How does bringing money from savings abroad affect my taxable income?

[camilog137]

Hello,

Thank you in advance for your help with this!

I am planning to transfer my savings abroad (more than $10,000 USD) to my national bank account in the US. Will I need to pay taxes on this transference? Or in other words, is this considered taxable income? Where and how should it be declared?

[JulieS]

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.