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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 78664  
Subject: Re: IRA, 401k, and residency, oh my! Date: 3/5/2001 4:10 PM
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Sukotto asks:

What about a 401k plan?

Can I get an IRA or 401k retoactively from 1995 when I worked here (and filed a tax return)? It's prpbably too late (since I'd have to get my IRS stuff mailed to me from Canada) but I'm still interested in knowing... Heck, if I get some kind of credit, I can use it for tax-year 2001.

That's an employer's plan used in the US only. You may only take a deduction in the year you participate, and retroactive participation is not allowed. If your current employer has such a plan and you are eligible for it, then you may use if for 2001.

No prob with the address issue. But are there any legal or tax repercussions to having a IRA or 401k plan when you're not working (or even living) in the States?

The only tax issue is if you are forced to take it, and then 30% must be withheld pending your filing of your income tax return declaring that income for the year. The tax issues are best addressed on the Tax Strategies board where the tax gurus hang out.


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