The short answer
"I had this money before I came to America" answers one question — whether the money itself is taxed again — but not the others. Savings you earned before becoming a U.S. resident are generally not taxed again just because they exist or because you move them. But the foreign accounts that hold those savings can still be reportable on the FBAR or Form 8938 for the periods when you are subject to those rules.
Four separate questions
| Question | Short answer |
|---|---|
| 1. Is the original savings taxable now because it existed before U.S. residency? | Generally no — it is not taxed again just because it exists or is moved |
| 2. Is the foreign account reportable on the FBAR or Form 8938? | It can be, for periods when you are a U.S. person (FBAR) or a specified individual (Form 8938) and the thresholds are met |
| 3. Is income the account earns taxable? | Interest and other income earned while you are a U.S. resident is reported on your tax return |
| 4. When did your U.S. residency (and reporting) begin? | Decided by the green card or substantial presence test and your residency starting date |
1. The money itself
U.S. residents are taxed on worldwide income — income earned while they are residents. Savings built up from salary or other income earned before you became a resident are not income again simply because they sit in an account in Taiwan, or because you wire them to the U.S. Moving your own money is not income. See I transferred my own money from overseas to the U.S. — is it taxable?
2. The accounts that hold it
The FBAR asks whether a U.S. person had foreign financial accounts whose aggregate value exceeded $10,000 at any time during the calendar year. Form 8938 asks whether a specified individual's foreign financial assets exceeded the Form 8938 threshold. Neither form asks when the money was earned. So "it's old money" is not an exception to account reporting.
3. Income the savings earn now
Once you are a resident, interest, dividends, and gains on those foreign accounts are part of your worldwide income, reported in U.S. dollars on your tax return.
4. When it starts
Your U.S. residency generally starts on your residency starting date under the green card test or the substantial presence test. For Form 8938, the instructions say the reporting period for a part-year specified individual begins on that date. For the FBAR in your arrival year, the official guidance reviewed for this guide does not spell out how pre-arrival balances are treated — see I just moved to the U.S. and have that year reviewed.
Example
Chen worked in Taipei for 15 years and saved the equivalent of $80,000 in a Taiwan account before moving to the U.S. on a green card in 2024. In 2025, a full resident year, the $80,000 is not taxed again. But the account exceeded $10,000, so Chen files an FBAR for 2025, checks Form 8938 against the threshold for her filing status, and reports the account's 2025 interest on her tax return. Wiring $50,000 of it to the U.S. later in 2025 does not change any of those answers.
Some people think their old savings become taxable income once they move. Others think old savings make the account exempt from reporting. Both are wrong. The savings are generally not taxed again; the account can still be reportable.