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    milaa's Avatar
    milaa Posts: 2, Reputation: 1
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    #1

    Sep 21, 2011, 11:22 AM
    If someone could tell me what is the exact percentage of federal and state tax
    If someone could tell me what is the exact percentage of federal and state tax when wiring inherited money abroad from USA? Is it possible to reach 30%
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Sep 21, 2011, 12:45 PM
    The exact percentage fior federal tax is 0% - there is no federal inheritance tax. As for the state - most states do not have an inheritance tax, but some do. Tell us what state you and the deceased live in and also your relationship to the deceased (child, grandchild, etc) and we'll let you know.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Sep 21, 2011, 12:59 PM
    Yes, if you can provide more details, how much money, what country do you live in ? It sounds like you live outside the US and the money is coming from the US ?
    milaa's Avatar
    milaa Posts: 2, Reputation: 1
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    #4

    Sep 21, 2011, 01:25 PM
    I live in Montenegro. The deceased was US citizen and is my uncle. IRA fund claims 30% from the amount in the name of federal and state tax. How to persuade them the % should be lower?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #5

    Sep 21, 2011, 01:44 PM
    I see - this is not an inheritance tax, but rather is income tax payable on the tax-deferred earnings of the IRA account. The 30% is tax withholding - a down payment against the actual income tax that will be due. In January 2012 you will have to file a US tax return, and only then will you be able to determine the actual bill for income tax. If the 30% withheld is too high, you'll get a refund. I am not an expert on foreign tax filings, so am not sure if there is a tax treaty between the US and Montenegro that would simplify this.
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