Foreign funds for immigrants

L

leawe

Member
Hi Everyone, I have immigrated to US in 2019 through DV lottery. Last November i moved my money from my country to my US account, its around $30K. This money was gained before moving to US and I even showed in my embassy interview my bank account on that time. Do I have to report it? and is it Taxable?
 
It's not taxable to move your money around. But ever since you have become a permanent resident, you have been a resident alien for tax purposes, which means you must have reported any foreign accounts of over $10k to FBAR every year. Also, hopefully you reported your worldwide income in those years, including any interest or other income from foreign accounts.
 
newacct said:
It's not taxable to move your money around. But ever since you have become a permanent resident, you have been a resident alien for tax purposes, which means you must have reported any foreign accounts of over $10k to FBAR every year. Also, hopefully you reported your worldwide income in those years, including any interest or other income from foreign accounts.
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Hi, I became LPR in November 22 through DV lottery. I have got valuable information from "all seclectees" here throughout my journey but looking for appropriate forum for my other questions. This is also regarding taxes. When I got issued DV visa, I gave notice for prior retirement from my earlier job. Now I want to bring in my retirement money to the US but I do not know the procedure. When I became a PR I did not have this fund, and after the paper work cleared, only now it is available. Please look into this scenario and appreciate the views of the members here in the Tax, Social Security and Fin forum. Thank you
 
Aprodita said:
Hi, I became LPR in November 22 through DV lottery. I have got valuable information from "all selectees" here throughout my journey but looking for appropriate forum for my other questions. This is also regarding taxes. When I got issued DV visa, I gave notice for prior retirement from my earlier job. Now I want to bring in my retirement money to the US but I do not know the procedure. When I became a PR I did not have this fund, and after the paperwork cleared, only now it is available. Please look into this scenario and appreciate the views of the members here in the Tax, Social Security and Fin forum. Also, having the Synchrony Bank phone number might be useful during this process. Thank you.
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No, you don’t have to pay US tax on money earned before moving to the US. But you may need to report the transfer if it exceeds reporting thresholds using forms like FBAR or Form 8938.
 
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