Inherited Roth IRA taxable?
Moderator: Mark T Serbinski CA CPA
Inherited Roth IRA taxable?
I'm a recent Canadian Permanent Resident and US citizen. Soon I expect to inherit a Roth IRA from my mother who recently passed away. Will future earnings be taxable to Canada? I don't see how I can make a declaration by April 30 as I don't yet have ownership of the IRA.
Well, none of this income is reportable from 2016, so there is no worry about this tax season.
The income will be taxable in Canada to the extent that it is in US, so, yes, your withdrawals will be taxable in both countries, with Canada giving credit for any US tax incurred.
The income will be taxable in Canada to the extent that it is in US, so, yes, your withdrawals will be taxable in both countries, with Canada giving credit for any US tax incurred.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best