An individual Retirement account (IRA) provides certain tax advantages. Anyone who wants to save for retirement can set one up. Traditional IRA contributions are tax deductible for the year when you make the contribution, and withdrawals in retirement are taxed at ordinary income rate. Roth IRAs provide no tax break for contributions, but earnings and […]
Category: Nonresidents
US Estate Tax for Nonresident Alien
For estate tax purposes, a person is a “resident decedent” if the person is “domiciled” in the U.S. at the time of his or her death. The estates of resident aliens follow the same rules and regulations as do the estates ofU.S.citizens to determine estate tax liability. However, the estates of nonresident aliens are taxed […]