How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barbara Your Own Question
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3291
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
71603090
Type Your Tax Question Here...
Barbara is online now
A new question is answered every 9 seconds

I am leaving USA. How can I withdraw 401k contribution? Is

Customer Question

I am leaving USA. How can I withdraw 401k contribution? Is there any penalty for early withdrawal if I am leaving country? Could I leave it in 401k and get post retirement benefits if I am not in USA that time?
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Whether or not you leave the U.S., if you withdraw the money that is in your 401K account, you will pay income tax on the distribution, and if you are under age 59 1/2, the funds will also be subject to a 10% penalty.

You most certainly can leave the money in the 401K or roll it over to an IRA and leave it until you retire whether you are in the U.S. or not.

Please let me know if you require further information or clarification.

Thank you and best regards,

Barb

Expert:  Barbara replied 1 year ago.

Just following up with you to see if you have any other questions. If so, please come back to me here at your convenience, and I will be happy to assist you. If not, please take a moment to rate my answer since that is the only way I receive credit for answering you and alerts Just Answer to compensate me.

Best regards,

Barb