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JohnnyC2
New Member

Do I need to pay tax with foreign wire transfer received from the company outside of US?

I was H1B resident alien until 2020,  now I'm back to my home country then become NRA for US.  However I still have some US bank accounts to receive wire transfer from company account outside of US.  I have some questions regarding of those foreign transfer:

1. Do I need to report this money to IRS?

2. Is it considered income or just a gift?

3. Is there a limit of how much money they can send me annually before IRS taxes me?

 

Thanks for your help.

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2 Replies
JohnnyC2
New Member

Do I need to pay tax with foreign wire transfer received from the company outside of US?

Can someone advise ? Thanks for your help!
ThomasM125
Employee Tax Expert

Do I need to pay tax with foreign wire transfer received from the company outside of US?

For income tax purposes, you only need to report income. So, if the transfers don't represent income earned from domestic companies, then you don't need to report them on a US income tax return.

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