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Question

One of my customers has 3 or 4 401K amounts from different employees. She moved to Canada (got married and the husband is in Canada) last December and her question for me is if she should roll over those 401K amounts to tranditional IRA. Or can it be converted to Canadian replacement of 401K if any?

Submitted: 25 days and 11 hours ago.
Category: Finance
Value: $15
Status: CLOSED
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Country/State/Province of question: California / Canada

Accepted Answer

She can rollover the 401K account to a traditional IRA account without tax liability but she cannot convert it to a similar account in Canada.

Let me know if you have any question.

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

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Expert: RD
Pos. Feedback: 99.3 %
Accepts: 
Answered: 10/27/2009

Certified Public Accountant (CPA)

MBA, CPA

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