Taxes on death?

[Guest ljcurranuk]

Hi,

I am totally new to this area as work offshore and not familiar with the US at all. Can anyone help with some guidance on the following:

If someones father dies, leaving a number of IRAs to the child, who lives outside the US and wants to encash them and reinvest elsewehere, other than the estate tax to be paid, is there any further tax implications I should be aware of?

Thanks

[E as in ERISA]

Income taxes if it is a regular IRA.

[mbozek]

There is a 30% withholding tax on the taxable portion of the IRA sent to a recipeint who resides outside of the US, even if the recipient is a US citizen. See IRS publication 590 P 39, available at irs.gov. You need to check with the IRA custodian for the requirements for tax withholding.