UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76237  
Subject: Re: IRA, 401k, and residency, oh my! Date: 3/5/2001 4:10 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
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.

Regards..Pixy

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Saul's Investing Discussions

Why Did I Buy a Bunch of PFIE Today?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement