pk
Level 15
Level 15

Retirement tax questions

@SingerHiker , agreeing with my colleagues @Opus 17  & @Anonymous_  on steps to  take to regularize the monies  from your account in a foreign country.

While it may be slightly "off" , but I would  report/recognize all the growth in that  account  in the year that you found out that the account was still  valid.  This is  especially true since the total amount is reasonable  ( corpus + growth = US$17XX) and  the growth has been for a number of years.  Additionally I would keep all the paperwork from the  foreign bank that you received this year ( to show that these were received  ONLY this year and that you took action to correct your tax records ).  What you are trying to show is that there was No  intent to hide income.

 

That is my two cents.