Nice trick to get full 401k amount

[vithanda_vadhi]

10 hours ago, krishnaaa said:

No need. 

You can take out legally by using RNOR status and being below taxable limit for capital gains.

You can happily go back to US if needed.

I think OP is referring to avoiding 10% early distribution penalty. Does RNOR status help with avoiding penalty and US taxes?

[HugoStrange]

10 hours ago, Konebhar6 said:

They can wait for a year and withdraw around $30k (not sure on exact amount) and pay no taxes. Inta risk enduku unless money needed urgent. Rest can be withdrawn a year after that.

u still have to do 10% penalty for withdrawing before 59 and half

[quest]

11 hours ago, Konebhar6 said:

They can wait for a year and withdraw around $30k (not sure on exact amount) and pay no taxes. Inta risk enduku unless money needed urgent. Rest can be withdrawn a year after that.

yes, I moved to India recently and this is my plan. we have to pay 10% penalty though... and withdraw to the limit where the tax brackets allow you to not pay anything.. 25-30k.

that was the plan but market mingatam tho aaa plan postpone chesina for now. 

pillalu future lo chaduvukunte USD panikostaay kadaa ani left that money untouched. good part is my company will manage that funds even if I am not employed. I don't need to move to ROTH

[Mr Mirchi]

13 hours ago, AFC said:

Thanks for information, just now booked tickets to India but no money on 401K anna what to do now ? 

Flight date dhaaka anna 401k lo pettu… entho kontha vasthavi…. Tax kattakunda vellochu … vache aaa few cents or couple of dollars ki

[nag]

37 minutes ago, quest said:

yes, I moved to India recently and this is my plan. we have to pay 10% penalty though... and withdraw to the limit where the tax brackets allow you to not pay anything.. 25-30k.

that was the plan but market mingatam tho aaa plan postpone chesina for now. 

pillalu future lo chaduvukunte USD panikostaay kadaa ani left that money untouched. good part is my company will manage that funds even if I am not employed. I don't need to move to ROTH

This is the best idea.. to withdraw 30K approx so that you don't fall under tax bracket. Also, you will not screw up your SSN benefits if you acquired 10 yrs credits

[Kalam_Youtheman]

45 minutes ago, nag said:

This is the best idea.. to withdraw 30K approx so that you don't fall under tax bracket. Also, you will not screw up your SSN benefits if you acquired 10 yrs credits

 

45 minutes ago, nag said:

This is the best idea.. to withdraw 30K approx so that you don't fall under tax bracket. Also, you will not screw up your SSN benefits if you acquired 10 yrs credits

Monna oka dosth tho matlaaduthunnappudu he said he did 4 jobs as Tableau dev and made good money all FT's.. so SSN bhaaaga paid annadu.. he is thinking he reached all the credits by now itself.. naaak Arkham kale em annodo cox mall adughuthe ememo chepthaadu ani... so what is this credit thing bro... man frnd cheppindhi nee kamaina ardhanmayyindhaa

[AFC]

1 hour ago, Mr Mirchi said:

Flight date dhaaka anna 401k lo pettu… entho kontha vasthavi…. Tax kattakunda vellochu … vache aaa few cents or couple of dollars ki

Flight date on Jan 1 2024 anna 

[nag]

52 minutes ago, Kalam_Youtheman said:

 

Monna oka dosth tho matlaaduthunnappudu he said he did 4 jobs as Tableau dev and made good money all FT's.. so SSN bhaaaga paid annadu.. he is thinking he reached all the credits by now itself.. naaak Arkham kale em annodo cox mall adughuthe ememo chepthaadu ani... so what is this credit thing bro... man frnd cheppindhi nee kamaina ardhanmayyindhaa

neeku salary run ayi SSN contribution aithey, every quarter ki oka point vastadhi..so 40 quarters that is approx 10 yrs. You gained enough credits so that you can get Social security benefits after retirement

[quest]

56 minutes ago, papampasivadu said:

Market baane undhi kadha bhayya...last yr baga perform chesindhi and ee yr kuda upward trend ee nadusthundi prasthutaniki

ante planned ga 2023 Jan lo resign chesaa to keep my income very low.. aa time lo market baalekunnindi.. loss lo withdraw cheyyatam yenduku ani vadilesaa. inko matter yendante naa 401k lo maree too much money yem levu. 

[Konebhar6]

3 hours ago, HugoStrange said:

u still have to do 10% penalty for withdrawing before 59 and half

Yes. 

[Konebhar6]

1 hour ago, Kalam_Youtheman said:

 

Monna oka dosth tho matlaaduthunnappudu he said he did 4 jobs as Tableau dev and made good money all FT's.. so SSN bhaaaga paid annadu.. he is thinking he reached all the credits by now itself.. naaak Arkham kale em annodo cox mall adughuthe ememo chepthaadu ani... so what is this credit thing bro... man frnd cheppindhi nee kamaina ardhanmayyindhaa

Register yourself in social security site and see how many credits you have. Once you get 40 credits you get pension when you retire depending on how much you contributed to social security tax. 

[former]

2 hours ago, quest said:

yes, I moved to India recently and this is my plan. we have to pay 10% penalty though... and withdraw to the limit where the tax brackets allow you to not pay anything.. 25-30k.

that was the plan but market mingatam tho aaa plan postpone chesina for now. 

pillalu future lo chaduvukunte USD panikostaay kadaa ani left that money untouched. good part is my company will manage that funds even if I am not employed. I don't need to move to ROTH

Just make sure check the tax law in US. While withdrawing if you not resident not citizen, some times you need pay falt 25 to 30% ani vinna.

[Pahelwan2]

16 hours ago, pakeer_saab said:

Tax filing to taxes kattali anniya

Tax file cheyakunda 10geyali ani aa nee idea, US India has a DTAA. US can approach Indian authorities for tax evasion.

you have to pay taxes in either India

401K is for retirement ra ulfa gallara, fingering this money at this stage will make you a beggar during retirement.

 

Eppudu potamo teliyadu danikosam save cheyadam entra jaffa

[Pahelwan2]

32 minutes ago, nag said:

neeku salary run ayi SSN contribution aithey, every quarter ki oka point vastadhi..so 40 quarters that is approx 10 yrs. You gained enough credits so that you can get Social security benefits after retirement

Inkekkada ssn benefits funds motham nakinchesinru no guarantee about benefits. Khazana kali

[nag]

3 minutes ago, Pahelwan2 said:

Inkekkada ssn benefits funds motham nakinchesinru no guarantee about benefits. Khazana kali

future generation (never-ending mode lo) will pay for the older generation