Comments on: Getting deduction benefit from investing in IRA and than breaking it when not working in USA? http://netclubusa.net/state-tax-return/getting-deduction-benefit-from-investing-in-ira-and-than-breaking-it-when-not-working-in-usa/ Be smart, do your taxes on time! Fri, 06 Jul 2012 04:39:35 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: beached42 http://netclubusa.net/state-tax-return/getting-deduction-benefit-from-investing-in-ira-and-than-breaking-it-when-not-working-in-usa/comment-page-1/#comment-4291 beached42 Mon, 26 Jul 2010 20:32:33 +0000 http://netclubusa.net/state-tax-return/getting-deduction-benefit-from-investing-in-ira-and-than-breaking-it-when-not-working-in-usa/#comment-4291 When you withdraw the funds, there will be a 20% federal income tax withholding since the proceeds will not be to a qualified rollover entity. The refund result depends on your citizenship and/or residency status which affects the amount of the standard deduction and exemption, if any. I would suggest consulting a CPA with specifics prior to investing. I do our taxes all the time. When you withdraw the funds, there will be a 20% federal income tax withholding since the proceeds will not be to a qualified rollover entity. The refund result depends on your citizenship and/or residency status which affects the amount of the standard deduction and exemption, if any. I would suggest consulting a CPA with specifics prior to investing.

I do our taxes all the time.

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]]> By: Judy http://netclubusa.net/state-tax-return/getting-deduction-benefit-from-investing-in-ira-and-than-breaking-it-when-not-working-in-usa/comment-page-1/#comment-4270 Judy Mon, 26 Jul 2010 10:36:47 +0000 http://netclubusa.net/state-tax-return/getting-deduction-benefit-from-investing-in-ira-and-than-breaking-it-when-not-working-in-usa/#comment-4270 That might just work. I don't see why it wouldn't. Wouldn't work for most people, since they'd still be in the US so all of their income would be taxed for the year they withdrew the money from their IRA, so they'd probably be paying income taxes too. Check to be sure there's not some special withholding required for distributions for people in other countries - I seem to remember something about something like that but can't find any info now. I do our taxes all the time. That might just work. I don’t see why it wouldn’t. Wouldn’t work for most people, since they’d still be in the US so all of their income would be taxed for the year they withdrew the money from their IRA, so they’d probably be paying income taxes too.

Check to be sure there’s not some special withholding required for distributions for people in other countries – I seem to remember something about something like that but can’t find any info now.

I do our taxes all the time.

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