I've transferred around $35,000 into my US account before i-485 is approved, will this cause me any problems?

[jp1000 25]

Basically the title.

 

I've transferred around $35,000 into my US account before i-485 is approved.

 

Will I have to pay tax on this again or declare it when filing taxes next year?

[Crazy Cat 41,975]

Money Transfers are not taxable.  New Income is taxable under certain circumstances. 

[SteveInBostonI130 3,467]

Any bank transaction over $10K is automatically reported to the IRS.

 

From my recollection, it does not need to be declared separately, unless the money was earned from something (sale of real estate, car, etc).

 

 

[Mike E 11,740]

Don’t forget FBAR 

[jp1000 25]

35 minutes ago, Mike E said:

Don’t forget FBAR 

Is this where I have to report foreign bank accounts when I file my taxes for the first time?

 

Do I have to report them if I have under $10,000 overseas? I plan to only keep a UK account open with £2.50 or so in it since it won't charge me to keep it open.

 

Am I also right in thinking I won't have to report until next year if I get a job soon?

 

Arrived in the US November 29 2022

EAD Approved Feb 21 2023

 

I don't think I have to file anything this year?

[Mike E 11,740]

6 minutes ago, jp1000 said:

Is this where I have to report foreign bank accounts when I file my taxes for the first time?

 

Do I have to report them if I have under $10,000 overseas

Sure but the 45K didn’t come out of this air. You have more than 10K over seas in 2023. 

[jp1000 25]

1 minute ago, Mike E said:

Sure but the 45K didn’t come out of this air. You have more than 10K over seas in 2023. 

I just moved all my cash from the UK to the US, which is just savings from my old job in the UK.

 

I have less than $10,000 in the UK now.

[EatBulaga 316]

5 hours ago, jp1000 said:

Basically the title.

 

I've transferred around $35,000 into my US account before i-485 is approved.

 

Will I have to pay tax on this again or declare it when filing taxes next year?

Are you a non-US citizen that transferred to your US bank account? If so, then the bank may ask you to fill out the W-8BEN to determine how to file your interests earnings with the IRS

https://www.visajourney.com/forums/topic/790033-w-8ben-for-k1-to-aos-filer/

 

[jp1000 25]

Just now, EatBulaga said:

Are you a non-US citizen that transferred to your US bank account? If so, then the bank may ask you to fill out the W-8BEN to determine how to file your interests earnings with the IRS

https://www.visajourney.com/forums/topic/790033-w-8ben-for-k1-to-aos-filer/

 

I am a non-US citizen on a K1 visa and have applied for adjustment of status but still in 'limbo' (although I do have EAD now).

 

I moved my money to a current account in the US.

[EatBulaga 316]

3 minutes ago, jp1000 said:

I am a non-US citizen on a K1 visa and have applied for adjustment of status but still in 'limbo' (although I do have EAD now).

 

I moved my money to a current account in the US.

You need to figure out how to categorize your interest earnings from your bank account to pay the US taxes or to claim foreign status?

 

You and your spouse will have to decide whether to file jointly or separately or to claim you as a dependent? That may have some bearings on tax filings if you had foreign earnings last year before coming to the US since the IRS count the filing based on the calendar year regardless of immigration status.

[K1visaHopeful 2,840]

You'll have to file FBAR when you file taxes FOR 2023 because you HAD more than $10000 USD in a foreign account DURING 2023. It doesn't matter if you aren't working. You'll file taxes jointly with your spouse. 

 

[Chancy 6,241]

*** Moved from AOS from K1 Visas forum to Tax & Finances During US Immigration, where similar topics are discussed ***

 

[Bill Oxner 18]

On 3/3/2023 at 7:42 AM, SteveInBostonI130 said:

Any bank transaction over $10K is automatically reported to the IRS.

 

From my recollection, it does not need to be declared separately, unless the money was earned from something (sale of real estate, car, etc).

 

 

Really? That seems rather silly and lots of work. I am sure banks see thousand of transactions per day over 10K.

 

That can't be a true. Maybe a cash transaction over 10K but not any transaction over 10k.

[OldUser 6,851]

25 minutes ago, Bill Oxner said:

Really? That seems rather silly and lots of work. I am sure banks see thousand of transactions per day over 10K.

 

That can't be a true. Maybe a cash transaction over 10K but not any transaction over 10k.

You must be joking. Banks issue 1099-INT forms for $10 of interest earned. Of course they're complying with law and reporting transactions over $10000 to IRS. I'm pretty sure this process is automated anyways, so banks don't spend too many human hours doing it.

Edited March 14, 2023 by OldUser

[Lemonslice 4,885]

It's a reporting requirement, done by computers these days.  Computers also flag notes linked to transaction.  My -totally legit- job learned that one of our code was the name of an ISIS stronghold after they stopped these transactions a few years back. 

 

If you think they can't track much more minute things than that, I've got news for you 😆