Gregory Hughes
Joined: 12/20/2023
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RE: US 401K Withdrawals and tax treatment
Thank you, that's exactly what I needed to know -
RE: US 401K Withdrawals and tax treatment
Apologies my intention is not to ask for tax advice, I just want to understand the law, let me recast my enquiry as follows: - Does the UK-US Tax Treaty allow me to not pay the US 30% levy on my 401K withdrawal, and only pay UK tax on this income? - If so what tax forms do I need to complete in US and UK to enable this Thanks
Name removed . -
US 401K Withdrawals and tax treatment
Hello I am resident and employed in the UK and am 61 years old. I have a US 401K account from previous employment in the US. What is the most tax efficient way of receiving income from this 401K in the UK? I understand that the US will levy a 30% penalty tax if i withdraw the 401K into my US bank account, then I have the expense of the exchange to GBP. Does the UK-US Tax Treaty reduce this US penalty tax? Thanks Greg