Ask Experts Questions for FREE Help !
Ask
    tsunyanchan's Avatar
    tsunyanchan Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 28, 2010, 09:31 AM
    I have rescinded my citizenship and 61 years old and how do I cash I cash out my IRA
    Tax implication on cashing out IRA for someone who has rescinded the citizenship and have turned 60.
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
    Uber Member
    		  
    #2

    Jun 28, 2010, 10:39 AM

    The tax implications are exactly the same regardless of your citizenship.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jun 29, 2010, 10:35 AM
    What Smoothy says is correct: your citizenship status has NO bearing on the tax liability incurred when you cash in your IRA, other than the fact that you should avoid any STATE income tax liability.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Schedule of Expected Cash Collections; Cash Budget [ 4 Answers ]

Problem 9-23 Schedule of Expected Cash Collections; Cash Budget Herbal Care Corp. a distributor of herb-based sunscreens, is ready to begin its third quarter, in which peak sales occur. The company has requested a $39,000, 90-day loan from its bank to help meet cash requirements during the...

In a cash budget the cumulative cash balance is equal to? [ 1 Answers ]

a. Cumulative loan balance minus the ending cash balance. B. cumulative loan balance plus the ending cash balance. C. net cash flow minus the beginning cash balance. D. net cash flow plus the beginning cash balance.

Present Cash Value of IRA/401K [ 1 Answers ]

If I had to liquidate my 401k and IRA today (total balance =$100,000), how would I calculate that and approximately how much would I be left with after taxes and penmalties?

View more questions Search