Juliet Oliver
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RE: Tax on usa inherited IRA withdrawal
Thank you, that’s very helpful
Feedback . -
RE: Tax on usa inherited IRA withdrawal
Thank you for your reply. It is not a Roth IRA and is taxable in the US. Do I need to declare any withdrawals to HMRC? -
Tax on usa inherited IRA withdrawal
I have just inherited my ex spouse’s IRA in the USA. I have an inherited IRA account in my name. The money is invested in stocks and shares with Fidelity. When I make withdrawals, I will pay tax in the USA. I am a UK resident for tax living and working in the UK. Is the IRA in the UK considered a pension or savings for tax purposes? As the money is in stocks and shares, when I make a withdrawal, do I pay capital gains tax ? Do I fill in a self assessment form even if there is no tax to pay on the foreign income? Many thanks