Getting international retirement back to the USA
Does anyone know how to get an international retirement plan into the USA? I’m a US citiaen and have just finished up work in Australia. I’d like to get my retirement monies into the USA (IRA) or something. The current Int plan is in Euros and in Europe not Australia.
So far, Fidelity says thay cannot add it to my current 401(k) in the US and they cannot put it into an IRA for me.. Can anyone do this? Fidelity cannot for some reason.
Any information will be appreciated,
thanks
Gregg
Permalink Submitted by Alan Spross on Sun, 2009-11-08 01:41
No IRA custodian can accept a rollover. Foreign retirement plan assets cannot be rolled into domestic retirement plans of any type. Beyond that, you should determine when you must take distributions from the plan and attempt to manage the amount of taxable income you will have in any one year. You may need to consult with someone with international tax experience, but you should collect all the information available on the plan that you can so that the best plan can be developed.
Permalink Submitted by Anonymous (not verified) on Sun, 2009-11-08 02:36
I agree with alan and have seen many try this before. Think about it this way: Who is going to issue the offsetting 1099-R during the rollover? The IRA custodian will surely issue you a 5498. And then the IRS will ask questions a few years later.
What you might want to do is ask the Plan Admin, if this plan qualifies under IRC 401(a). I would guess no.
Oddly enough I saw a website once showing different US custodians that will accept certian plans from the UK and Canada. I can’t remember that site, sorry.
I forgot what was possible in that procedure…..
pmk