{ "media_type": "text", "post_content": "If I leave the US for good and go back to europe. What do I do with the 30k in my 401k. Can I transfer it to a european savings account or something ?", "post_id": "60787b1cda6742002266e7b4", "reply_count": 8, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

If I leave the US for good and go back to europe. What do I do with the 30k in my 401k. Can I transfer it to a european savings account or something ?

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You can leave it there - or cash it out. Keep in mind if you cash it out you will pay the 10% penalty, plus the $30k gets taxed as ordinary income as if you still were working in the US. Also - if you cash out while being a tax resident in Europe you might owe European taxes on your withdrawal too.

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If I leave it, upon retirement I have to pay the taxes too?

KPMG1- That's a Roth 401k

I would leave for good, withdraw all of the 30k the following year, and put it in the investment wheel of your choice in Europe. Pay the 10% penalty for early withdrawal. If that year of your withdrawal you made $0, you will be taxed only for the 30k as part of your annual income, which significant decrease your tax bracket. If you withdraw it the same year where you had US income, it’ll increase your tax bracket and you’d pay more taxes for the 30k. :)

You probably need to talk to a lawyer to figure this out, unfortunately. My best guess is that your 401k will be taxed as income no matter what you do with the money- cash out or not (since Europe doesn’t have a 401k, it’s legally viewed as a savings account).

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