MikeGH
Registered User
- Messages
- 1
Hi All,
I'm coming up on age 62 and have a US based traditional IRA with a current value of about $120k. As I'm over age 59.5, I can withdraw all or part of the account without early (US based) withdrawal penalties. This was money plus accumulated earnings to date on funds transferred from a 401k plan to a traditional IRA upon my permanent return from the USA to Ireland in 1996 (worked in US continuously from 1982/96). I was a dual citizen of Ireland/US until 2016 when I renounced my US citizenship (having finally succumbed to the onerous requirements of US FATCA legislation). I'm now just a citizen/resident in Ireland. Since 1996 I've continued to work in Ireland and plan to do so until I hit Irish retirement age of 67 (in 5 years).
Can someone outline options (or recommend an advisor) and the relevant pros/cons to disposition this fund considering the financial/tax implications from both a US and Irish standpoint?
I'm coming up on age 62 and have a US based traditional IRA with a current value of about $120k. As I'm over age 59.5, I can withdraw all or part of the account without early (US based) withdrawal penalties. This was money plus accumulated earnings to date on funds transferred from a 401k plan to a traditional IRA upon my permanent return from the USA to Ireland in 1996 (worked in US continuously from 1982/96). I was a dual citizen of Ireland/US until 2016 when I renounced my US citizenship (having finally succumbed to the onerous requirements of US FATCA legislation). I'm now just a citizen/resident in Ireland. Since 1996 I've continued to work in Ireland and plan to do so until I hit Irish retirement age of 67 (in 5 years).
Can someone outline options (or recommend an advisor) and the relevant pros/cons to disposition this fund considering the financial/tax implications from both a US and Irish standpoint?
