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    susieveroff's Avatar
    susieveroff Posts: 1, Reputation: 1
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    #1

    Oct 4, 2010, 05:14 AM
    I am a Canadian citizen who inherited an IRA, what kind of taxes will I have to pay?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Oct 4, 2010, 12:33 PM
    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.
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