Hi, I'm leaving the US because my work visa got denied, but I do plan on coming back on my L1 in a year and half. Do you recommend I close all my credit cards and accounts and open them again when I'm here? Or do I do freeze them and use them again when I come back? What do I do about my HSA and 401-K?
Keep the 401k if you plan to come back. No point in paying early withdrawal penalty. I'd be inclined to leave the bank account open too, as long as I don't have to pay a large fee. (May be move bulk of the money into a CoD that matures in a year.) It might be a good idea to close credit card to avoid frauds. Don't know how HSA works. Make sure you change your address on different accounts so that the next person living in the apartment doesn't receive your bank statement. USPS has mail hold and forwarding service.
If you are sure of coming back, you can leave your accounts here. You should be able to keep an eye on them online.
Don't close CC unless there's killer annual fees on them. That would kill your score. HSA rolls over, don't worry about it, you're not gonna lose anything there. Same with 401k.
Keep credit cards open so you can maintain a high credit score when you come back. You can close bank accounts because those are easy to reopen.
Keep the CC open
Hard luck! Out of curiosity, was this a first time H-1B application or extension?
First time application
Keep the 401k, talk to tax consultant from us and your home country. For India youbhave 18m to decide to get money out of 401k or not (no taxes in India). Keep minimum of cc, keep one saving/checking account
I kept all my accounts and when I moved back all I have to do is start using it. With HSA and 401k if you withdraw then thereās early withdrawal penalties unless you do the rollover.
HSA is 20% and 401k is 10% penalty, then you also pay the taxes on them. It's almost never a good idea
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Your H1 got denied? What was the denial reason?
We haven't got the official denial from USCIS yet, but it would mostly be Speciality Education. I'm a BA, but quite technical.
What does that mean? Like the fact that you are a Business Analyst is not specialized enough?