I relocated to the US, from the UK, at the beginning of 2001 with my employer.Prior to transferring I was paying into my employers pension plan. I have been trying to have these funds transferred into my 401K now that I am here in the USA.My employer has now told me that this is not possible. So now I am investigating the opening of an IRA, into which I can transfer the funds from the UK.I have established that I would need a CONDUIT (ROLLOVER) IRA in order to transfer the whole of the funds from the UK (greater than $2,000).Does anyone know of any regulations that would prevent my rolling my UK fund into a US IRA?Thanks for any help / assistance / advice,Jim.
Greetings, Jim, and welcome. You asked:Does anyone know of any regulations that would prevent my rolling my UK fund into a US IRA?An IRA may accept rollovers or transfers only from retirement plans that are qualified for U.S. taxation purposes. Your pension plan from the U.K. almost certainly does not qualify for that purpose unless it is a plan subject to U.S. laws and its distributions are subject to U.S. income taxes. For details on plans that are eligible for rollover/transfer to an IRA, see IRS Pub 575, Pension and Annuity Income, available for download at http://www.irs.ustreas.gov/forms_pubs/pubs.html.Regards..Pixy
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra