> I have a 401k from a previous job in the USA that is being shut down.
Depending on what you exactly mean by "shut down," it's conceivable the 401k will simply be rolled into a new 401k. Or a Traditional/Rollover IRA at the same custodian.
Have you clarified what would happen if you took no action?
I'm not 100% clear what's happening either. This is actually for my girlfriend and she's not very financially savvy and is having a hard time getting answers from the account owners.
I thought this would be a good opportunity to just move it into an IRA with a larger firm, but that is proving challenging...
What you're realizing is that while there's no laws against it, financial institutions in the US pretty much lack a desire to take on the risk of dealing with international customers.
I feel like if the USA is going to continue taxing citizens who no longer work or live there, then they should have a duty to provide access to these kinds of services. What happened to "no taxation without representation"? Didn't you guys literally fight a war over that?
Ha ha! I know. I'm just venting. We've spent far too much time and energy dealing with the IRS' tax and reporting requirements than I think is reasonable considering nobody in our household has lived in the USA for years. Most countries don't make their citizens abroad jump through all those hoops.
BouncyEgg t1_iy9jdix wrote
> I have a 401k from a previous job in the USA that is being shut down.
Depending on what you exactly mean by "shut down," it's conceivable the 401k will simply be rolled into a new 401k. Or a Traditional/Rollover IRA at the same custodian.
Have you clarified what would happen if you took no action?