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posted Jul 29, 2024 11:27:43 AM

Im an expat and if i have $12000 in my US account which is not income but its just my savings lying there then where do i show them in taxes? is it taxable or no?

im a US citizen living outside US all my life and just last year when i visitied US i moved some of my savings to my US account. is it taxable? where to show it on taxes?

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1 Replies
Level 15
Jul 29, 2024 11:37:38 AM

You do not report the amount of funds you have in a US bank account on a US federal tax return.  You only report the amount of interest earned on those funds, if any, on a tax return and then only if your total income is above the minimum filing requirements.

Go to this IRS website for an interview on who needs to file a tax return - https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return