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CdGg86

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CdGg86
Oct 21, 2021 20 Comments

If I take my 401k money to India do I need to pay taxes in India?

#Investing
#personalfinance
#investments

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 TOP 20 Comments
  • Apple
    ocean1234

    Go to company page Apple

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    Amazon
     ocean1234
    How do you take $ out of 401K without paying taxes in US?
    Oct 21, 2021 16
    • Micron
      mzjP70

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      mzjP70
      Hey linkedin genius, why is it so stupid. Just for estate tax risk as non resident, you should atleast Consider not leaving 401k or Ira in US forever. Do u even know the tax rate for estate taxes(high as 40%) and have a way lower threshold of $60k for non residents.
      Oct 22, 2021
    • Google / Eng
      EEVK28

      Go to company page Google Eng

       EEVK28
      401k and IRA distributions are considered pensions and annuities. If you claim otherwise, show some IRS documentation that says so.
      Below are proof of my claims from IRS:
      - 1040NR instructions:https://www.irs.gov/pub/irs-prior/i1040nr--2019.pdf
      "Pension and annuity payments include distributions from 401(k), 403(b), and governmental 457(b) plans."
      - The same is mentioned in other tax treaties: https://www.treasury.gov/resource-center/tax-policy/treaties/Documents/tecanada08.pdf
      "Thus, the term “pensions” includes pensions paid by private employers (including pre-tax and Roth 401(k) arrangements) as well as any pension paid in respect of government services. Further, the definition of “pensions” includes, for example, payments from individual retirement accounts (IRAs) in the United States"
      Oct 22, 2021
  • Sony / Eng
    dishoom

    Go to company page Sony Eng

     dishoom
    not for first 2 years for sure under RNOR
    and the iirc govt released notification during last budget to exempt 401k taxation in india
    Oct 21, 2021 0
  • Open a company in india and invest all your money in it, from your ira
    Oct 21, 2021 0
  • Maven Machines
    okaythen?

    Maven Machines

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    Adobe, PayPal
     okaythen?
    Not likely since you'll pay taxes here along with penalty once your withdraw. I think so.
    Oct 21, 2021 0