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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: mod who wrote (1548)12/5/1998 1:21:00 PM
From: QuietWon  Read Replies (3) of 5810
 
Change from resident to non-resident Question: suppose I cease to be a resident for US tax purposes mid-January 1999 (say the 15th).

In 1999, theoretically a return should be filed for the part year any income received by that date.

Now, after leaving I want to take all the funds out of my 401k plan. I have contributions up to the 6% limit and then some beyond that limit. Can I take out both portions?

Tax wise, regardless of which or both portions able to take out of the 401k plan, do they withhold a certain percentage for tax?? Then, upon filing a US tax return, I would claim this tax paid? My tax for the year would be at a lower rate because I would have very little income ( a few weeks to a month + the funds coming out of my 401k) so I would probably be paying tax at the lowest rate and get a refund if they withheld at a higher rate.

Does that seem right?
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