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uknwn0424

@uknwn0424

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American expat in Colombia

Forum

14 posts

About me

American

Registration: 21 September 2023

Activity

uknwn0424 replied to a thread
last year
antonioggriffin

Online bank accounts by antonioggriffin

Are there any online bank accounts that don't require a handful of documents I don't have?Any expats open an bank account as a foreigner?

uknwn0424

@ChineduOpara Well, I haven't been actively trying until recently, so it could be the case that I could have gotten credit before had I looked harder. Before, I would try here and there with Falabella and Nubank, but this time around I went to a ... Read More

uknwn0424 replied to a thread
last year
antonioggriffin

Online bank accounts by antonioggriffin

Are there any online bank accounts that don't require a handful of documents I don't have?Any expats open an bank account as a foreigner?

uknwn0424

@ChineduOpara Getting credit hasn't been easy for me. I've had Bancolombia for two years (10-20 mil monthly movements...more if I'm paying rent since I pay 4-6 months in advance), a line with Claro for two years, and have filed taxes here. ... Read More

uknwn0424 replied to a thread
last year
uknwn0424

How are income tax refunds from the U.S. handled in declaracion by uknwn0424

For those who have filed a declaracion de renta before and have received tax refunds after filing your U.S tax return, how were the refunds handled in your declaracion? For example, if in the tax year, you paid 50k USD in taxes and are due a 10k ...

uknwn0424

@nico peligro Worry? More like hope. Weird? Maybe. Lol Idk if I'd consider it weird. If there's a legal precedent for not having to declare refunds, you can essentially live tax-free (depending on your salary) without having to go to some other ... Read More

uknwn0424 created a thread
last year

How are income tax refunds from the U.S. handled in declaracion

For those who have filed a declaracion de renta before and have received tax refunds after filing your U.S tax return, how were the refunds handled in your declaracion? For example, if in the tax year, you paid 50k USD in taxes and are due a 10k ... Read More

uknwn0424 replied to a thread
last year
ooleon68

Payment of taxes in colombia by ooleon68

I live in Cali about 9 mos out of the yr. do I have to pay taxes here on pension money I bring to my bank account in Colombia? Any info is appreciated. Thank you

uknwn0424

If you look up "langon colombia" in google, go to their site, click "LATEST NEWS" at the top, and go to the article titled "Filing Personal Taxes in Colombia: A Comprehensive Guide [UPDATED 2023]", you'll get to the info I linked to. Their whatsapp ... Read More

uknwn0424 replied to a thread
last year
uknwn0424

Does a 401k need to be reported as a foreign asset by uknwn0424

For those of y'all that have filed a "declaracion de renta before", do y'all report your 401k as an asset in formulario 160. I'm not retired, so I don't get payouts and don't have access to my 401k without having to pay penalties, so was curious ...

uknwn0424

@jmckenna71 By tax benefit do you mean the deferment on contributions? That seems pretty wild because if you were to assume that someone was going to retire here, then you'd essentially be taxing them twice: once on the contributions and once on the ... Read More

uknwn0424 replied to a thread
last year
ooleon68

Payment of taxes in colombia by ooleon68

I live in Cali about 9 mos out of the yr. do I have to pay taxes here on pension money I bring to my bank account in Colombia? Any info is appreciated. Thank you

uknwn0424

Living 9 months in Cali makes you a tax resident, but whether you have to file or pay depends on whether you payouts exceed the minimum thresholds for declaring. Here's a reference to determine if you have to file: [link under review]. You can also ... Read More

uknwn0424 replied to a thread
last year
uknwn0424

Does a 401k need to be reported as a foreign asset by uknwn0424

For those of y'all that have filed a "declaracion de renta before", do y'all report your 401k as an asset in formulario 160. I'm not retired, so I don't get payouts and don't have access to my 401k without having to pay penalties, so was curious ...

uknwn0424

@nico peligro I don't have any assets in Colombia, thankfully. Only thing I have is a car.  I considered buying a house/apartment to rent out or put on AirBnb, but it kind of doesn't seem worth it given that the Peso is almost always falling. ... Read More

uknwn0424 replied to a thread
last year
uknwn0424

Does a 401k need to be reported as a foreign asset by uknwn0424

For those of y'all that have filed a "declaracion de renta before", do y'all report your 401k as an asset in formulario 160. I'm not retired, so I don't get payouts and don't have access to my 401k without having to pay penalties, so was curious ...

uknwn0424

@nico peligro Oh, so "Lawyer B" is Langon. Nice, glad to hear you're impressed with them. Interesting that they said if they accept the minimum it's because of chance and not design because that's what I used to renew my visa. I guess it's because ... Read More

uknwn0424 replied to a thread
last year
uknwn0424

Does a 401k need to be reported as a foreign asset by uknwn0424

For those of y'all that have filed a "declaracion de renta before", do y'all report your 401k as an asset in formulario 160. I'm not retired, so I don't get payouts and don't have access to my 401k without having to pay penalties, so was curious ...

uknwn0424

@nico peligro Thanks for the info, I've still got two years on my visa, and hopefully won't need another after it's up because I'd really prefer living somewhere else for 6 months or live in the U.S. As for the lawyer who did my EPS, he's based out ... Read More

uknwn0424 replied to a thread
last year
uknwn0424

Does a 401k need to be reported as a foreign asset by uknwn0424

For those of y'all that have filed a "declaracion de renta before", do y'all report your 401k as an asset in formulario 160. I'm not retired, so I don't get payouts and don't have access to my 401k without having to pay penalties, so was curious ...

uknwn0424

@nico peligro Well it's Langon Law, so it's not just an individual. I assume that since they're a firm, they have insurance for those kinds of things, and given that they market themselves to expats and have some visibility, they wouldn't want their ... Read More

uknwn0424 replied to a thread
last year
uknwn0424

Does a 401k need to be reported as a foreign asset by uknwn0424

For those of y'all that have filed a "declaracion de renta before", do y'all report your 401k as an asset in formulario 160. I'm not retired, so I don't get payouts and don't have access to my 401k without having to pay penalties, so was curious ...

uknwn0424

@nico peligro I need to find where I read this again, but I could have sworn it's 5% but with a cap. The lawyer I had enroll me in EPS told me that we can enroll as independents and just pay the minimum. He's an expat as well but practices law in ... Read More

uknwn0424 replied to a thread
last year
uknwn0424

Does a 401k need to be reported as a foreign asset by uknwn0424

For those of y'all that have filed a "declaracion de renta before", do y'all report your 401k as an asset in formulario 160. I'm not retired, so I don't get payouts and don't have access to my 401k without having to pay penalties, so was curious ...

uknwn0424

@jmckenna71 Hmm, The accountant I work with says they don't tax these, and in their guarantee, they say that if anything is inaccurately filed because of their mistake, they will cover any penalties and interests. Sounds like nobody knows then lol, ... Read More

uknwn0424 created a thread
last year

Does a 401k need to be reported as a foreign asset

For those of y'all that have filed a "declaracion de renta before", do y'all report your 401k as an asset in formulario 160. I'm not retired, so I don't get payouts and don't have access to my 401k without having to pay penalties, so was curious ... Read More