I am an Australia Citizen by birth. I lived / married an American Citizen (by Birth).
My ex Husband set up our IRA's while married.
I hold a Traditional IRA with a Financial firm in USA. I am now 61 years young. Divorced from US Husband. My traditional IRA was set up in 1987, and was then subject to Tax on withdrawal. I have retired from full time employment.
I returned to Australia and left my IRA to do its thing, with the investment firm.
I do not hold a great deal of faith with the company the IRA is currently with. It is extremely difficult to get correct information from them and as such Im looking at two-three options:
1) I would like to Draw Down my IRA by way of using an attached Credit Card, for daily living expenses, while still living perm in Au.
2) Can I have the money placed into a TransferWise account for when I travel? (to access anywhere in the world)
3) If there is no such option ( CC drawdown/TransferWise ) either by way of Legally or no Financial firm offer this, then....
How can I access my money from Australia.
Q) Will the firm Im currently invested with, pay the Federal Taxes?
Q) I have heard that I can Withdraw $12K per year and NOT attract US Tax.Is this correct?
Q) If I previously lived in CA, do I also pay State Tax on my IRA?
Failing the Drawdown by using a Credit Card scenario: Question "How do I access my money and NOT have it placed into any Bank Accounts in Aust"
My Children hold US Bank Accounts and are American Citizens. Q) Can I gift it to them?
Thanks for reading.
