I moved back to UK after 38 years of living in the US. My two grown sons still live in the US and I’d incorrectly assumed that my IRA would only be taxable by the US if my sons inherited my IRA. This board and other groups have informed me that not only will my IRA (estate) will be taxed by HMRC at 40%, but also the IRS will tax my sons upon withdrawal, so they’ll be doubly taxed!!
Taking into consideration the NHS, not needing a car, no monthly real estate taxes (mine were super high in NJ), I still think that retiring in the UK works for me.
Now that I need to convert my IRA to a Roth, is it best to convert $50k a year ? I’m currently receiving SS and IRA withdrawals with my yearly income around $65,000. I pay tax to HMRC and use FTC so I don’t end up paying IRS. I was thinking that I could ask Vanguard to withhold $10,000 for taxes on the conversion ???
My second question is, that I keep hearing about « HMRC reporting funds »… do I need to make sure the funds I pick for the Roth conversion are HMRC reporting ?
Thanks![👍🏼]()
Taking into consideration the NHS, not needing a car, no monthly real estate taxes (mine were super high in NJ), I still think that retiring in the UK works for me.
Now that I need to convert my IRA to a Roth, is it best to convert $50k a year ? I’m currently receiving SS and IRA withdrawals with my yearly income around $65,000. I pay tax to HMRC and use FTC so I don’t end up paying IRS. I was thinking that I could ask Vanguard to withhold $10,000 for taxes on the conversion ???
My second question is, that I keep hearing about « HMRC reporting funds »… do I need to make sure the funds I pick for the Roth conversion are HMRC reporting ?
Thanks
Statistics: Posted by Fallenidol — Sat Nov 23, 2024 2:52 am — Replies 2 — Views 117