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

    Feb 27, 2007, 07:21 AM
    401K early withdrawal and taxes.
    I have dual citizenship (US and Russian). Currently I'm living in the US (Florida resident) and planning to move to Russia permanently. I know, that if I withdraw from 401K before retrirement age I will have to pay penalty (10%?) and federal and state taxes (something like 30%?) What if I withdraw form my 401K after I establish tax residence in Russia (start paying taxes in Russia)? Would I still have to pay federal and state taxes on the amount of 401K in the US when I withdraw?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Feb 27, 2007, 12:06 PM
    Florida has NO state income tax, so no worries there! :-)

    Yes, you would STILL have to pay the federal tax and the 10% Early Withdrawal Penalty! :-(
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