Money

[malji84 0]

Hi

Just a quick question, hope someone can help me with this.

I now have been living in the states since feb on a K1 visa. I have received my work permit. Just awaiting my my interview on i495.

I would like to know the best way to Transfer my savings from Uk to USA without any charges or taxes. I only brought with me what I needed but now looking to purchase a house. Pls advice. Thanks

[Mamed 18]

I would like to know the best way to Transfer my savings from Uk to USA without any charges or taxes. I only brought with me what I needed but now looking to purchase a house. Pls advice. Thanks

I dont think you can transfer that amount of money without any charges or taxes...unless your bank has branch in the US

[Jawaree 717]

Anyway it comes there will be charges, unless you go get it and disclose that

you will bring in this savings Just make sure you disclose. Legally moving here

I am not sure about it being taxed, I do know personal effects up to an amount one

does not pay

Edited November 23, 2015 by Jawaree

[AMZJ 61]

Probably bank transfer... but there will be some sort of charge..

[malji84 0]

Okay il try that. Il speak to the bank here and see what they say.

I shouldn't be taxed here in the states if they are my savings from the UK which have already been taxed. Let's hope not.

[Darnell 8,478]

Wire transfer or telephonic transfer between two bank accounts. Fee no larger than 75 usd.

Taxes? Usa taxes? No.

[malji84 0]

Okay great thanks. The usual fees for transfer is fine.

[Nich-Nick 3,354]

Hi

Just a quick question, hope someone can help me with this.

I now have been living in the states since feb on a K1 visa. I have received my work permit. Just awaiting my my interview on i495.

I would like to know the best way to Transfer my savings from Uk to USA without any charges or taxes. I only brought with me what I needed but now looking to purchase a house. Pls advice. Thanks

Online with Transferwise or xe.com because they have lower fees and better exchange rates than banks.

You do NOT pay any tax.

[TBoneTX 45,287]

*** Thread moved from K-1 Process forum to the Tax & Finances forum. ***

[jamesuk113 5]

I highly recommend Transferwise. I've still not been able to find a better rate than them.

I use them all the time, they're very quick (about three days) and best of all, you don't get absolutely shafted by your bank!

Use my referral link to get a free transfer https://transferwise.com/u/0df87

[newbie87 20]

Do you have to declare your savings when filing your tax in the U.S.

[jamesuk113 5]

Yes you must declare them if the combined amount has exceeded $10000 at any point during the year. Speak to a lawyer if you've filled a tax return already and not declared them as there are penalties.

There's a discussion here with links to the forms and rules.

http://money.stackexchange.com/questions/53653/any-us-tax-implications-transferring-uk-isa-balance-to-usa

I remember reading somewhere that the US authorities have an agreement with the UK that let's them see UK bank accounts. Not sure though.

[newbie87 20]

Yes you must declare them if the combined amount has exceeded $10000 at any point during the year. Speak to a lawyer if you've filled a tax return already and not declared them as there are penalties.

There's a discussion here with links to the forms and rules.

http://money.stackexchange.com/questions/53653/any-us-tax-implications-transferring-uk-isa-balance-to-usa

I remember reading somewhere that the US authorities have an agreement with the UK that let's them see UK bank accounts. Not sure though.

Even though I'm just a green card holder and not working I still have to declare it? The saving account is the holidays and anniversary gift. I don't know how that work? IRS sign is super confusing

[Nich-Nick 3,354]

Do you have to declare your savings when filing your tax in the U.S.

There are several answers to your question. I think your concern may be-- Is your savings taxable? No

If you file a tax return, you have to report on your tax return if you have total foreign accounts exceeding $100,000 if you are filing jointly with a spouse. It is a report, not a taxable item. You pay no taxes. It is Form 8938, commonly called FATCA. https://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA

If you have total foreign held accounts totaling $10,000 you report it to the U.S. Treasury by June 30 each year. You are often reminded of it in tax programs like TurboTax, but it is not reported on the tax return. Taxes are due April 15 and go to the IRS. FBAR (common name) is due June 30 and goes to the Treasury Dept. It is also a report, not a taxable item. It used to be a paper form to fill out. Now it is done online https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

If you are talking about savings in a US savings account, you do not report how much is in the account. Your savings institution will send you a form 1099 each January saying how much interest they paid you into your account. You report the interest that savings account earned as a taxable amount on your tax return. The IRS will know you earned interest because your bank reports the interest to the IRS as well as to you.

Likewise, if your foreign accounts paid you any interest during the year, that is money the account earned during the year and is to be reported as interest income. The whole account is not taxable, but money you earned this year on it is taxable.

[newbie87 20]

Ok just to check if i understood correctly, i got less than 30k in my saving account back in my home country, I will have file FBAR is this correct?

. The 100k is it both of my husband earning combined with my savings? (I don't work I'm a full time mom since we got married) my husband has filed jointly since we are married but I earn nothing and we were living overseas, didn't have a green card or any visa to the U.S. So we didn't declare it before.

And only my bank interest would be tax