Thank you Nelson,
Due to the fact that the Cdn taxes are at least 10% higher than the US taxes for my income tax bracket, the penalty is really a non-issue as the penalty will qualify for full foreign tax credit to offset my Cdn taxes.
Do I understand you correctly?
Regards,
Randy
Search found 2 matches
- Thu Aug 18, 2005 3:52 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA withdrawal
- Replies: 16
- Views: 22296
- Wed Aug 17, 2005 4:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA withdrawal
- Replies: 16
- Views: 22296
IRA withdrawal
Facts:
I am a US & CDN citizen living in Canada.
I have 100k in an IRA I contributed & deducted before moving to Canada and becoming a citizen.
I am 48 years old.
Question:
What are the US & Cdn tax implications of withdrawing all of the IRA?
If there are penalties in the US for the withdrawal ...
I am a US & CDN citizen living in Canada.
I have 100k in an IRA I contributed & deducted before moving to Canada and becoming a citizen.
I am 48 years old.
Question:
What are the US & Cdn tax implications of withdrawing all of the IRA?
If there are penalties in the US for the withdrawal ...