Comments on: What happens if you cash your 401K and run away forever? http://www.secretfinance.com/blog/what-happens-if-you-cash-your-401k-and-run-away-forever/ Thu, 17 May 2012 21:36:08 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Judy http://www.secretfinance.com/blog/what-happens-if-you-cash-your-401k-and-run-away-forever/comment-page-1/#comment-1191 Judy Fri, 20 Feb 2009 06:22:13 +0000 http://www.secretfinance.com/blog/what-happens-if-you-cash-your-401k-and-run-away-forever/#comment-1191 Probably not much, but if you ever did want to come back, you'd owe a ton of interest and penalties in addition to the original tax amount. Some countries do have treaties that would allow the IRS to track you down there, but it wouldn't be very likely to happen. Probably not much, but if you ever did want to come back, you’d owe a ton of interest and penalties in addition to the original tax amount.

Some countries do have treaties that would allow the IRS to track you down there, but it wouldn’t be very likely to happen.

]]> By: STEVEN F http://www.secretfinance.com/blog/what-happens-if-you-cash-your-401k-and-run-away-forever/comment-page-1/#comment-1190 STEVEN F Thu, 19 Feb 2009 03:39:56 +0000 http://www.secretfinance.com/blog/what-happens-if-you-cash-your-401k-and-run-away-forever/#comment-1190 You can't. 20% of the balance will be withheld unless you ask to have MORE withheld. That won't cover all of your taxes. The IRS may decide to chase you down if you owe enough. Also note, unless you FORMALLY renounce US citizenship, your WORLDWIDE income is still subject to US tax law. You can’t. 20% of the balance will be withheld unless you ask to have MORE withheld. That won’t cover all of your taxes. The IRS may decide to chase you down if you owe enough. Also note, unless you FORMALLY renounce US citizenship, your WORLDWIDE income is still subject to US tax law.

]]> By: Crystal http://www.secretfinance.com/blog/what-happens-if-you-cash-your-401k-and-run-away-forever/comment-page-1/#comment-1189 Crystal Wed, 18 Feb 2009 17:17:03 +0000 http://www.secretfinance.com/blog/what-happens-if-you-cash-your-401k-and-run-away-forever/#comment-1189 They'll get the tax when you cash it out. So you can run, but you can't hide! They’ll get the tax when you cash it out. So you can run, but you can’t hide!

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