robert1849
New member
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 in the U.S. many years ago. I am now retired, living in Italy and just started receiving distributions which I now must report when I file my Italian tax return. I consider this a pension account subject to Italian taxes on distributions - similar to a private pension established by a private company. The question is, how does the Italian revenue service see it? Is it subject to the wealth tax as well as income tax on money received?
Edit: To clarify, I am not contributing to a U.S. IRA. I have one from when I worked in the U.S. many years ago. I am now retired, living in Italy and just started receiving distributions which I now must report when I file my Italian tax return. I consider this a pension account subject to Italian taxes on distributions - similar to a private pension established by a private company. The question is, how does the Italian revenue service see it? Is it subject to the wealth tax as well as income tax on money received?