I've been perusing the old forums details available but couldn't reply to some of the older entries, so I started a new one. Who feels like talking about taxes on this lazy Sunday afternoon?!
I'm STILL puzzled about specifics, after almost 3 years here and multiple conversations with local "tax experts"...
My wife and I retired early from jobs in the U.S. We're here with zero income, and no SS checks yet (we live off savings accounts and have IRA's in the U.S. from former employer 401K accounts). We don't have any rental property.
WHAT exactly are we taxed on here ("Imposto sobre o Rendimento das Pessoas Singulares" [IRS] / Income Tax )? Are we taxed for "income" only if and when we withdraw / take a distribution from our IRA's? Or are we potentially taxed on anything else related to the U.S. account?
Once we start making distributions, or start collecting SS checks (and therefore have actual income), presumably, because of the tax treaty between the 2 countries, we will need to file taxes here, and then in the U.S., we file and include a Form 1116 to get the appropriate credits? Am I on the right path?
SUPERBOCK or others who have touched on this topic, your input would be appreciated since it seemed like you were looking for similar answers 1+ years ago. I'm hoping you've gotten some answers...
I'm STILL puzzled about specifics, after almost 3 years here and multiple conversations with local "tax experts"...
My wife and I retired early from jobs in the U.S. We're here with zero income, and no SS checks yet (we live off savings accounts and have IRA's in the U.S. from former employer 401K accounts). We don't have any rental property.
WHAT exactly are we taxed on here ("Imposto sobre o Rendimento das Pessoas Singulares" [IRS] / Income Tax )? Are we taxed for "income" only if and when we withdraw / take a distribution from our IRA's? Or are we potentially taxed on anything else related to the U.S. account?
Once we start making distributions, or start collecting SS checks (and therefore have actual income), presumably, because of the tax treaty between the 2 countries, we will need to file taxes here, and then in the U.S., we file and include a Form 1116 to get the appropriate credits? Am I on the right path?
SUPERBOCK or others who have touched on this topic, your input would be appreciated since it seemed like you were looking for similar answers 1+ years ago. I'm hoping you've gotten some answers...
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