Ask Experts Questions for FREE Help !
Ask
    Wola's Avatar
    Wola Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jun 19, 2009, 08:23 AM
    401k transfer
    Hi,

    I read through your posts and I am seeking advice on the opposite. I had worked in the UK for about 8 yrs and I now moved over to the US and I want to know if it's possible to move over my 401K to the US. Please advice.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 19, 2009, 09:35 AM
    A 401K pension plan is called a 401K because it is based on a section of the Internal Revenue Code.

    If you worked in the UK, then the retirement plan, while possibly similar to how a 401K plan works, is NOT a 401K, unless your employer was a U.S.-based company who employed you in the UK, but paid you under the U.S. tax system.

    Some clarification is needed before I can provide cogent advice.
    Wola's Avatar
    Wola Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Jun 19, 2009, 10:37 AM
    My employer is a Global company who used the UK tax system for my retirement plan. How can I have my retirement plan converted into a US 401k plan and how much will I have to pay?
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #4

    Jun 20, 2009, 06:02 PM

    If you keep the funds in the UK retirement plan, you may be able to avoid U.S. tax on the ongoing earnings and you may not need to file Form 3520 for the foreign trust.

    If you are a U.S. resident and you take a distribution out of the UK plan, you will be taxed in U.S. on the distribution.
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!

401k transfer home to a UK pension [ 5 Answers ]

2 questions as follows... Background: I obtained a green card around 1999, and am a permanent resident alien. I am returning to the UK in 1 month and I should financially separate myself from the US I think. 1. Can my 401K can be transferred. I think it is easier to roll it over into a...

Transfer uk Pension into 401K Fund [ 2 Answers ]

I have 33000 GBP with a uk pension provider. I am non resident for uk tax as I work offshore Gulf of Thailand. Can I transfer this money into a 401K fund and if so what would be my tax exposure?

401K Company transfer [ 6 Answers ]

My employer wants to transfer from their 401K company to another 401K company. Can this be done just as if it were an indiviual transfer. What is the process? Arethered any fees or signatures needed? Can they just transfer their employees account to another company and notify us? What are the legal...

401K Transfer to Different Company [ 2 Answers ]

My company division was bought out by another company. They automatically transferred my 401K. I was vested with the old company, but the new company does not show the money vested. IS THIS LEGAL?

View more questions Search