Both myself and my wife lived in the US for a number of years and were Green Card holders. We both also contributed to Traditional IRA's. We returned to the UK in 2007 and subsequently surrendered our Green Cards.We are UK citizens and I believe for US tax purposes we are now regarded as non-resident aliens.
We are now thinking about cashing in our IRA's and taking the distribution as a lump sum.
Questions:
1. It is my understanding that by taking a lump sum distribution we will not be liable for tax in the UK. Is that correct?
2. By taking a lump sum distribution the investment company holding our IRA's will withold 30% for IRS tax purposes. Is that correct?
3. Are we required to complete any US tax forms? I emphasise the word 'required'.
4. Can we benefit in anyway from the US/UK tax treaty?
I have carried out searches on the forum on this subject but came back with nothing. My apologies then if these questions have been asked before. However I would apprecaite any advice.
Thank you.
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