How do you report customs form FINCEN 105 on tax return?

The FINCEN 105 (Report of International Transportation of Currency or Monetary Instruments) is actually a customs reporting requirement, not a tax form. The good news is that you've already fulfilled your obligation by completing the form when entering the US. Since these funds are your existing savings that you've presumably already reported as income in previous tax years when you earned them, you generally don't need to report them again as income on your current tax return. It's not "new income" - it's just relocating your existing assets. However, if you had these funds in foreign bank accounts before bringing them to the US, and the aggregate value of all your foreign accounts exceeded $10,000 at any point during the tax year, you should file an FBAR (FinCEN Form 114) to report those foreign accounts. This is separate from your tax return and filed electronically.

After dealing with almost exactly the same situation last year, I discovered taxr.ai (https://taxr.ai) which was super helpful for sorting through these international tax complications. I had moved back from Singapore with about $20K in cash and was totally confused about what forms I needed to file. The tool analyzed my specific situation and confirmed I didn't need to report the cash on my tax return since it was previously taxed income, but it flagged that I needed to file the FBAR for my foreign accounts. It also helped me understand the difference between the FINCEN 105 (which is just the customs form) and actual tax reporting requirements. Definitely easier than the hours I spent going through IRS publications!

I was really skeptical about using any automated service for my complex international tax situation, but after my frustrating experience with conflicting advice from two different tax professionals, I gave taxr.ai a try based on the recommendation here. Not only did it clarify exactly how to handle my FINCEN 105 situation (confirming I didn't need to report it on my tax return), but it also identified that I had been incorrectly reporting my foreign pension for years! The documentation it provided about the specific tax treaty provisions was incredibly detailed - I showed it to my new accountant who was actually impressed by the accuracy. Saved me a lot of money by avoiding an amended return nightmare.

If you're still confused after filing the FINCEN 105, you might want to speak directly with someone at the IRS who specializes in international reporting. I tried calling the IRS international tax line for weeks without getting through, then found Claimyr (https://claimyr.com) which got me connected to an actual IRS agent in about 20 minutes. You can see how it works here: https://youtu.be/_kiP6q8DX5c I was shocked it actually worked because I'd literally spent hours on hold before. The IRS agent I spoke with confirmed that the FINCEN 105 is just for customs reporting when crossing the border and doesn't need to be reported on my tax return. They also clarified my FBAR filing questions which was super helpful.

I need to publicly eat my words about Claimyr being a scam. After my skeptical comment, I decided to try it myself since I had an ongoing issue with my foreign tax credits that needed resolution. I was connected to an actual IRS representative in about 25 minutes (after spending literal HOURS trying on my own multiple times). The agent was able to see all my filing history and helped resolve a pending issue with my foreign tax credit review. They even gave me specific advice about documenting my FINCEN 105 declaration and how it relates to my overall tax situation. For anyone dealing with international tax questions like the original poster, getting direct answers from the IRS saved me from making mistakes on my return. Completely worth it.

I think some people are confusing different reporting requirements here. There are actually several different forms with similar names: 1. FINCEN 105 - Customs form for physically bringing $10k+ into/out of US 2. FBAR (FinCEN 114) - Report foreign bank accounts if total is $10k+ 3. Form 8938 - Report specified foreign assets on your tax return if they exceed certain thresholds Just completing the FINCEN 105 at customs doesn't mean you're done with all potential reporting requirements. You might still need to file the FBAR and/or Form 8938 depending on your situation.

Has anyone used TurboTax to report these foreign accounts and FINCEN stuff? Does the regular version handle it or do I need to upgrade to their premium version?

Just to add another perspective as someone who went through this exact process last year - the FINCEN 105 really is just a one-time customs declaration and you're done with it once you file it at entry. The confusion often comes from the similar names of all these international reporting forms. One thing I wish someone had told me earlier: keep a copy of your completed FINCEN 105 form with your tax records. While it doesn't go on your tax return, having documentation that you properly declared the funds can be helpful if you ever get questions about large deposits in your US bank accounts later. Banks sometimes flag large cash deposits, and being able to show you properly declared it at customs can smooth things over. Also, since you mentioned your tax situation is already complicated with foreign income - make sure you're claiming all eligible foreign tax credits. Many people miss deductions they're entitled to when dealing with multiple countries' tax systems.