Retirement

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Old 10th May 2020, 01:45 AM
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Smile Retirement

Hi All, Anyone knows how the social security payment is taxed Italy? Also is it quite easy to have it sent to an Italian bank account? I have read as well as consulted with a couple of Italian CPAs as well as local ones but was given different info.
It's always good to hear from someone that is actually doing it.

Grazie mille!

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Old 10th May 2020, 12:25 PM
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Users Flag! Originally from usa. Users Flag! Expat in italy.
Cool Good Luck!

I did some research on this a while ago, summarized here:
https://www.expatforum.com/expats/it...-retirees.html


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Old 21st June 2020, 12:43 PM
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Hi. According to the tax treaty, all income, except for U.S. govt. or State govt. worker pensions, is taxable by Italy if you are a resident. This includes Social Security income as well as retirement account income. Additionally, there is a wealth tax of 0.2% on any financial assets you maintain in a bank outside of Italy, with the exception of a checking account for which you pay a fixed fee. There are Americans living in Italy who pay Italian tax on their Social Security, and there are some who don't. It really depends on which accountant(commercialista in Italian) that you talk to. That's how Italy works, i.e. things are not at all consistent and can be confusing even for Italians.

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Old 21st June 2020, 04:10 PM
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On the US side of things, an Italian citizen resident in Italy is exempt from US income tax on their Social Security benefits. What that means for a non-Italian citizen drawing US SS benefits in Italy, I'm not sure - but see IRS Pub 915 for details.

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Old 21st June 2020, 04:40 PM
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https://it.usembassy.gov/u-s-citizen-services/irs/

I don't know why people find it hard to understand. That's the US government view point on both sides of the issue. Scroll down to the chart.

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