Returninghome
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Hi All,
Appreciate any advice on the following:
I (45M) moved to the US about 8 years ago and will move back home shortly. I have an Irish pension with Mercer from when I worked in Ireland (kept it with Mercer) and I have been paying annually into a 401K. I understand any disbursements from the 401K in retirement would be taxable, regardless of where I retire.
A Roth IRA (for anyone unaware, you invest net income and then the full account value (principal + growth) is tax free in retirement) is not available to me directly but I can do a Roth backdoor conversion (basically convert 401K in part or in full into a Roth account, pay income taxes now on the amount converted and then the Roth account value, including any growth achieved in the meantime, is tax free in retirement.). A combination of 401K and Roth IRA is popular in the US as each have advantages/disadvantages.
Question: how would Revenue treat Roth income in retirement if retired in Ireland?
Kind Regards,
Movinghome.
Appreciate any advice on the following:
I (45M) moved to the US about 8 years ago and will move back home shortly. I have an Irish pension with Mercer from when I worked in Ireland (kept it with Mercer) and I have been paying annually into a 401K. I understand any disbursements from the 401K in retirement would be taxable, regardless of where I retire.
A Roth IRA (for anyone unaware, you invest net income and then the full account value (principal + growth) is tax free in retirement) is not available to me directly but I can do a Roth backdoor conversion (basically convert 401K in part or in full into a Roth account, pay income taxes now on the amount converted and then the Roth account value, including any growth achieved in the meantime, is tax free in retirement.). A combination of 401K and Roth IRA is popular in the US as each have advantages/disadvantages.
Question: how would Revenue treat Roth income in retirement if retired in Ireland?
Kind Regards,
Movinghome.