Lay off
Hello, I am being laid off from the US office. Just want to know what all things need to wrap up before moving to my home country. If anybody can provide guidance then it will be extremely helpful. 1) I have invested into stock market through Fidelity {401(k), Roth IRA, brokerage account, company stock account, ESPP account - though yet to receive stocks in it}, hence will I be able to access my account just to see my balance after leaving this company since, I know that investment won't be possible?. Does it make sense to keep the amount in that account or just sell everything, and take the cash? 2) I have filed 2020 ITR, however, yet to receive the refund. So, how can I still get it if in case it is unapproved at a later point?. Can I file it through my home country?. 3) Regarding HSA account - how can one withdraw money from that account? 4) My H1B has been picked up this year which will start on 1st Oct. After being laid off, do I still have any option/holding on this visa? P.S:- Don't ask for the reason, and TC please. Thanks very much in advance
1) Keep for now unless you need the money immediately 2) I'd ask a tax specialist but intuitively i dont see why not. you worked and lived in the US in 2020. 3) You can withdraw and take a tax penalty. You should also still be able to use it for medical expenses overseas. 4) no clue
For HSA $$$, file claims for all eligible medical expenses ASAP. The balance will stay in the US and you can not cash out. You can invest the balance in stocks or mutual funds and let it grow over time. You may come back in the future and claim it if regulations change. Never say never. for ESPP , cash out and run 😀 Good luck!
Sorry to hear that. About 4, my roommate’s friend got laid-off after his H1B got picked up in lottery (2016). He found a new job within a few weeks. He was able to get through H1B with this new company after filing some amendments. So it’s doable. Don’t loose hope just yet. All the best.
4 . Talk to an lawyer about H1 B. 3. Talk to your HR department. I don’t think you can with draw money but you should talk to them. 1. Don’t withdraw anything this year from brokerage accounts. I would say leave them alone for couple of years. Who knows you might come back to US. Sorry for the zig zag
Good luck and prayers for OP! 🙏 Hope you get multiple interviews lined up!
This too shall pass. Take care.