I have prepped 1040 for nice young couple from South Africa since 2006. The husband was on a work visa and they had done everything to become citizens.He was a manager at a large US company who liked his good skills. They wanted to become American citizens and had followed all the rules. Their two children need to start applying for colleges soon but could not get the required SSN. They purchased a home - with mortgage in 2007.
In early Dec they came in for an appointment to see if I would handle their 2010 tax return if they mail me everything - I said of course. They can become citizens of Canada 1 year after moving into Canada (which was Dec 23, 2010)
Current question, In a phone call message left with employee - wife asks "How do we roll over his 401K. "
May they roll it into a financial institution in Canada? Would that produce a 1099R with the proper coding so they will not have to file a 2011 US return.
Will a US 401K plan be illigible for a rollover to a non US Plan??
I hope someone has some info. I am also going to phone my investment person.
Thanks
JAinNC
In early Dec they came in for an appointment to see if I would handle their 2010 tax return if they mail me everything - I said of course. They can become citizens of Canada 1 year after moving into Canada (which was Dec 23, 2010)
Current question, In a phone call message left with employee - wife asks "How do we roll over his 401K. "
May they roll it into a financial institution in Canada? Would that produce a 1099R with the proper coding so they will not have to file a 2011 US return.
Will a US 401K plan be illigible for a rollover to a non US Plan??
I hope someone has some info. I am also going to phone my investment person.
Thanks
JAinNC