M
mapleleaf
Guest
What is the name of your state? Ohio
Hi, I am a Canadian and had been working in the US under TN Visa for 6 years. I was recently layoff and are planning to settle back down in Canada. However, I have about $23,000 in 401K and would appreciate some advice of whether I can withdraw as a non resident as the time comes and what will be, the penalty and how should I planned it out. I curently talk to a mutual fund company retirement fund representative, and base on his comment, I will be tax 10% penalty for any amount I take out at any year + 15% flat rate tax deduction (disregarding the current fiscal/tax year income) because of arrangements between the US and Canada government, could anyone verify the acuuracy of this statement.
If so, what will be a good strategy to rollover to and strategy for withdrawal so to have a minimal impact on taxes. Thanks in advance. (There is another post similar but he is a green card holder, and I am not which might significantly affect the whole picture).
Thanks.
Hi, I am a Canadian and had been working in the US under TN Visa for 6 years. I was recently layoff and are planning to settle back down in Canada. However, I have about $23,000 in 401K and would appreciate some advice of whether I can withdraw as a non resident as the time comes and what will be, the penalty and how should I planned it out. I curently talk to a mutual fund company retirement fund representative, and base on his comment, I will be tax 10% penalty for any amount I take out at any year + 15% flat rate tax deduction (disregarding the current fiscal/tax year income) because of arrangements between the US and Canada government, could anyone verify the acuuracy of this statement.
If so, what will be a good strategy to rollover to and strategy for withdrawal so to have a minimal impact on taxes. Thanks in advance. (There is another post similar but he is a green card holder, and I am not which might significantly affect the whole picture).
Thanks.