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

Status
Not open for further replies.
Joined
Jun 8, 2011
Messages
162
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?
 
Joined
Jun 17, 2011
Messages
698
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.
 
Joined
Jun 8, 2011
Messages
30,722
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

Former Signing Ninja
Staff member
Moderator
Joined
Jun 10, 2011
Messages
17,764
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.
 
Joined
Oct 14, 2011
Messages
825
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

Former Signing Ninja
Staff member
Moderator
Joined
Jun 10, 2011
Messages
17,764
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.
 
Joined
Jun 8, 2011
Messages
30,722
Benefits center for 401k is 800-828-5840 or targetpayandbenefits.com, can help you closed your 401k accts too.
 
Joined
Jun 8, 2011
Messages
162
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.
 

commiecorvus

Former Signing Ninja
Staff member
Moderator
Joined
Jun 10, 2011
Messages
17,764
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.
 
Status
Not open for further replies.
Top