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Are taxes paid over interests earned in an IRA account?

April 26, 2017account earned IRA paid taxes

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Are taxes paid over interests earned in an IRA account?

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Depending on the type of IRA chosen, interest earned may be taxable or exempt. However, you will pay taxes over IRA funds and the taxable interest earned only in the year in which the withdrawal of funds takes place and only for the amount of the withdrawal. Back to Top When I was a resident of Puerto Rico, I opened an IRA account. Now I am a resident of the United States and I received a disbursement from my IRA in Puerto Rico. Do I have to pay taxes on this income in Puerto Rico? If you receive income from IRA accounts opened in Puerto Rico, even if you are no longer a resident of Puerto Rico, this income is taxable in Puerto Rico. For the United States, we suggest you consult your tax advisor to evaluate your specific case.