I am British, but once taught in the USA and built up 2 x 403 plans whilst working as a teacher. There's a worthwhile amount just sitting in funds that I could use now that I'm back in the UK... so can I somehow access this? If so, how? Any advice appreciated as I have no idea who to speak to... thanks.
2007-10-23 23:46:12 · 2 answers · asked by deanelliott01 1 in Business & Finance ➔ Personal Finance
You can close them, but you are going to owe taxes on it, even if you don't live here anymore. A 403(b) plan is almost exactly like the 401(k) plan. The money is set aside without federal withholding and designed to be there when you are older.
If you are younger than 59 1/2, you will pay an immediate 10% penalty and the federal withholding will be a minimum of 20%. This will then count as US based income for you in the year that you liquidate this fund.
It isn't going to be easy and there are going to be tax issues, so I would get some professional help to make sure it's done right and doesn't get you in trouble!
good luck!
2007-10-24 02:48:10 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
Yes, absolutely, call the firm the 403's are held with and ask them about closing them or transferring them to an account you have now.
2007-10-24 00:09:49 · answer #2 · answered by magy 6 · 0⤊ 0⤋