Simple IRA and Stocks status

[tjatkar]

Hello,

I am on an H1-B and am moving to India for good. I have invested in US Stocks and simple IRA. Do I need to cash out or can I keep the stocks for a certain period of time?

The simple IRA funds are also invested in stocks and in case of cashing out, I will have to pay heavy penalties.

I intend to return to the US after 2 years for further studies, and would like to keep some funds here for future use. Please let me know.

Thanks,

Tarang

 

[nkm-oct23]

You can keep your US investments in stocks and IRA for as long as you want.

 

[tjatkar]

Thanks for the reply. One additional question. In the event of me retaining the stocks/IRA, do I need to file taxes in the US every year even if I am in India?

 

[littleadv]

Not if you're not citizen/green card holder/resident for tax purposes, but you do need to submit W8BEN to the bank/broker where the account is being held.

 

[MichelHerbert]

The first thing you have to learn to do is control the risk involved when you try to make money with penny stocks.