Wendy M. asked
I became a US resident in 2014 and still have a Collective Retirement Account (CRA) in the UK, similar to a 401(k). I want to close this account and access the money now, even though it's usually done at retirement age in the UK. Do I pay US income tax on the full amount I withdraw? As I am no longer a UK resident, do I pay tax there too? Also, is there a way to transfer the money from the CRA into my 401(k) in the US without paying taxes yet? If I leave the account in the UK, would I pay tax on it every year in the US or just when I make a withdrawal? What would you recommend I do with the account? Does it cost me to leave it? Do I need to declare this on FBAR or any other forms?
February 10th, 2023
John C. answered
If you close your UK Collective Retirement Account (CRA) and withdraw the money, you will be taxed w...
February 10th, 2023
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