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Financial Planning / Tax Strategies


Subject:  we're moving back to the states-please advise Date:  12/8/2004  5:40 AM
Author:  umma2three Number:  74508 of 123001

Hello all,

My husband and I (both American citizens) have been working abroad (S. Korea) for the last 6 years. We have reported our taxes every year for our foreign earned income (form 2555). We will be moving back to the states next month and was planning to wire money from our Korean bank account to our bank in the United States.

Some questions I have are as follows:

1) Is 100% of our reported income exempt from tax once wired into our American bank account?

2) Once the money is wired to the bank account in the states, when does the IRS get involved, if at all, in the process? Do they send me a letter asking where I got this money from, or do they just assume that it's savings from my foreign earned income, and not send me any notice? I am just curious about what ta