Archived Moving country, how do I close my 401K?

[MisterLogistics]

In a few months I will be moving from America to another country, for good, and leaving Target FOREVER. How do I close my 401K? Can I do it online and get the payment to my bank account or do I have to talk to a HRTM at my store, or my ETL-HR?

 

[tgtfla]

pretty sure you have to do it online,you can get a check or have it deposited to your account,there are tax implications but if you are leaving the country.maybe not.Good luck.

 

[Hardlinesmaster]

I would talk to hrtm's & get the paperwork without delay to avoid counting it as income. The tax man will get w/33 % tax on it.

 

[commiecorvus]

Your 401k is still good in other countries so unless you need it to move you might want to wait until you start work where you're going and find out what you can do about transferring it there.
That way you avoid the big chunk taken out for the tax man.

 

[StateofTarget]

Your 401k is still good in other countries so unless you need it to move you might want to wait until you start work where you're going and find out what you can do about transferring it there.
That way you avoid the big chunk taken out for the tax man.

A 401K is called a "401K" because it refers to section 401-K of the US tax code. It is definitely *not* good in a foreign country. It is a specific tax advantaged savings account good for US citizens working in the United States (or for a US based company abroad) created by congress.

Foreign countries (if they are heavily union like Germany, UK, France, etc) will usually have pensions. Other nations - such as Chad and Nigeria - won't have a damn thing. But 401K is unique to the USA.

 

[commiecorvus]

Sorry what I was trying say (and doing a piss poor job of it) is that there are other ways of transferring that money that wont make you pay taxes.
A Roth IRA will work in another country for example.

 

[Hardlinesmaster]

Benefits center for 401k is 800-828-5840 or targetpayandbenefits.com, can help you closed your 401k accts too.

 

[MisterLogistics]

Thanks for the help, everyone.

I'm moving back to a European country, where I'm originally from. Minimum wage is close to $12 an hour, women get six months paid maternity leave, not like the crappy six weeks you get in America, and pretty much all medical expenses will be free.

 

[Hardlinesmaster]

Good luck! If it's Germany, drink a few beers for me!

 

[redeye58]

We'll miss you when you go, MrL. Keep in touch.

 

[commiecorvus]

Thanks for the help, everyone.

I'm moving back to a European country, where I'm originally from. Minimum wage is close to $12 an hour, women get six months paid maternity leave, not like the crappy six weeks you get in America, and pretty much all medical expenses will be free.

And some of the presidential candidates were saying how terrible it is that we're starting to be like Europe?\
I don't think it can happen soon enough.