Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   I am a Canadian citizen who inherited an IRA, what kind of taxes will I have to pay? (https://www.askmehelpdesk.com/showthread.php?t=513356)

  • Oct 4, 2010, 05:14 AM
    susieveroff
    I am a Canadian citizen who inherited an IRA, what kind of taxes will I have to pay?
  • Oct 4, 2010, 12:33 PM
    AtlantaTaxExpert
    Assuming the decedent is NOT your spouse, you will have to eventually take a distribution from the IRA and pay income taxes at normal tax rates (probably at 10 - 15%).

    Early distributions from an inherited IRA are EXEMPT from the 10% Early Withdrawal Penalty.

  • All times are GMT -7. The time now is 10:12 PM.