| HORRID. Bad idea. Don't do it. You'll have to take the retirement funds as a cash distribution, so there will be a 10% penalty, plus the funds will be included in your income & be taxed. Then, when you put the remainder into a foreign retirement account, you'll have to file Form 3520 Income & Distributions from Foreign Trusts EVERY year. You'll have to pay taxes on the income in the retirement plan every year.
If you want to take out the money, roll it over directly into an IRA in the US.
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This post does not constitute legal advice, nor does it create an attorney-client relationship. Postings are based only on the information provided and you should consult an attorney in your area before relying on information contained in this post.
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07-09-2003, 12:43 PM
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