Search found 5 matches

by Ebeth
Tue Mar 23, 2021 4:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Roth IRA withholding tax
Replies: 10
Views: 3193

Re: Roth IRA withholding tax

Hi
Not sure yet, as just filed taxes, so will see what CRA & IRS respond with. I filed 1040NR and will call financial institution to see if they will cease to deduct the withholding on future withdrawals.
by Ebeth
Wed Mar 17, 2021 11:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Roth IRA withholding tax
Replies: 10
Views: 3193

Re: Roth IRA withholding tax

Sorry forgot to add to above response:

You mentioned "the growth is taxable (until age 59.5)"
is it all non taxable as long as you meet the criteria or only the amount you put into the Roth IRA?
Any growth over 59.5, is that taxable or not?
Thank you.
by Ebeth
Wed Mar 17, 2021 8:01 pm
Forum: Canada / United States Tax & Accounting
Topic: Roth IRA withholding tax
Replies: 10
Views: 3193

Re: Roth IRA withholding tax

So do I have to pay tax to CRA on the growth of it since I have had it, ie from 2010 to now.
Thanks.
by Ebeth
Wed Mar 17, 2021 6:35 pm
Forum: Canada / United States Tax & Accounting
Topic: Roth IRA withholding tax
Replies: 10
Views: 3193

Re: Roth IRA withholding tax

Hi thanks for the response. I am over 59.5 and the Roth has been in place for over 5 years. We did an Election to CRA back in 2010 when returned to Canada. I have not contributed one penny to the Roth since we have been back and will not do so, only withdrawals from it. The Roth withdrawal has been ...
by Ebeth
Wed Mar 17, 2021 12:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Roth IRA withholding tax
Replies: 10
Views: 3193

Roth IRA withholding tax

Hello, I am a Canadian living in Canada, this year I started to withdraw from my Roth IRA, which was established when we previously lived in USA. I do not work in the USA anymore. The financial institution that handles the Roth, withheld 15% tax on the amounts I have been withdrawing. I have complet...