Cashing in 401K and returning to UK?
Jan 15th 2017, 3:54 am
#16
Forum Regular
Joined: Jan 2014
Posts: 34
Re: Cashing in 401K and returning to UK?
If you roll the 401k into an IRA you could then get at the money early without penalty by doing a 72T or if you left your job after age 55, you can also take penalty free withdrawals for college expenses, a first home purchase or medical bills. A simple Google will tell you about all the exceptions to the 59.5 penalty rules.
However, I would probably roll over to an IRA with someone like Vanguard and sit on it until you are 59.5 and then if you are an NRA living in the UK you can make US tax free withdrawals.....but of course you will have to pay UK income tax on the money.
However, I would probably roll over to an IRA with someone like Vanguard and sit on it until you are 59.5 and then if you are an NRA living in the UK you can make US tax free withdrawals.....but of course you will have to pay UK income tax on the money.
In fact you don't have to actually be 55, as long as you turn 55 in that calendar year, you can withdraw without penalty in January.
