h1b visa holder but leaving US - should I withdraw 401k
Asked Oct 23, 2008, 08:33 PM
I am currently on h1b visa, but will be moving out of the US at the end of the year. I have a fully vested 401k (around $30k) and I'm considering to withdraw the money, rather than keep it for retirement. What would be best withdrawal plan in terms of minimizing taxes?
Can I gradually withdraw from the 401k, so that I will only pay minimal fed/state taxes as I won't have US income after this year. (Of course I will need to pay the 10% penalty). So for 2009, around how much can I withdraw without paying taxes (except for the 10% penalty)?
What are my other withdrawal options? Thanks!