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    jeanette50's Avatar
    jeanette50 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 29, 2008, 06:02 PM
    Retirement: Can I rollover my 401K into an IRA?
    I am a US Citizen, I have a 401K and I wish to retire overseas. I would like to know if I can rollover my 401K into a foreign IRA without having to pay any penalty?

    Thank you.


    Jeanette
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Sep 29, 2008, 09:10 PM

    You can roll over to IRA account in the U.S.
    If you roll over to a foreign IRA, it will be subject to early withdrawal penalty and must be reported as income on your tax return.

    Read more about 401k options Your U.S. Tax Return: Elective Deferrals 401(k) Plans
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