I am a Japanese national who used to work in the US for years but no US permanent residency. Currently I live in Europe and considering moving back to Japan.
If I withdraw from my employee 401k account in the
U.S. and transfer entire balance to Japan, will I be taxed a capital gain tax @ 30% or as an income tax with in the US? Will I be exempted from paying Tax in Japan? OR, will have to pay tax (what kind/rate?) in Japan and exempted from paying tax in the US? Is there an optimum way to withdraw instead of all at once for the tax purposes? I would like to re-invest in Japan…
Any links that explain this?
I am 60 so there won’t be any early withdrawal penalty.
Edited typos.
by Dezinbo
2 comments
This is a copy of your post for archive/search purposes.
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**US 401k withdrawal in Japan and tax**
I am a Japanese national who used to work in the US for years but no US permanent residency. Currently I live in Europe and considering moving back to Japan.
If I withdraw from my employee 401k account in the
U.S. and transfer entire balance to Japan, will I be taxed a capital gain tax @ 30% or as an income tax with in the US? Will I be examples from paying Tax in Japan? OR, will have to pay tax (what kind/rate?) in Japan and exempted from paying tax in the US? Is there an optimum way to withdraw instead of all at once for the tax purposes? I would like to re-invest in Japan…
Any links that explain this?
I am 60 so there won’t be any early withdrawal penalty.
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I would also ask this question in r/JapanFinance subreddit