The Tax Questions Blog

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Question: I want to relocate to country of my birth. Can I still continue to maintain my 401K account here?

I am a US citizen. If I want to take a withdrawl of my 401k, when is the best time to do it? Is it the year when I leave US when my taxable income is quite less?

Also, what does it mean for the social security check when I reach retirement age?

Answer: yes but be aware that withholding may be higher when you finally do take a distribution and the age limitations (10% penalty!) still exist.

Social Security is not impacted by location at retirement age...though benefit would be less if you weren't working entire time until age 65 as they look at average compensation.

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Market Shakes Head Over Muni-Killer Bill

WASHINGTON — Municipal market participants are still weighing the implications of a bill that would eliminate tax-exempt bonds and shift the muni market wholesale to a tax-credit subsidy, with many warning it would hurt state and local governments still recovering from the recession.

Is Social Security Considered an Income When Filing Your Taxes?"

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