# US Taxes on savings accounts



## Mike Capcom (Sep 18, 2013)

Hi all

This will sound like a really dumb question but my American wife (we intend moving to the states mid year from where we live in Australia) is sure that when we move I'll have to pay taxes on my savings accounts .... that is when I set up an account and transfer my funds from my current bank. I thought any US taxes would be limited to interest earned.

So can someone clarify?

Thanks

Mike


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## Crawford (Jan 23, 2011)

You're just transferring monies from a savings account? Post tax monies you have saved.

No, you won't have to pay tax on any savings you transfer to the US.


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## Mike Capcom (Sep 18, 2013)

You're always here to help Crawford so thanks again.

By the way you will probably remember me. Lodged all the paperwork in November 2014. Then got a Dept of Homeland Security two weeks back wanting even more. Enough to drive you nuts.

Still, job done and now the wait. They know more about me that i do myself 

Mike


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## Crawford (Jan 23, 2011)

Mike Capcom said:


> You're always here to help Crawford so thanks again.
> 
> By the way you will probably remember me. Lodged all the paperwork in November 2014. Then got a Dept of Homeland Security two weeks back wanting even more. Enough to drive you nuts.
> 
> ...


Stay with it..... I've still got all my immigration papers and the pile comes to some 3 inches thick!


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## Mike Capcom (Sep 18, 2013)

Crawford said:


> Stay with it..... I've still got all my immigration papers and the pile comes to some 3 inches thick!


Just to give you (as if you needed it) an insight into the ludicrous bureaucratic process being imposed on us (bearing in mind Laurel is American) we filled out the following from US immigration papers 



F14563 - Certification by US person

G325A - Biographic Information

G1145 - Notification of Application

I130 - Application for Alien relative

I864 - Application for support



Think that was the end of it? How I wish



I also had to get the following with originals and certified copies done by our local police



National police check (Australian)

My Australian drivers licence

My health certificate

Evidence of bills in joint names

My bank accounts for the last 10 years

My 501K details (we call that superannuation down here )

Credit cards

Affidavits sworn

Marriage certificates

Birth certificates

emails / correspondence between Laurel and I across our courtship and marriage for 8 years

Photos (wedding and other)


.... and so it goes


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## twostep (Apr 3, 2008)

Mike Capcom said:


> Just to give you (as if you needed it) an insight into the ludicrous bureaucratic process being imposed on us (bearing in mind Laurel is American) we filled out the following from US immigration papers
> 
> 
> 
> ...


How inconsiderate Have you checked into AUS immigration?
On a serious note - can you give me some details where you were asked for credit card information and ten years of bank account account? Appreciate it!


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## Mike Capcom (Sep 18, 2013)

It was (partially) on the I864A form where you declare all your assets. The other detail (credit card / bank accounts) was in relations to the fact that my wife didn't submit FBARs ever since she's been here so I had to supply her (for the IRS) statements from my account re balances etc.

Probably won't apply to you.  Mike


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## BBCWatcher (Dec 28, 2012)

Credit card accounts are not FinCEN Form 114 ("FBAR") reportable. The FBAR statute of limitations is 6 years, so she would have to file no more than 6 years (late) plus the current year, a total of 7 years, to get caught up. Not 10 years.

Don't blame the U.S. for exceeding their requirements.


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## Mike Capcom (Sep 18, 2013)

BBCWatcher said:


> Credit card accounts are not FinCEN Form 114 ("FBAR") reportable. The FBAR statute of limitations is 6 years, so she would have to file no more than 6 years (late) plus the current year, a total of 7 years, to get caught up. Not 10 years.
> 
> Don't blame the U.S. for exceeding their requirements.


Hi BBC .... that is what they asked for .... my bank accounts from 2004. That was their request via a LONNNNNG 'phone call Laurel (my wife) had with them. Did they get it wrong insofar as years are concerned? Don't know. But that is what happened.

I have no issue complying with what they want at all. We are still hopeful after sending off our (latest) DOHS paperwork. Amazing that they asked for stuff that has already been provided but I understand that ... it is (as they say) what it is


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## BBCWatcher (Dec 28, 2012)

Who is "they"? It's not the U.S. Treasury Department, the department that runs FinCEN.

There are two separate issues here, so let me separate them for you.

The U.S. State Department (National Visa Center, or its consulate/embassy point of presence) might ask for lots of financial records. Joint (or beneficiary) financial accounts, of any kind, and of practically any vintage, contribute to evidence of binding ties in a marriage. As Twostep points out, other governments (such as Australia's) demand similar or even more marital evidence for immigration visas.

The U.S. State Department may have been exceedingly _helpful_ if they pointed out that your wife had/has a FinCEN Form 114 filing obligation (to the U.S. Treasury Department). There are penalties associated with non-filing, particularly willful non-filing. If they encouraged her to get caught up on her filing obligation, bravo, they saved her from those possible penalties that are unrelated to immigration. That would be an example of coordinated government in action, and that would be nice.

Getting caught up with Treasury does not require going back to 2004. Getting caught up with FinCEN Form 114 requires 6 years of overdue filings (2013, 2012, 2011, 2010, 2009, and 2008) plus the current year (2014, due on June 30, 2015), as I write this. If she exceeded that number of years in getting caught up there, no problem, but she didn't have to.


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## Mike Capcom (Sep 18, 2013)

Thanks BBC  She may well have misunderstood the message .... but the FBARS were filed (I let the good lady look after that) .... I just did as I was asked.

It's a lot of work and fortunately the house seller in Seattle is all good with the wait. Reckon it might be July / August 2015

My best Mike


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## Mike Capcom (Sep 18, 2013)

Good news ... our I 130 has just been approved


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## Crawford (Jan 23, 2011)

Mike Capcom said:


> Good news ... our I 130 has just been approved


Well done......


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