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Monetary benefits of US Citizenship
- Thread starter deeptee
- Start date
AmericanWannabe
Registered Users (C)
No Title
On Form N-400 there is no question asking an applicant
why he wants to become a USA citizen. Of course it requires
the applicant to make an alligience to the USA. But I
think at the interview, the INS may ask the applicant
under the oath why he wants to be natualized. What will
the INS do if the applciant say:"I want to be a citizen
because of the monetary benefits."?
On Form N-400 there is no question asking an applicant
why he wants to become a USA citizen. Of course it requires
the applicant to make an alligience to the USA. But I
think at the interview, the INS may ask the applicant
under the oath why he wants to be natualized. What will
the INS do if the applciant say:"I want to be a citizen
because of the monetary benefits."?
There are some monetary benefits..
You can sponsor your family more easily and bring them over here, and save some money on trips, phone-bill etc. It cuts both ways though.
However one major benefit is that after if you retire and want to spend your last days in your old country, then you can get Social security checks only if you are US citizen. (This applies to countries like India. There are exceptions for some countries). If you have GC, you cannot get these benefits after leaving USA. It especially helps
if you can get dual citizenship.
Another benefit is that US govt. cannot deport a citizen for drunk driving.
You can sponsor your family more easily and bring them over here, and save some money on trips, phone-bill etc. It cuts both ways though.
However one major benefit is that after if you retire and want to spend your last days in your old country, then you can get Social security checks only if you are US citizen. (This applies to countries like India. There are exceptions for some countries). If you have GC, you cannot get these benefits after leaving USA. It especially helps
if you can get dual citizenship.
Another benefit is that US govt. cannot deport a citizen for drunk driving.
AmericanWannabe
Registered Users (C)
No Title
All these benefits are not really monetary, not directly.
All these benefits are not really monetary, not directly.
Social Security Checks
If I understand you correctly, if you are not a US citizen, you could not get social security when you retire. If you
are on H1B you could not get social security either. It seems that you pay social security and
have no right to get it when you need it. If I overpay my taxes the IRS will send me a check. The question is if some
people are not eligible for social security, why the SSA gets their money. They will not give your social security money
back like the IRS if you leave the US and go back to your home country.
If I understand you correctly, if you are not a US citizen, you could not get social security when you retire. If you
are on H1B you could not get social security either. It seems that you pay social security and
have no right to get it when you need it. If I overpay my taxes the IRS will send me a check. The question is if some
people are not eligible for social security, why the SSA gets their money. They will not give your social security money
back like the IRS if you leave the US and go back to your home country.
AmericanWannabe
Registered Users (C)
No Title
It is not managable if is contigent upon where you stay here or
leave. In fact, even a born citizen can pay SSA taxes in vain if he
pay only for 39 credits. Can he claim a refund since he is one credit
short? Nope. Many Americans just think SS Taxes is
another kidn of taxes they have to pay without bothering
whether they can get benefits or not.
It is not managable if is contigent upon where you stay here or
leave. In fact, even a born citizen can pay SSA taxes in vain if he
pay only for 39 credits. Can he claim a refund since he is one credit
short? Nope. Many Americans just think SS Taxes is
another kidn of taxes they have to pay without bothering
whether they can get benefits or not.
No Title
I wanted a clarification on following:
- Is there a difference in taxation between GC holder and citizen?
- If I retire as GC holder, will I get SS benefits in US?
- What is the difference between retrirement benefits if I return back to my home country as a GC holder OR as a citizen?
I wanted a clarification on following:
- Is there a difference in taxation between GC holder and citizen?
- If I retire as GC holder, will I get SS benefits in US?
- What is the difference between retrirement benefits if I return back to my home country as a GC holder OR as a citizen?
AmericanWannabe
Registered Users (C)
No Title
You will get SS retirement benefits if
you live here in the states and if you
accumulate more than 40 credits (at least
work for 10 years). You can not get it if
you choose to live in another country
unless you are a citizen of any of 18 European
countries plus Canada that signed SS treaty with
the USA
You will get SS retirement benefits if
you live here in the states and if you
accumulate more than 40 credits (at least
work for 10 years). You can not get it if
you choose to live in another country
unless you are a citizen of any of 18 European
countries plus Canada that signed SS treaty with
the USA
AmericanWannabe
Registered Users (C)
No Title
- Is there a difference in taxation between GC holder and citizen?
No difference for Federal taxes. But a citizen does not
have to pay any state or local taxes if he lives outside the
USA. But a PR always have to pay state and local taxes
if there is any since a PR must be in at least one of
50 states or DC. You can be a USA resident without being
a state or DC resident.
- Is there a difference in taxation between GC holder and citizen?
No difference for Federal taxes. But a citizen does not
have to pay any state or local taxes if he lives outside the
USA. But a PR always have to pay state and local taxes
if there is any since a PR must be in at least one of
50 states or DC. You can be a USA resident without being
a state or DC resident.
you can get social security benefits without being citizen also.
The only criteria is you should have accumulated 40 credits. In a year you can not get more than 4 credits. That means, if you work in US for 10 years(not necessarily in continuation) you will get your social security benefits irrespective of your INS status and country of residence(not sure about embargoed countries like Iraq, cuba etc).
The only criteria is you should have accumulated 40 credits. In a year you can not get more than 4 credits. That means, if you work in US for 10 years(not necessarily in continuation) you will get your social security benefits irrespective of your INS status and country of residence(not sure about embargoed countries like Iraq, cuba etc).
GC Dreamer
Registered Users (C)
No Title
Bilateral treaties may lower this, e.g. it is 20 credits because of reciprocal plans between the U.S. and Canada.
Bilateral treaties may lower this, e.g. it is 20 credits because of reciprocal plans between the U.S. and Canada.
GC Dreamer
Registered Users (C)
No Title
As a taxpayer who it totally disenfranchised because I am still "only" a PR, I am very powerless to impact the political processes that select those who choose how to spend the taxes that I pay at all levels of government. And to me, that\'s certainly a monetary advantage of citizenship. Having a vote is infintely more valuable than none.
It\'s sometimes said my one vote wouldn\'t count, but many races are won or lost on thin margins... just look at the last presidential election.
As a taxpayer who it totally disenfranchised because I am still "only" a PR, I am very powerless to impact the political processes that select those who choose how to spend the taxes that I pay at all levels of government. And to me, that\'s certainly a monetary advantage of citizenship. Having a vote is infintely more valuable than none.
It\'s sometimes said my one vote wouldn\'t count, but many races are won or lost on thin margins... just look at the last presidential election.
For countries does not support dual citizenship, you have to be careful
Retirment benefit is not just about the paycheck from SS, it is a whole lot more than that. This paycheck is probably too small for a retirment living at most of countries in the world anyway. So live at where your citizenship are is always the best solution if your country does not support dual citizenship.
Retirment benefit is not just about the paycheck from SS, it is a whole lot more than that. This paycheck is probably too small for a retirment living at most of countries in the world anyway. So live at where your citizenship are is always the best solution if your country does not support dual citizenship.
AmericanWannabe
Registered Users (C)
No Title
If you give up PR and live in other countries, will you
still have to pay taxes on 401(K) distribution?
If you give up PR and live in other countries, will you
still have to pay taxes on 401(K) distribution?
Dawson Dong
Registered Users (C)
as of present laws, your 401(K) distribution will be subjected to a
mandatory 20% Fed Tax withholding. I am not sure about the lump sum distribution. If it is over $100,000, you will have to check with IRS regarding funneling this amount of money outside the US.
mandatory 20% Fed Tax withholding. I am not sure about the lump sum distribution. If it is over $100,000, you will have to check with IRS regarding funneling this amount of money outside the US.