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Investment question


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Any Roth IRA specialist out there? What if some Roth IRA funds were used to open an account in an Iraq bank, wait for RV, then convert to dollars and transfer to US bank for protection of asset. My understanding is that at withdrawal from a Roth account there is no tax. Is this true of all the funds or just the originally invested funds? If this is a probability what would the correct mechanism be?

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I don't think you would be able to open a Roth IRA account in Iraq as a US citizen.

Are Distributions Taxable?

You do not include in your gross income qualified distributions or distributions that are a return of your regular contributions from your Roth IRA(s). You also do not include distributions from your Roth IRA that you roll over tax free into another Roth IRA. You may have to include part of other distributions in your income. See Ordering Rules for Distributions , later.

http://www.irs.gov/publications/p590/ch02.html#en_US_publink1000231057

there is more info here read up on this

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