Ask Experts Questions for FREE Help !
Ask
    itk2001's Avatar
    itk2001 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Jun 17, 2010, 05:21 PM
    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
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 18, 2010, 12:07 PM
    Such a transfer is NOT a taxable event.
    itk2001's Avatar
    itk2001 Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Jun 18, 2010, 02:02 PM
    Great, thanks. Can you point me to any IRS ref document that address that issue?
    itk2001's Avatar
    itk2001 Posts: 3, Reputation: 1
    New Member
    		  
    #4

    Jun 18, 2010, 02:02 PM
    Great, thanks. Can you point me to any IRS ref document that address that issue?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Jun 21, 2010, 01:53 PM
    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Foreign money transfer tax [ 2 Answers ]

My husband (US resident) and I (US citizen) want to transfer $50,000 dollars from our bank in Mexico to our bank account in the US. This money is from a business investment that we made 8 years ago in Mexico and has already been taxed in Mexico. Do we have to pay taxes on it again here in the US?

Do you have to pay State personal property tax on vessels under foreign registry? [ 1 Answers ]

Vessel is held in an international business corporation that is in the British Virgin Islands. The vessel itself has a year long crusing permit with the US Coast guard and is docked most of the year on the S. C. coast. Does the SC citizen that owns shares in the BVI corporation have to pay SC...

How not to pay US taxes of a no tax foreign income [ 1 Answers ]

I'm a danish zitizen married to an american wife. I have a danish address. I'm hired by a danish shipping company A.P. Moller Maersk. My salaray goes to a danish bank I'm a marine engineer hired under the so called danish DIS agreement - tax free income. My tax free income is $54.000 a year. ...

What tax will I pay when cashing out a 401K? [ 1 Answers ]

I am 66 and retired. I would like to cash out my 401k. What can I espect to pay in taxes?

Tax penalty to take 401k to pay off house [ 3 Answers ]

:confused: Is there a tax penalty if you take 1/3 of your 401k to pay off your home loan?

View more questions Search