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Zcomuto

Overseas savings?

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Hi folks,

I'm currently waiting on a green card (Coming from a K-1 Visa, NPIW case) and I've got a question about tax.

I've got no overseas income, but I do still have overseas savings - it's sitting in an ISA (tax-free savings account) in the UK. Is there a threshold below which I don't have to declare to the IRS, or do I need to declare any overseas money?

Should I be expecting a tax bill simply for having the money or am I worrying about nothing?


AOS:

NOA: June 16th, 2014

NPIW: September 29th, 2014

RFE: May 29th, 2015 (Asked for proof of financial commitment to each other)

RFE Received by USCIS: June 1st, 2015

Welcome Notice: June 5th, 2015

Received welcome notice: June 11th, 2015

Received Green Card: June 13th, 2015.

 

RoC: 

California Service Center

Submitted: March 22nd, 2017

Extension Letter: April 1st, 2017

Transfer Notice: July 2nd, 2018 (Transferred to Nebraska)

Pending.......

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Hi folks,

I'm currently waiting on a green card (Coming from a K-1 Visa, NPIW case) and I've got a question about tax.

I've got no overseas income, but I do still have overseas savings - it's sitting in an ISA (tax-free savings account) in the UK. Is there a threshold below which I don't have to declare to the IRS, or do I need to declare any overseas money?

Should I be expecting a tax bill simply for having the money or am I worrying about nothing?

The IRS doesn't tax you except on earnings. But the US treasury wants to know about your foreign account if it is over $10k. That's the FBAR aka FinCen.


England.gifENGLAND ---

K-1 Timeline 4 months, 19 days 03-10-08 VSC to 7-29-08 Interview London

10-05-08 Married

AOS Timeline 5 months, 14 days 10-9-08 to 3-23-09 No interview

Removing Conditions Timeline 5 months, 20 days12-27-10 to 06-10-11 No interview

Citizenship Timeline 3 months, 26 days 12-31-11 Dallas to 4-26-12 Interview Houston

05-16-12 Oath ceremony

The journey from Fiancé to US citizenship:

4 years, 2 months, 6 days

243 pages of forms/documents submitted

No RFEs

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ok thanks, that's good to know!


AOS:

NOA: June 16th, 2014

NPIW: September 29th, 2014

RFE: May 29th, 2015 (Asked for proof of financial commitment to each other)

RFE Received by USCIS: June 1st, 2015

Welcome Notice: June 5th, 2015

Received welcome notice: June 11th, 2015

Received Green Card: June 13th, 2015.

 

RoC: 

California Service Center

Submitted: March 22nd, 2017

Extension Letter: April 1st, 2017

Transfer Notice: July 2nd, 2018 (Transferred to Nebraska)

Pending.......

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