foreigner bringing savings into the US - tax?

[deutmark]

Originally Posted by Threestep

You have a DDA with W8, interest reporting to Germany.

I receive every april the form 1042-s, "monetary amounts given to a non-resident alien by a United States based institution" (i.e. the earned interest).

I don't need to report this amount to the italian IRS (I'm italian, not german), becouse taxes are witheld by the US IRS.

[cpg35223]

I wouldn't. You can put it all in a nice Bahamian or Cayman Island bank without dealing with the onerous U.S. banking laws.

[Threestep2]

Originally Posted by deutmark

I receive every april the form 1042-s, "monetary amounts given to a non-resident alien by a United States based institution" (i.e. the earned interest).

I don't need to report this amount to the italian IRS (I'm italian, not german), becouse taxes are witheld by the US IRS.

The interest gets reported to Italy and has to be reported on taxes as international income. A very close relative had an unpleasant experience when she did not declare interest income. Her tax audit came one week prior to the end of the audit able time frame. With reporting she could have declared the interest and reclaimed the 30% which were withheld in the US. So she ended up with a five year audit, penalties and change in tax bracket. Fun! Double check Italian law.

[Athair]

Why do you think you would pay tax on savings you already have? That's an unusual concern to have... as for carrying around $60,000USD - get an international bank draft in your name that you can deposit into a US bank account when you arrive. Maybe bring $500USD in cash just to carry you over the few days the bank draft might take to finalise...

Having said that... I'd suggest simply leaving your money in the bank it's in until you actually need it... assuming your Euro bank can do international money transfers via the internet then you can get your money any time you need it, with minimal risk to yourself.