View Full Version : Overseas money transfer
windesi
Feb 12, 2010, 11:26 AM
My wife is a British citizen and would like to wire transfer some ($80K) money from her UK account to US bank account. What does she owe the IRS? Are there any forms I need to file with IRS? She is a resident alien and we file jointly for tax purposes.
MukatA
Feb 13, 2010, 12:08 AM
She does not owe any tax to IRS and does not report it.
Any income earned on foreign investment including bank interest must be reported on the tax return.
Another filing requirement is Form TD F 90-22.1. Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income (http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html)
IntlTax
Feb 13, 2010, 02:28 PM
If she has not been reporting the income from the foreign account or declaring the existence of the foreign account, she may want to file amended tax returns in the hopes of avoiding penalties.
gauripur
Mar 10, 2010, 08:07 PM
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