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401k & IRA - Withdrawing US Retirement Funds

US Global Tax specialises in assisting US expats with withdrawals of their US-based pensions and retirement funds. Both US citizens and non-citizens alike frequently encounter challenges accessing their US retirement funds when they need to. Read on to learn more about the process of withdrawing IRA or 401k retirement savings from Australia, or click the button below to contact us for expert help.

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Accessing US retirement savings from overseas

Withdrawing US retirement funds while living in Australia can be a time-consuming, challenging process. Surprise tax implications can make the process even more complex.

Fortunately, the team of US tax experts at US Global Tax have spent years helping American citizens and non-citizens deal with these issues. We're here to help you access your retirement benefits and ensure that any tax liabilities arising from your retirement fund withdrawals are minimised.

These tax liabilities can vary from ensuring withdrawals are properly reported on your US tax return to obtaining a refund of withholding tax.

401k & IRA

Traditional pensions in the US, 401k plans are tax-deferred and often employer-matched retirement funds. 401k accounts come in both traditional and Roth types, which differ in how contributions to the plans are taxed. Traditional 401k plans are not taxed until they were withdrawn. With Roth 401k plans, however, contributions can be made by employees using post-tax income, to be withdrawn later tax-free.

IRAs come in many forms but are used to designate funds for retirement savings. Traditional IRAs are tax-deductible, while Roth IRAs are not, but withdrawals can be made without incurring income taxes owed to Internal Revenue Service. Each option provides distinct tax benefits.

Get the help you need with your retirement savings

If you're living in Australia, withdrawals can be a challenge, regardless of the amount of money or the type of retirement fund. We here at US Global Tax are ready and waiting to help you access your 401k and IRA retirement savings.

Contact us today

If you have further questions about withdrawing your US retirement funds, call our Australia office at +61 2 9211 7130, or fill out the form below and a member of our team will reach out to you shortly.

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