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View Full Version : How does UK citizen rollover 401k


cleobury
Jan 4, 2011, 05:53 AM
I am a retired UK citizen, resident in UK since leaving US employment 10 years ago. Previous US employer is wrapping up my 401(K) Plan. The current value is around $45k. I pay UK tax on small US SS pension. I would like to avoid 20% withholding (or paying equivalent UK tax) by rolling over to a savings or retirement account where tax would only be due on withdrawal or interest gained. Is this possible? If so, would it need to be to an offshore account as transfer of funds will be in US dollars? 401k plan provider has said that I need to live in USA to rollover to IRA. I have retained a US bank account.
Alan J Kimber