I have worked past 5yrs in a foreign country.(korea)
It was saved in Korean bank. Now I am moving back to the states, and want to transfer the money to a u.s. bank. Will this sudden asset in the u.s. create a tax problem? Obviously foreign tax have all been paid.
Last year I filed U.S tax to show foreign income (and all of it claimed exclusion) but have not filed in past because it was always under exclusion limit.

Part2: if I leave 50k in Korea and bring it next year will it be another problem?

Thanks for opinions

“It was saved in Korean bank. Now I am moving back to the states, and want to transfer the money to a u.s. bank. Will this sudden asset in the u.s. create a tax problem?”---->It depends on the situation; are you a US person, i.e., A US national. A citizen or a GC holder or even a US resident for US tax purposes??Then, you , as a US person who has a financial interest in or signature authority or other authority over any financial(bank) account in Korea, should(had to) file FBAR, TD F.90-22.1, as long as the aggregate value of your account(s) in korea exceeded(s) $10,000 at any time during the calendar year.You need to report your foreign accounts by completing boxes 7a and 7b on Form 1040 Schedule B. For example, if you have Korean bank account(s) holding more than $10,000 in the aggregate any time during 2011, you can face big penalties or even jail if you fail to file by June 30, 2011 with the IRS.UNLESS the aggregate value of your bank account in Korea exceeds $10,000, you do not need to file FBAR Form. Failure to file an FBAR when required to do so may potentially result in civil penalties, criminal penalties or both. If you learn you were required to file FBARs for earlier years, you should file the delinquent FBAR reports and attach a statement explaining why the reports are filed late. No penalty will be asserted if the IRS determines that the late filings were due to reasonable cause. Keep copies of what you send for your records.
“ Obviously foreign tax have all been paid.”--->You can claim your taxes on your income that you earned in korea to Korean taxing authority(ies) on your US returns, federal and state return by filing form 1116 and reporting the FTC on 1040 line 47 or on Sch A line 8 .
“Last year I filed U.S tax to show foreign income (and all of it claimed exclusion) but have not filed in past because it was always under exclusion limit.”--->Regardles of your US returns, you , as long as the aggregate value of your bank account in Korea exceeds $10,000, had to file form FBAR, TD F .90.22.1 with the IRS. I guess you may be subejct to foreign earned income exclusion credit. You cna chek it with the IRS.
“Part2: if I leave 50k in Korea and bring it next year will it be another problem?”--->As described above, as long as you keep $50K in your bank account in Korea, you MUST file TD F.90.22.1, FBAR Form with the IRS, NOT to pay tax on $50K but for information return to the IRS. You can bring as much $US as you want from Korea into the US.