what can I do with a USA retirement savings a/c (IRA)?

[sector_000]

I used to work in USA... had a 401K, rolled it over into an IRA (individual retirement a/c) before leaving to come to Ireland. It's great in that I can move in & out of zillions of low-cost mutual funds.

Can such an a/c be rolled into an Irish pension fund?

If not, what can I do with it when I retire??
How is it taxed? (I'm tax resident in Ireland)

Thanks in advance for any words of wisdom!

 

[colm5]

I know that a 401K can be cashed in and is taxed as income here in Ireland, as long as you have a W8-BEN form filled out for the US revenue.

Not sure about IRA, but I assume the same may apply if you can cash it in.

 

[hoser expat]

I had a very similar question.

I worked in the USA for a few years and have about $70,000 in a pension account (TIAA CREF). I was hoping to cash it in to provide a downpayment for a house in Ireland.

My assumption was that if I do cash some money in, it becomes taxable in the USA, but if I do it in small amounts I'll still be under the limit for taxes in the USA as I'll have paid far more in tax to Ireland, and I can't be double-taxed under various agreements. I understand that there is a 10% penalty for cashing in before a certain age, and the IRS will withold 30% for income tax, but I should get that 30% back when I file my US taxes for the year. Is that right?

But the poster above seems to say that it will be taxable in Ireland. Is that true?