Transfer money from overseas to US bank - tax implications for non-citizen?

Generally speaking, simply transferring money you already owned from a foreign account to a US account isn't a taxable event by itself. The key question is whether you've already properly reported this income and paid taxes on it where required. Since you mentioned you're not a US citizen, your tax obligations would depend on your residency status. If you're now a permanent resident (green card holder) or meet the substantial presence test, you'd typically need to report your worldwide income to the IRS. But money that was earned before you became a US resident typically wouldn't be taxable here. That said, be aware that if your foreign accounts exceed $10,000 at any point during the year, you'll likely need to file an FBAR (Foreign Bank Account Report) with FinCEN, which is separate from your tax return. This isn't a tax - it's just a reporting requirement.

I was in almost exactly your situation last year! I had about $25k sitting in my overseas account from working in Singapore, and I was worried about bringing it over too. I spent hours trying to research tax implications and got nowhere until I found this AI tool that specifically analyzes international tax situations - https://taxr.ai It analyzed my specific situation based on my visa status and when I earned the money, and gave me a really clear breakdown of what I needed to report vs what was already properly taxed. The best part was that it flagged that I needed to file this FBAR form even though my accountant hadn't mentioned it! Saved me from potential huge penalties.

I wanted to follow up about my experience with taxr.ai after seeing it recommended here. I was skeptical at first (as you could tell from my earlier comment), but I decided to try it for my situation with money in France. It was incredibly thorough - it analyzed my specific visa type and residence history, then provided a complete report explaining exactly what I needed to file and what I didn't. The most valuable part was the FBAR guidance - it actually created a sample form showing exactly how to report my accounts and explained the filing deadlines and process. Saved me so much stress and probably a $2,000+ bill from an international tax specialist. Definitely recommend it if you're dealing with foreign accounts.

Just went through this last year with money from Thailand. The transfer itself isn't taxable but there's another huge headache nobody's mentioned yet - getting through to the IRS if they flag your transfer! Banks often report large international transfers and sometimes the IRS puts a hold on your account while they "investigate." I spent WEEKS trying to reach someone at the IRS to clear things up. Finally found this service called Claimyr (https://claimyr.com) that got me through to an actual IRS agent in under 30 minutes when I'd been trying for days. They have this system that navigates the IRS phone tree and holds your place in line. Check out how it works: https://youtu.be/_kiP6q8DX5c Not saying your transfer will definitely be flagged, but if it is, you'll thank me later!

OK I need to apologize about my skeptical comment earlier. After having my own international transfer flagged for review last week (moving money from my UK account), I was desperate and tried Claimyr. It actually worked exactly as described. I was honestly shocked when my phone rang and it was actually connecting me to an IRS agent. The whole thing took maybe 35 minutes from start to finish, compared to the 3+ hours I'd wasted the day before trying to get through on my own (and never reaching anyone). The agent was able to verify that my transfer was legitimate and remove the hold. Not cheap but 100% worth it when you're dealing with blocked funds.

Important tip: make sure you document EVERYTHING about the source of these funds. I brought over around $30k from Japan last year, and even though it wasn't taxable, I got a letter from the IRS asking for proof of where the money came from. Had to provide: - Old pay stubs from my job there - Bank statements showing the deposits - Tax documents from Japan showing I paid taxes there - A letter explaining when I earned the money Keep all this documentation for at least 3 years. Trust me, you don't want to be scrambling to get 5-year-old pay stubs from a foreign employer.

Don't forget about currency conversion fees! When I transferred my savings from Europe, my bank charged me an outrageous amount. Check if your bank has a partner bank in the US - sometimes they offer better rates. Or use a service like Wise or OFX for better exchange rates. I ended up losing almost $800 in fees and bad exchange rates because I didn't look into this first!!

One thing I haven't seen mentioned yet is the timing of when you transfer the money. If you're planning to transfer a large amount, consider spreading it across multiple smaller transfers over a few months rather than one big lump sum. This can help avoid triggering automated bank reporting systems that might flag large international transfers. Also, make sure to keep records of the exchange rates on the day you transfer - you might need this information for tax purposes later. The IRS uses specific exchange rates for different dates, and having your own documentation can save headaches if there are any questions about the USD equivalent value of your foreign earnings. Finally, if you haven't already, consider opening your US bank account first and letting it "season" with smaller deposits before doing the big transfer. Some banks are more comfortable with large international transfers when they already have a relationship with you.