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Is there any way I can transfer my 401 K account to an account in Austria. I am moving back for good and don't like the idea of leaving my money here.

After you become a resident of Austria and are no longer a resident of the US, under the tax treaty between the US and Austria pension and annuity income is exempt from US taxes. If you have a US permanent resident status("green card") you would need to cancel it first. I do not know how Austria taxes foreign pensions of its residents, but i suspect you will be much better off deferring the income in the US than reinvesting the money in taxable investments in Austria.

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