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401k withdrawal after age 49 1/2 and taxation in USA if living in Ireland

Rowantree1 · 2024-03-07 10:25:20

I want to begin drawdown of my 401K in small amounts to assist in paying off my mortgage here in Ireland. I file tax returns in USA every year and pay zero tax in USA as I pay my income tax in Ireland and exempt my Irish income on USA tax returns as tax is already paid in one jurisdiction. I will be retiring in a few years…

07-03-2024 10:25am

#1

Rowantree1

Registered Users, Registered Users 2 Posts: 6 ✭

Join Date: December 2016

Posts: 2

I want to begin drawdown of my 401K in small amounts to assist in paying off my mortgage here in Ireland.
I file tax returns in USA every year and pay zero tax in USA as I pay my income tax in Ireland and exempt my Irish income on USA tax returns as tax is already paid in one jurisdiction. I will be retiring in a few years time in Ireland. I have no other income in the USA.
I note that Married Filing joint that we can have $22,000 income in USA before I am liable for taxation so I think I will withdraw about $21,000 per year while I am earing in Ireland and still getting earned income exemption in USA.
Am I right about this?

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