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@srgnosis No. I never found out and I do not report them as financial accounts in the same way I do not report my private company-sponsored pension annuity as a financial account. What I do is report the distributions I receive annually and name the source of that income. Not sure if this dots...

@coralisa This is an IRA account established more than 20 years ago by my employer. Since moving to Europe in 1995 I have been unable to make further contributions so it has just been sitting there growing from interest and investment growth. Now I am retired and have started requesting...

@apjasper10 By "Weath Tax", I mean any tax on my foreign held IRA (Individual Retirement Account) aside from income derived from the account. In the U.S. and England, such accounts are not taxed until money is received. This is an account that has not received or distributed any funds from or...

@coralisa You have summarized my situation accurately. I have no doubt I will need to pay taxes in Italy on the income I derive from the IRA. My concern is whether Italy also wants to tax me on the end of year balance every year - which would be a double tax (tax on the balance at 0.2%) and...

@plumbing101mike I have edited my original query to provide a bit more clarity.

@daprophecy Thanks. I have DM'ed you. I appreciate your reply. I would still appreicate the input of others from their knowledge or experience.

@daprophecy Thanks, that what makes sense to me. Otherwise it is being taxed twice in Italy. Once on the balance as of 31 December of each year and again when you receive funds from the IRA pension account. You say however, "More likely...". Why the uncertainty?

It’s a given that as a tax resident in Italy I need to pay Italian taxes on any distribution I receive but is the IRA account itself subject to the annual wealth tax (roughly 0.02% of the 31 December balance)? Edit: To clarify, I am not contributing to a U.S. IRA. I have one from when I worked...

@danyyyy101 All good info. I've learned a bit more. Take my upvote. In Italy, one most report the beginning and ending balances of foreign accounts. A few years back, I took in my self made excel workbook with the info. Later when I was in the accountants office, I saw a screen up with...

@danyyyy101 I didn't know this. I presume when transferring from different banks where the source and target accounts are in the same name, the traceability is inherent to the transaction. Any thoughts on this?

@chamberlain94 You're probably right and I hope you are right. If there is any doubt, check it out. It would be most unpleasant to find out otherwise.

@chamberlain94 Apologies if I'm stating the obvious, but if you reside outside the US when you retire, your pension may be taxable despite it's ROTH standing in the U.S.

@jeremiah33 Interesting as these sound like online transactions where the fraudster would need to know your billing details as well as the CCV code on the back of the card. If you haven't already, you should look at whether 2FA is available for non chip-and pin transactions on your accounts.

@jeremiah33 Can you share any details of the fraudulent activity? I use my debit cards for everyday transactions in Italy and never had a fraud incident on their use. Although transactions are not as well protected as credit cards, charges can still be challenged and refunded if the case for it...

@timnewton85 My point is simply that if OP maintains a US mailing address, they may be able to continue to contribute to their IRA and manage it the same way as if they never left.

@adanna I'm no expert but I think to continue to manage and contribute to your US IRA, you just need to maintain a U.S. mailing address. Ask your IRA custodian. It's a crazy regulation but with an easy workaround from my experience.