returning home

[par1]

reference to my close friend, he and his family considering to returning home country for good. Few associated questions,

(1) Since, its very short time how does he can sale his vehicle quickly?
( The loan has already been paid off.Already checked with dealer but in a
stage to loose 5K)

(2) Can anyone else should sale in behalf of him? What kind of procedure
need to do for that?

(3) How to file tax return for the current year? do need to notify IRS for that?

(4) What to do with 401K & Social security tax?

Thank you in advance,

[txh1b]

1 & 2. He can sign the title and transfer/sale papers from DMV and hand it over to a friend. They can sell it on his behalf. Also, a notarized letter giving you the power of attorney to sell the car and sign on his behalf would be useful.

3. No need to notify IRS. He can notify his company to change his address and send his W2 to a future address, He can file taxes from anywhere.

4. 401k can remain in the account and he can plan on withdrawing below the annual standard deduction+personal exemption amount and pay the basic 10% penaly or leave it as it is in the account to withdarw after retirement. SS tax can be considered gone if he has not resided in the US for 10 years.

[npatwardhan]

hi,
is there a list of items you need to take care of before returning to India for good?
any help appreciated.

[txh1b]

Depends on individual basis and what all you have to take care of. There is no one size fits all unless you trust someone to give full general POA. In that case, this person could do anything listed on the POA on your behalf.

[npatwardhan]

ok thanks. how about income tax returns? if i leave before april can i file the returns from india?

[txh1b]

Income taxes can be filed from anywhere.