Simple IRA- What to do?
#1
Forum Regular
Thread Starter
Joined: Apr 2010
Posts: 53
Simple IRA- What to do?
I am two weeks away from relocating back to UK and would welcome any views on what I should do with my (small) simple IRA.
I have joint US/UK citizenship so know that I have a lifetime of US tax filing to look forward to!
Is it best to leave it here and (hopefully) let it grow? can I transfer the funds into a UK pension plan?
I think it can be cashed in with a 20% ish penalty but would prefer not to do that.
Advice welcome, Thanks
I have joint US/UK citizenship so know that I have a lifetime of US tax filing to look forward to!
Is it best to leave it here and (hopefully) let it grow? can I transfer the funds into a UK pension plan?
I think it can be cashed in with a 20% ish penalty but would prefer not to do that.
Advice welcome, Thanks
#2
Re: Simple IRA- What to do?
I am two weeks away from relocating back to UK and would welcome any views on what I should do with my (small) simple IRA.
I have joint US/UK citizenship so know that I have a lifetime of US tax filing to look forward to!
Is it best to leave it here and (hopefully) let it grow? can I transfer the funds into a UK pension plan?
I think it can be cashed in with a 20% ish penalty but would prefer not to do that.
Advice welcome, Thanks
I have joint US/UK citizenship so know that I have a lifetime of US tax filing to look forward to!
Is it best to leave it here and (hopefully) let it grow? can I transfer the funds into a UK pension plan?
I think it can be cashed in with a 20% ish penalty but would prefer not to do that.
Advice welcome, Thanks
The best thing to do is to leave it alone and maybe look into how to transfer it to a regular IRA. The UK/US tax treaty will protect any gains from UK taxation and when you take income you will have to pay both US and UK taxation and use foreign tax credits to eliminate double taxation.
#3
Forum Regular
Thread Starter
Joined: Apr 2010
Posts: 53
Re: Simple IRA- What to do?
Thanks Nun,
I have been in the scheme 6 years so presume it might be easier to move?
I am leaving the small company I work for and things are a little frosty right now- the owner got his pal to set up and run the scheme and I just wanted to put a little distance between us all...not to mention that the mutals he recommended are all still below what I had paid for them!!.. that taught me a lesson also
I have been in the scheme 6 years so presume it might be easier to move?
I am leaving the small company I work for and things are a little frosty right now- the owner got his pal to set up and run the scheme and I just wanted to put a little distance between us all...not to mention that the mutals he recommended are all still below what I had paid for them!!.. that taught me a lesson also
#4
Re: Simple IRA- What to do?
Thanks Nun,
I have been in the scheme 6 years so presume it might be easier to move?
I am leaving the small company I work for and things are a little frosty right now- the owner got his pal to set up and run the scheme and I just wanted to put a little distance between us all...not to mention that the mutals he recommended are all still below what I had paid for them!!.. that taught me a lesson also
I have been in the scheme 6 years so presume it might be easier to move?
I am leaving the small company I work for and things are a little frosty right now- the owner got his pal to set up and run the scheme and I just wanted to put a little distance between us all...not to mention that the mutals he recommended are all still below what I had paid for them!!.. that taught me a lesson also
#5
BE Forum Addict
Joined: Jun 2010
Posts: 2,847
Re: Simple IRA- What to do?
Useful info - thanks
I must also get used to the fact that IRA is not a reference any more to a terrorist organisation!
I must also get used to the fact that IRA is not a reference any more to a terrorist organisation!