pk
Level 15
Level 15

Retirement tax questions

@jdjz9705 ,  while I agree with  my colleague @DoninGA ,  there are a few other things to consider  ( and may require  reporting :(

(a) assuming that you are asking about  wire transfer between  a "Foreign" bank account owned  by you  and a  "Domestic " bank account ,  these transfers  ( inward or  outward ) are not tax events -- not requiring any reporting directly to the IRS.  However your  US bank  ( participating in this / these transaction(s) will raise  SAR ( Suspicious Activity Report ) as a matter of course  and usually nothing come of it -- if the amount is  US$10,000 or more.

(b)   Because you have  foreign Finacial account you do come under the  regs.   FBAR  ( form 114  at FinCen.gov ) and /or  FATCA  ( form 8938  along with your  Federal Return ).

(c)  If the amount being transferred  is  large  ( I think it is like a  1M or more ) you may need US Treasury  awareness/ permission.   Equally, the Foreign country  may also impose  controls on outflow  of US$

(d)  The transaction(s)  cannot be with a sanctioned  country / entity etc.

 

I don't know how much of this is applicable to your situation.

 

Is there more  one of us can do for you ?

 

pk