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    jkbasak's Avatar
    jkbasak Posts: 1, Reputation: 1
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    #1

    Dec 6, 2006, 10:37 PM
    Please advise on 401K
    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.
    Morrowrj's Avatar
    Morrowrj Posts: 345, Reputation: 22
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    #2

    Dec 7, 2006, 03:42 PM
    Well, I am not a tax expert by any means, but. I know that you CANNOT withdraw the entire amount. Also the money will still be there in a year. And if you change companies that you work for you can generally do what they call a "rollover" and move that money into the new companies 401k plan
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