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Return to “No place but France, for now.”
- by apostate
- Sat Apr 20, 2019 8:34 pm
- Forum: Off-Topic
- Topic: No place but France, for now.
- Replies: 16
- Views: 1300
philip964 wrote: ↑
Sat Apr 20, 2019 6:07 pm
I guess if your over 70 your also forced to declare a part of IRA’s as income as well.
A traditional IRA is a tax deferred account. You don't pay income tax on what you contribute, so you pay income tax on withdrawals. If you want withdrawals to be tax free, contribute to a Roth IRA with post-tax money. Uncle Sam is getting his bite one way or another.
Unlike here in the US, French working poor pay high taxes. Since there is so much free stuff, if you work you pay. A French friend showed me his first US pay check. He was concerned his employer had not taken enough out of his paycheck for taxes. He was used to 50%. At the time he made about 15 euros an hour in France.