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

Customer Question
there any penalty for early...
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: 2 years ago.Category: Tax
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Answered in 3 hours by:
8/31/2015
Tax Professional: Barbara, Enrolled Agent replied 2 years ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,062
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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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

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Tax Professional: Barbara, Enrolled Agent replied 2 years 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

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Barbara
Barbara
Barbara, Enrolled Agent
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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