I am a Canadian, currently residing outside of USA and Canada for the last 8 years. Currently I am 63 years old and I want to start withdrawing from my 401K and IRA in the USA when I was employed for a couple of years. I have no connections in the USA currently apart from this 401k.
So my question is what is the tax that I will have to pay if my withdrawal is a minimal amount? Do I have to file taxes in the USA and can I avail of the standard deduction as the 401K will be my only income? My place of residence is a European country. I am a bit confused as there is a flat tax of 20% on any withdrawal in Canada from RRSP accounts.
Thanks
