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Zecco.com » General Investing » Tax Matters » Foreign Tax Withholding in Roth IRA
Last post 05-15-2008, 2:17 PM by hedwards. 2 replies.
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  •  12-24-2007, 2:04 AM 20471

    Foreign Tax Withholding in Roth IRA

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    I have some Canadian oil trust stocks that pay out dividends. My broker automatically withholds 15% before depositing the net dividend to my account. My question is: is it possible to get my money back, since the Roth IRA is not supposed to be taxed (subject to various withdrawal rules that don't apply to me at the moment)?

  •  05-15-2008, 11:59 AM 29139 in reply to 20471

    Re: Foreign Tax Withholding in Roth IRA

    Reply Quote
    I was curious about the same problem I have with a Puerto Rican Bank.   Here is a good article addressing it.  In short, there is nothing you can do.  You will never get the full dividend because its in an IRA.

    http://www.slackerwealth.com/

  •  05-15-2008, 2:17 PM 29150 in reply to 20471

    Re: Foreign Tax Withholding in Roth IRA

    Reply Quote
    The short answer is no, the Roth IRA is a fixture of the US tax code, other countries aren't going to have or respect it.

    Any US citizen that is doing business or making money in other countries is going to have to pay taxes under their tax code as the foreign nation sees fit. It's why you get to deduct foreign tax on tax forms. Unfortunately, since Roth IRAs are tax free, assuming the distrobutions are taken as prescribed, you're not going to get any benefit from that.
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