I am 40 and I have a ROTH IRA and an IRA savings account. I plan to move to Canada for good. Since I will be living permanently in Canada can I close my IRA accounts and will I be penalized?
2006-07-02 14:16:05 · 3 answers · asked by RD 1 in Business & Finance ➔ Personal Finance
IRA savings under 59 1/2 then special rules apply could have 10% penalty. On the Roth maybe regular IRA if your address outside of U.S. lose your exemption status check the IRS tax book for a guide
http://www.irs.gov/pub/irs-pdf/p590.pdf
2006-07-02 14:40:55 · answer #1 · answered by retired_afmil 6 · 0⤊ 0⤋
yeah, you probably would since you would have to claim taxes from when you lived in the States. I would just leave them where they are and let them compound. As long as you have a record of the bank and the account # in case something happens to you, you should be okay. Otherwise, move to to some other savings/IRA type account in Canada. I would really ask a tax professional, to be honest with you.
2006-07-02 14:30:33 · answer #2 · answered by Aussie Mommy 3 · 0⤊ 0⤋
Yes, early distributions are a problem for you.
2006-07-02 16:33:24 · answer #3 · answered by rockEsquirrel 5 · 0⤊ 0⤋