JulieS
Expert Alumni

Deductions & credits

No, the transfer of your savings into the US is not taxable income. 

 

You may have a slight increase in your taxable interest income as a result, assuming that you put it in an interest bearing account in the US. 

 

The only possible negative impact would be if this money came from a foreign account that you failed to disclose by filing your FBAR, and/ or Form 8938. If that were the case, you might incur a penalty for not disclosing the account. 

 

Click here to learn more about disclosing foreign accounts. 

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