Hi, ri-solano! Your question actually needs to be divided into two parts: 1. what amounts are taxable on your U.S tax return, and 2. Reporting requirements on your U.S. tax return and/or on a FBAR report.
First, as a U.S. citizen you report your world wide income on Form 1040. So if the accounts you have in a foreign country are generating income, you must report that income on your tax return. The fact that you are depositing money into a foreign bank account does not trigger income tax reporting, but if that account is earning income (for example, earning interest or dividends), then that income must be reported on the tax return.
If you do have income generated from a foreign country, you may be able to claim the Foreign Tax Credit on your return, to offset the income being double taxed (i.e. if you had to pay taxes in the foreign country, and also reported the income and paid taxes on the U.S. tax return).
As for reporting requirements, generally speaking there are two different reporting requirements: one is the FBAR, which requires reporting if the aggregate value of financial accounts exceeds $10,000 at any time during the calendar year. This is a cumulative balance, meaning if you have 2 accounts with a combined account balance greater than $10,000 at any one time, both accounts would have to be reported. The FBAR is not filed with a federal tax return - rather it is filed electronically through FinCENs BSA E-Filing system.
The other reporting requirement that may apply is Form 8938, Statement of Specified Foreign Financial Assets. The reporting threshold (total value of assets) varies, as shown here:
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Specified individuals living in the US: Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
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Specified individuals living in the US: Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.
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Specified individuals living outside the US: Unmarried individual (or married filing separately): Total value of assets was more than $200,000 on the last day of the tax year, or more than $300,000 at any time during the year.
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Specified individuals living outside the US: Married individual filing jointly: Total value of assets was more than $400,000 on the last day of the tax year, or more than $600,000 at any time during the year
Form 8938 is filed with your income tax return.
For a comparison of Form 8938 and FBAR reporting requirements, see this handy chart from the IRS website: 8938 vs FBAR Requirements
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