your bank account is in or no?? I am assuming you still keep an address in the US.. (I.E. maybe a friends address ).. so does that mean you still have to pay State taxes or what??..i mean you earn dividends on your money in the US banks.. so??? As Scott said, you only have to file a state tax return if you actually have income in that state. The best option is to get a mailing address in a no state income tax state. That will avoid misunderstandings. Do it while still in the U.S. because the mailbox companies require a U.S. Post Office form to be completed either at a post office (easiest) or notarized (hardest). It has to be notarized by a U.S. notary so once you move over here, it will be a hassle. I use my sister's California address for bank / financial mailing address, and that is not optimal. California is the worst for chasing people on taxes. I just got a letter from them, looking for me to file a return for 2016. On the letter, they state the reason they are asking is because of two documents; a. from my mortgage company for my rental house in Florida. That is not even income. b. from my life insurance company that has a dividend of about $175 a year. So now I have to complete their little PIA form and return it, with the comment: "I have not lived in California since 2002 and I have no income in California . The address ************************************ is my sister’s address and I use it as a mailing address for a few things. I have lived in the Philippines since October 2012 and I was never even in the U.S. during 2016." "P.S., You are all idiots. You did this to me for 2014. Why again?" Not sure if I will add that last part! Edited August 16, 2019 by OnMyWay 2 1 Link to comment Share on other sites More sharing options...
Forum Support Tommy T. Posted August 16, 2019 Forum Support Posted August 16, 2019 1 hour ago, OnMyWay said: "P.S., You are all idiots. You did this to me for 2014. Why again?" Hmmm... maybe best to omit that for now, OMW... I use a Washington State mail forwarder. No problems so far with taxes or anything else and great service too! I also use a Seattle area phone number with Skype to keep things going... 1 Link to comment Share on other sites More sharing options...
Arizona Kid Posted August 16, 2019 Posted August 16, 2019 10 hours ago, dj3642 said: For those of you still keeping your money in US banks and then transferring money over to the Philippines.. when you need it.. my question is this.. even though you now live here year round.. when it comes to taxes on your bank accounts in the US.. do you still have to file STATE taxes for the state your bank account is in or no?? I am assuming you still keep an address in the US.. (I.E. maybe a friends address ).. so does that mean you still have to pay State taxes or what??..i mean you earn dividends on your money in the US banks.. so??? California is hard ass about state taxes. But once I didn't live there for the entire tax period I didn't have to pay tax. I filed my Federal tax form and left the state tax blank. They can't make you pay unless they can prove you live there. I've got NFCU as my bank. 1 Link to comment Share on other sites More sharing options...
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