{ "media_type": "text", "post_content": "When quitting from pwc will they walk me through how to transfer 401K/wealth builder or how to receive cash out of unused vacation hours? Also anything I should be aware before quitting? I’m in process of transferring to PwC Asia, and given I was here with H1B, I’d like to make sure I get everything taken care of before leaving the country for good.", "post_id": "5f2609662ddd58001a2066b5", "reply_count": 5, "vote_count": 3, "bowl_id": "59eff9a569d52d00113392cc", "bowl_name": "Accounting Exit Opportunities" }

When quitting from pwc will they walk me through how to transfer 401K/wealth builder or how to receive cash out of unused vacation hours? Also anything I should be aware before quitting? I’m in process of transferring to PwC Asia, and given I was here with H1B, I’d like to make sure I get everything taken care of before leaving the country for good.

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No way! They will give you a list of contacts if you have questions or run into issues. But no one ever walked me through anything when I quit... your final paycheck will include your unused vacation hours. 401k/wealth builder is probably managed by another invest,ent company, in which you can request to rollover to IRAs or your future 401k plan.

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Yes. You will be paid for any accrued vacation. The wealth builder is handled by a third party but you will have the option to cash out of it.

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Op do you want to cash out the 401K /Wealth Builder or move to personal IRA or something similar? With you being on H1B visa this could create some issues for you down the road. I would recommend to reach out to someone you know in Expat tax practice and discuss the best option for you. If you don’t know then ask friends or colleagues who know someone in expat practice, they deal with people moving internationally and can better guide you. Cashing out the 401K/wealth builder will be taxable even and will be subject to tax and early withdrawal penalties. On the other hand if you transfer the funds to IRA, these funds will be stuck here and you have to wait until eligible for retirement distribution for penalty free withdrawal. Also, you need to think about filing requirement by new country for funds being in USA.

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This was extremely helpful! I will reach out to my group to get a better understanding of tax consequences. I was definitely leaning towards keeping my funds in ira. Do you have any further insight on that?

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How much money do you have in 401K and wealth builder? Also, are you planning to be back in USA or planning to settle here? Based on your comments it seems like you already have offer from the PWC or other firm in your home country. I would ask the partner or higher up you spoke with and ask them to connect you with someone in their office who works on expat tax returns especially for people moving to US. Ask them what are the pro and cons of keeping your IRA and other accounts active. Also, you can ask the US expat tax person if there is exception to 401K early withdrawal penalties for people on H1B visa who are going back to home country.

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