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I am planning to move back to India. What is the best way to deal with 401k? Should I withdraw?

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It depends upon the amount and your future plans of potentially coming back to the US.

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One consideration would be to just keep it as is, and let it grow. Unless you really need the money.

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Start withdrawing the year you make no salary in US. Only withdraw less than the lowest tax bracket in US and pay 10% fine for early withdrawal. Do it every year till you empty it. Effectively, you’d only pay 10% tax on it.

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Then account for that income as well. I’m not suggesting that he hides it. It will be a slow withdrawal in US but worth it.

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Fixed Deposits in India are usually > 6%. It’s basically a toss up between risk appetite, $ conversion and how much will you be taxed now Vs later

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How much is in plan and what’s the hit on taxes + penalty? If the amount is a couple of months worth income then do it. If it’s significantly more then suggest you keep it, let it ride and see if international laws change in your favor.

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Do not withdraw unless you desperately need the money. Best to just leave it there and withdraw in retirement. Another option is to withdraw the nonresident alien tax free limit each year (approximately $5000). You will be able to withdraw with just the 10% penalty although withdrawal will be withheld at a much higher rate. Again, best not to withdraw - you may return, or you may decide to move to another country later.

Thank you all for the responses. Was helpful and good points to think about.

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