IRA inheritance and Country of Residency

Submitted by Jennifer Seger on Thu, 2016-04-07 18:09

My father recently passed away leaving me a portion of his IRA. The company that managed his IRA seems to believe I should cash it out and pay 10% Federal taxes because I reside overseas. I am happy to keep it in the USA and am unsure what my options are. Please help Regards, Jen



Submitted by Bruce Steiner on Thu, 2016-04-07 20:49

  • How does your home country treat it for income tax purposes?

 

  • Is there an income tax treaty between the United States and your home country?  If so, what are the relevant provisions?
  • Are you a U.S. citizen?
  • What does the attorney handling your father’s estate, who has the facts, advise?

Submitted by Jennifer Seger on Fri, 2016-04-08 05:42

I am a US Citizen, I reside in South Africa, I have a bank account in the USA.Could I move it into another IRA in my name?

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