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401k sent to foreign country

By Terry Savage on February 21, 2021 | Financial Planning / Retirement

My dad lives out of the country now am I able to collect his 401k for him?

Terry Says

At age 72, he will be required to take RMDs. He can open a checking account in the US and have the money directly deposited there. But the deposit account must be his. He could also open the account in joint name with you. But if he wants to have the money sent to him in a foreign country, he will have to deal with the bank — and of course the currency fluctuations could impact the money he receives. And no matter where he lives, he needs to file a U.S. tax return if his income is over about $14,000. Check out this website: www.taxesforexpats.com.

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