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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I have a 401K pension plan, but Im thinking of moving back

Resolved Question:

I have a 401K pension plan, but I'm thinking of moving back to the UK to work and then retire (I'm a UK citizen, and currently have a green card). Is it possible to transfer 401K to the UK without any tax penalty? If not, can I still start using it without any tax penalty once I'm 59 and a half, and are there any UK tax implications for this?
Submitted: 11 months ago.
Category: Tax
Expert:  Megan C replied 11 months ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

Currently, there's no way to "rollover" your retirement assets from an American plan into a UK plan, so you would still have the US plan to draw from during your retirement years

Customer:

But when I start drawing from it once I'm retired, will I be subject to US tax and/or UK tax?

MyVirtualCPA :

You would follow all the same rules, such as being able to draw at age 59.5

MyVirtualCPA :

It's taxed in your country of residence, which would be UK under article 18

Customer:

Is the amount I draw then treated like income from a UK tax perspective

MyVirtualCPA :

That is correct, but you would not be taxed on it in the US

Customer:

That's great. That's what I wanted to know. Many thanks

MyVirtualCPA :

You're welcome

MyVirtualCPA :

Please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

Presumably the same applies to my US company pension plan. (not that it's very much!)

MyVirtualCPA :

Yes, that would be the same treatment

MyVirtualCPA :

same article

MyVirtualCPA :

Article 18

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12712
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and other Tax Specialists are ready to help you
Expert:  Megan C replied 11 months ago.
Thanks, Peter for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, and social security needs. It was a pleasure working with you today.

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