Blocked from rolling over a 401k to an IRA
I need to rollover my 401k from a former employer to an IRA so I can start to take distributions. I am an American but now my tax residence is in Denmark. I can not find any IRA that accepts Americans living in Denmark. I understand that is the brokerages themselves who are deciding not to allow this, not the IRS. So at this point, I can’t access my retirement money.
If I use a US address when opening an IRA, will the IRS care or come after me as long as I file and pay taxes? What would/could happen if the brokerage finds out that my tax home is actually overseas?
Are there services that can do the legwork of finding an IRA that would accepts my application?.
Permalink Submitted by Alan - IRA critic on Sat, 2021-11-06 23:35
Can you take distributions directly from the 401k, and if so does the plan provide flexible partial distributions?
Permalink Submitted by Alex DeLarge on Sun, 2021-11-07 11:25
No. I left the company 20 years ago. The only thing I can do is a full 100% distribution, but that is a non starter if I can’t roll it over within 60 days.