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Withholding on Foreign Dividends in IRA Account

 
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D.F.



Joined: 25 Aug 2007
Posts: 30

PostPosted: Sat Aug 30, 2003 10:19 am    Post subject: Withholding on Foreign Dividends in IRA Account Reply with quote

The dividends on Canadian stocks are withheld for Canada at
a 15% rate. The withholding is 10% for UK stock dividends.
These amounts can then be claimed as a US tax credit for
stocks held in a taxable account.

I assume that if I buy those stock in an IRA, the tax
withholding would still happen, but there is then no US tax
credit. Are my assumptions correct?

Thanks.

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Rich Carreiro



Joined: 25 Aug 2007
Posts: 669

PostPosted: Mon Sep 01, 2003 1:36 am    Post subject: Re: Withholding on Foreign Dividends in IRA Account Reply with quote

"D.F." writes:

> I assume that if I buy those stock in an IRA, the tax
> withholding would still happen, but there is then no US tax
> credit. Are my assumptions correct?

Unfortunately, they are quite correct.

--
Rich Carreiro rlcarr@animato.arlington.ma.us

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A.G. Kalman



Joined: 25 Aug 2007
Posts: 290

PostPosted: Mon Sep 01, 2003 1:55 am    Post subject: Re: Withholding on Foreign Dividends in IRA Account Reply with quote

D.F." wrote:

> The dividends on Canadian stocks are withheld for Canada at
> a 15% rate. The withholding is 10% for UK stock dividends.
> These amounts can then be claimed as a US tax credit for
> stocks held in a taxable account.
>
> I assume that if I buy those stock in an IRA, the tax
> withholding would still happen, but there is then no US tax
> credit. Are my assumptions correct?

Yes.

Alan
http://taxtopics.net

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Arthur Kamlet



Joined: 25 Aug 2007
Posts: 2053

PostPosted: Mon Sep 01, 2003 1:55 am    Post subject: Re: Withholding on Foreign Dividends in IRA Account Reply with quote

D.F. wrote:

> The dividends on Canadian stocks are withheld for Canada at
> a 15% rate. The withholding is 10% for UK stock dividends.
> These amounts can then be claimed as a US tax credit for
> stocks held in a taxable account.
>
> I assume that if I buy those stock in an IRA, the tax
> withholding would still happen, but there is then no US tax
> credit. Are my assumptions correct?

Correct.

__
Art Kamlet ArtKamlet @ AOL.com Columbus OH K2PZH

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Gary Goodman



Joined: 25 Aug 2007
Posts: 1

PostPosted: Mon Sep 01, 2003 2:14 am    Post subject: Re: Withholding on Foreign Dividends in IRA Account Reply with quote

sendnomail@please.com says...

> The dividends on Canadian stocks are withheld for Canada at
> a 15% rate. The withholding is 10% for UK stock dividends.
> These amounts can then be claimed as a US tax credit for
> stocks held in a taxable account.
>
> I assume that if I buy those stock in an IRA, the tax
> withholding would still happen, but there is then no US tax
> credit. Are my assumptions correct?

Yes, you are correct. You pay the taxes to the foreign
governments and get no benefit on your US tax return.

Gary

--
You can probably X figure out X which letters to X delete to
derive my email address X.

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