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***help 401k India vellipote?


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India ki return velle plan undi... 401k lo too much money kadu but India vellaka edaina useful money ne kadaa...

Udaaharana ki 2019 lo nenu assalu US ki pani cheyyakunda (India lo edo job chesukuntoo), 2019 lo 401k withdraw chesukunte nenu emaina penalty lu, tax lu kattala? 

meeku point artham ayindanukuntunna, manaki takkuva taxlu or penalty latho money kavali.. tondaramledu, meeru suggest chesthe inko 2 years aagi teesukunta but 65 years vachedaka aagalenu.

Dayachesi information teliste cheyyandi

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5 minutes ago, Simple123 said:

Yes, you can withdraw funds in 2019. 

But you need to pay taxes .. 

For example if you have $100,000 in your 401k. 

First you need to pay penalty 10% to withdraw before 65.   So you left with $90,000.

Your tax year 2018 tax rate

Tax: $11,679.00

Tax as % of Income: 12.98%

Tax Bracket: 22%

 

So you left with  $78,321 in hand. 

 

 

 

 

TS inka usa ki raaadu n working in india...so tax ela calc avthundhii

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1 minute ago, Kalam_Youtheman said:

TS inka usa ki raaadu n working in india...so tax ela calc avthundhii

He has to pay tax returns either in india or USA.

US and India have tax-treaty sharing agreement. 

So you need pay taxes for that amount either in india or USA. 

You cannot escapes taxes dude. 

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9 minutes ago, Simple123 said:

Yes, you can withdraw funds in 2019. 

But you need to pay taxes .. 

For example if you have $100,000 in your 401k. 

First you need to pay penalty 10% to withdraw before 65.   So you left with $90,000.

Your tax year 2018 tax rate

Tax: $11,679.00

Tax as % of Income: 12.98%

Tax Bracket: 22%

 

So you left with  $78,321 in hand. 

 

 

 

 

Thanks bro.. but total only 15k ne undi.. so very less income in 2019 kabatii no taxes?

and 10% must kattala? any other alternatives?

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4 minutes ago, InSearch said:

Thanks bro.. but total only 15k ne undi.. so very less income in 2019 kabatii no taxes?

 and 10% must kattala? any other alternatives?

For  $15,000 in account :

10% penalty :  1500, so you left with $13,500. 

10% tax bracket :  $1350 .. You left with $12,000 in hand if you don't have any other income in INDIA.

Sorry you can escape 10% tax bracket if you are married and your total income is less than X amount. 

 

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1 minute ago, Simple123 said:

For  $15,000 in account :

10% penalty :  1500, so you left with $13,500. 

10% tax bracket :  $1350 .. You left with $12,000 in hand if you don't have any other income in INDIA

 

 

4 minutes ago, InSearch said:

Thanks bro.. but total only 15k ne undi.. so very less income in 2019 kabatii no taxes?

and 10% must kattala? any other alternatives?

Take Loan on the 401K , So it would be easy for you!! 

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2 minutes ago, whatsapp said:

 

Take Loan on the 401K , So it would be easy for you!! 

You can take loan only up to 50% of your total amount or $50,000 max which ever is less. 

you cannot take 100% loan. 

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10 minutes ago, Simple123 said:

He has to pay tax returns either in india or USA.

US and India have tax-treaty sharing agreement. 

So you need pay taxes for that amount either in india or USA. 

You cannot escapes taxes dude. 

gotcha

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Just now, Simple123 said:

You can take loan only up to 50% of your total amount or $50,000 max which ever is less. 

you cannot take 100% loan. 

Idhoti edichindha

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