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| US Tax Treaty Benefits - F1 OPT J1 Student - India, China, UK, Korea, Canada Article 20 21 IRS US Tax Treaty Benefits India China Australia Article 20 21 Form 2555 Foreign Earned Income Exclusion, Expatriate Taxes - India,China,UK,Australia,Japan etc, US Citizens should report Foreign Source Income, Expatriate Taxes, Army, Military Taxes Army Taxes, Military Taxes Deployed Overseas Taxes Are you a Green Card holder or US Citizen living in India,China, Canada,Mexico and other countries.Pay US Taxes. H1B Tax and Green Card Tax Treaty Exemption. Experts in Expatriate Tax help. |
11-02-2009, 05:47 PM
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IRA account status after leaving the U.S.
Hi Visa Taxes,
I have a question also related to tax issues after leaving the U.S. I have a Roth IRA, traditional IRA account and two 401k accounts with my current company. Can I keep these accounts if I return to my home country for the next thirty years? I am not a U.S. citizen, nor permanent resident, but my son is a U.S. citizen (he was born here 2 years ago). I had planned to withdraw the money after I reach 60. Would I be required to convert my retirement accounts into regular accounts, and if so what would the tax implications be? Thank you. Meg   
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11-02-2009, 09:13 PM
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Yes on IRAs; Probably NOT on 401Ks
Meg:
If you can find a custodian who is willing to manage your IRAs, then, yes, you CAN keep those accounts open and manage them via phone and email from your home country. If finding a custodian is a problem, contact Charles Schwab, who I know will be happy to have your business regardless of where you are located in the world. As for the 401K plans, it is likely that, eventually, the custodian will request that you either withdraw or move the funds. When that request comes, you can roll that money over into a rollover IRA at Charles Schwab, and, again, manage the rollover IRA via phone and email from your home country.
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