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-   -   Do I need to pay US tax for incoming transfer of a foreign 401k? (https://www.askmehelpdesk.com/showthread.php?t=480602)

  • Jun 17, 2010, 05:21 PM
    itk2001
    Do I need to pay US tax for incoming transfer of a foreign 401k?
    Hi,
    I am a nonresident with a H1B visa living in the US for 3 years now. I have been paying full taxes since last year. A 401K from my previous work place abroad had matured and deposited to my foreign checking account. Taxes were fully paid to the foreign tax authorities. I would like to transfer the money (about 25K USD) to the US. Do I need to file anything or pay any US taxes?
    Thanks
    Don
  • Jun 18, 2010, 12:07 PM
    AtlantaTaxExpert
    Such a transfer is NOT a taxable event.
  • Jun 18, 2010, 02:02 PM
    itk2001
    Great, thanks. Can you point me to any IRS ref document that address that issue?
  • Jun 18, 2010, 02:02 PM
    itk2001
    Great, thanks. Can you point me to any IRS ref document that address that issue?
  • Jun 21, 2010, 01:53 PM
    AtlantaTaxExpert
    You can look up the instructions for Form 3510, which is the form submitted for transfers in amounts in excess of $100K, or you can review the Internal Revenue Code itself.

    Other than that, I can give you no reference.

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