jkbasak
Dec 6, 2006, 10:37 PM
Dear Experts,
I am quite novoice as far as tax laws and reguation are concerned. Let me explained my senario. I am an Indian resident and working on L1 visa in USA for last 15 months. I enrolled for 401K plan. Now for job demand I need to move back to INDIA. Currently there are approx $3200 balance where my contribution is $1700 and emplyer contribution is $1500. Now can some please answers to my question
1. Can I withdraw the whole amount($3200) in cash, if not then what is the maximum amount I can withdraw. What will be the Tax and penalty applicable.
2. If I want to keep the money here, and return back to USA after 1/2 year, can I still continue with 401K saving that time, and will the balance of $3200 be available for me.
3. What happens if I change my company in the mean time.
Will definitely appreciate your help in this regard.
I am quite novoice as far as tax laws and reguation are concerned. Let me explained my senario. I am an Indian resident and working on L1 visa in USA for last 15 months. I enrolled for 401K plan. Now for job demand I need to move back to INDIA. Currently there are approx $3200 balance where my contribution is $1700 and emplyer contribution is $1500. Now can some please answers to my question
1. Can I withdraw the whole amount($3200) in cash, if not then what is the maximum amount I can withdraw. What will be the Tax and penalty applicable.
2. If I want to keep the money here, and return back to USA after 1/2 year, can I still continue with 401K saving that time, and will the balance of $3200 be available for me.
3. What happens if I change my company in the mean time.
Will definitely appreciate your help in this regard.