mike mears
Joined: 7/22/2024
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RE: UK citizen in the UK wants to close out USA Traditional IRA and bring monies home to the UK.
I am a retired UK citizen living in the UK. I worked in the US from 2006 - 2011. I have a small IRA ( just over $7000 ) in the US which I now want to withdraw to the UK I have sought advice from two professionals and have read these HMRC answer above - None of the advice agrees with any of the others ! My specific questions here are these: 1) Does the small amount of my investment change anything or will the answers be just the same as above ? 2) is a 1040NR form a IRS form ? if not please explain. 3) at what point on the timeline should a 1040NR be submitted - before or after UK tax has been incurred 4) Can you please bear in mind I find the "jargon" used by finance / tax professionals quite hard to understand can you please answer in simple English. Many thanks