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Taxes on USA IRA in Italy

5 months ago
This one had a long thread about 6 years ago, but not definitive answer - so maybe folks have learned more now....

The tax situation will affect our relocation decisions as our income will be Social Security and IRA withdrawals. 2 big questions.

1. How are IRA withdrawals taxed? As income? As capital gains on only the gains on the withdrawal amount? As capital gains on any newly accrued IRA value?

2. Is a USA IRA considered part of the worldwide "wealth" for the Italy "wealth tax" (yes, I know it isn't called that, but it is effectively what it is. (at .2% I believe).

Thanks in advance - hoping that some of the folks discussing this years ago got real answers as they had to file their taxes over the ensuing years.

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Cigna Global Health
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InnoinsureInnoinsure

Hassle-free health insurance policies that meet all Spanish visa and residency requirements. We are Innoinsure and we offer policies from the 2 leading health insurance companies in Spain: DKV and Asisa. 100% success rate for VISA and residency applications.
Get Quote

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