Welcoming 2009!

Exactly two years before Dec 31 2006, I was worried if I will be able to move to India and uncertainty around it. I am happy man now that not only I moved but settled down happily. Its been almost 9 months that I am back to my country and to me it's a quickest year of my life. I still have lot of memories of last year, so fresh, that it seems all that happened just recently. I am very optimistic about the coming year and I welcome it graciously.

BTW, I will be discontinuing this blog and all my updates will be at http://thoughtlessbrain.blogspot.com/

Cheers 2009!

aarz hain...

Har doobtha suraj kehta hain....
Kal ka savera kahi aur hain.....
Har roz ek nayi khoj hain.....
Is baar mere Des mein hain....

Thoughts for future R2Iiers

Lately as my departure date is nearing, I been thinking what could have been done better, what issues did I see? As I find them, I will add here, but as of now, I have couple of them.

1) Once you start thinking about R2I and have some kind of visibility on your date (say 2 years), you start seeing it as your glass ceiling. You cannot think beyond it for long time and you cannot schedule anything that runs after that period (unless India compatible). This will start crippling you, esp you cannot take up any new challenges like - doing MBA, moving jobs, starting your company etc

2) Make a bigger buck out of your move. Since I am moving for family, I felt that I could have moved with some professional reasons too. The question "Why am I moving to India?" will always be there, and if you can answer as much as possible, it makes the move easier and exciting.

3) What can you do for mother India? With all the knowledge, experiences, money and learnings that you have gained in foreign soil, India can get lot of your help. I joined Asha, but regret of joining it very late as I could have done lot more by joining early.

401K

Among all the things that I am closing, I thought 401K will be taking most of the time, but it may not be the case.

I am not able to close it yet, because I am still employed, but these are the following steps.

1) Add a bank account link to your 401K. This takes 2-3 weeks, so just plan it in advance.
2) Once you quit your job (and after the company updates its status) the funds will be available for withdrawal. You can withdraw online, no need to call.
3) Since you have a bank account linked, you can transfer the money to bank account directly, no need to worry about cheque.
4) You will be getting the money after tax deductions. No 10% cut will happen when you withdraw.
5) When you file the taxes, the 10% cut will be added. I am assuming, I will be getting a 1099 form for this in 2009 (I have to give a postal address to receive it though)
6) Use Form 5329 (PDF), Additional Taxes on Other Qualified Plans (including IRA's), and Other Tax-Favored Accounts, to report the penalty. [From : http://www.irs.gov/faqs/faq-kw7.html]
7) How much you will get? This link describes a lot http://www.r2iclub.com/rrk/gen/r2i_401k_plan.htm

• Ex: If this NRA withdraws $5K in USA, he will pay penalty of 10% ($500), get exemption of $3K and will pay 10% tax on for $2K as $200. So, in total pay out is $700 in USA. If this is done during RNOR period in India, he will not pay any tax to GoI.
• Recommends complete withdrawal in 2 years of RNOR period, and pay no tax to GoI. It is really unfortunate that the RNOR period has been reduced from 9 years to 2 years

2 months..

Will it be Vizag or will it be Chennai? Can it be Hyderabad!? Economy being down, how will it affect me? What else do I need to do in next 2 months? Work is busy, will I get time to get everything done?

So many questions! and answers take lots of time. But all will be decided in next 60 days and their after..

I have asked all my friends to visit me in next 2 months, lots to plan, lots to buy and time is just flying..tick tok tick tok...

I think am on track on my R2I, but feel that something is missing...

Lost in Contemplation

Why?
Job.

What about it?
Should I land in India with job?

Yes. Why not?
I am not able to find one yet. Not sure I will be getting by applying from here.

Why not make a trip?
Do I need to? A trip to India is expensive, time consuming and no guarantee that I will end up in job in 3 weeks and what if my views change?

Isn't it risky?
Yes, it is. Its immense pressure to go to India without having job in hand.

Then?
I am taking a step, hoping to work out, little optimistic....

What's holding you then?
Fear?! Not sure..may be. Just trying to make sure its not a big mistake..