Old 401K account. What to do?

mapoitras · Post by **mapoitras** » Thu Jun 14, 2012 12:13 pm

I have an old 401K with only about $15000 from when I worked there more than 10 years ago. I am wondering if its possible to transfer this to my RRSP here in Canada? If not, can I convert it to a IRA account? I was wondering what are the tax implications if I convert it to a roth IRA. I suspect that I would have I would have to declare the $15000 on my Canadian income tax, correct?

Last question, Anything I can do with the US social security I contributed for a couple of years?

thanks

nelsona · Post by **nelsona** » Thu Jun 14, 2012 1:24 pm

From a US tax point of view, you will be subject to 20% tax on the withrdawal, regardless of what you do: put it in Roth, take it in cash or roll it all into RRSP.

You can't really convert it into roth from Cdn point of view as it will be all taxable now, and all taxable in future, it will be like taking cash.

You will get some minuiscule SS when you reach 67, by applying for it that that time based on the act that you also worked in canada for 8 years.