i864 Help Please everyone help me

[adillabbas 0]

We are getting married next week in pakistan and when my wife goes back to usa we plan to file for CR1. She has recently made enough for the 125% but just recently her job cut back her funds. Now we will lack between 2k and 6k to make the 125% on our own. there are no other ppl we can ask to co sponsor at this time due to their lack of funds or they already have other i 864 is process for other family members.

She has 2k in savings and has assets only with a 401k worth 65-68k.

She has 3 girls and herself to support so on the i 864 she will be supporting a total of 5 with me included. She needs to make above 32k but as i mentioned she lacks now between 2-6k.

Will her 401k work to be able to plead our case easily? As soon as i come I plan to work which is why we wanted the CR1. She also has child support she will use but it is already included in our budgeting....

anyone that can tell us how or what is best please tell us...it's urgent...i need to be with her asap

[Bobby+Umit 161]

We are getting married next week in pakistan and when my wife goes back to usa we plan to file for CR1. She has recently made enough for the 125% but just recently her job cut back her funds. Now we will lack between 2k and 6k to make the 125% on our own. there are no other ppl we can ask to co sponsor at this time due to their lack of funds or they already have other i 864 is process for other family members.

She has 2k in savings and has assets only with a 401k worth 65-68k.

They will only use assets that can be easily converted to cash - the 401K will not fall under that, indeed, most plans will not allow you to withdraw unless it's a life/death situation, or you take major losses, which would preclude making it "easy".

She has 3 girls and herself to support so on the i 864 she will be supporting a total of 5 with me included. She needs to make above 32k but as i mentioned she lacks now between 2-6k.

Rule for assets, they have to equal 3x (spouse) the amount needed. (so if your going by the 6k number, she would need 18K in assets)

Will her 401k work to be able to plead our case easily? As soon as i come I plan to work which is why we wanted the CR1. She also has child support she will use but it is already included in our budgeting....

You can always try - but I haven't seen it used before.

anyone that can tell us how or what is best please tell us...it's urgent...i need to be with her asap

Cosponsor would be the easiest.

[Darnell 8,478]

assets on a 401K, retirement fund, can be used - but

must take the 'evaluation' at a lesser amount -

so ask yer wife to dig out her portfolio documents

then

find out the 'cash out penalty' percentage - run the math, then

with the new computation, subtract the tax (could be as high as 35 percent)

then the answer

is

the amount that can be put in as a cash asset.

alternatively -

hey !

she will have about 6 to 8 months, after filing, before the I-864 is even asked for - can she do something else to either make more w-2 income or increase her cash assets? Also, you mentioned some dollar amount - and since the I-864 won't be submitted THIS YEAR, you really need to evaluate TY2010 w-2 income, at the end of the year, even if it's a projection - what's THAT number look like?

Good Luck !

Edited September 24, 2010 by Darnell

[LotofPatience 65]

Yes, 401(k) amount's cash value of early withdrawal is:

Early withdrawal penalty - 10%

Withholding Tax - 20% (This is just withholding, not the actual tax)

So, you ultimately will get 70% of the distribution.

I withdrew my 401(k) long time back when I changed the employer. Other hardship withdrawals based on your plan is "extreme financial need".

Prepare a statement from your 401(k) plan based on the above.

Loto

[adillabbas 0]

thanks for your reply .. i wana ask you one more question is that okay if we apply for k3 fiance visa which poverty guideline is 100% which mean 25000 and i shes makin 26000 n we can show our 401 k aswell is that okay or should we go and do the cr1 what you think is the best widout sponsor because we do not have any one to find ..and we are applying our case in dis year in 20th october 2010 so what you think is the best rather than taking a risk?? please guide us...we will be very thankful for your guide ???((

[Darnell 8,478]

is no such thing as a 'k3 fiance visa'

if you study any immigration visas at all, you should see that regardless of type

--unless the petitioner is in the MILITARY

then

poverty level guidelines are pegged at 125 percent.

Perhaps you want to review this? http://www.visajourney.com/content/compare

Edited September 24, 2010 by Darnell

[tenshiswife 1]

so did u put in 401k in it? i am too short of 2k and we have no savings since my husband lost all his investment during 2008 economy crisis. we also cant get co sponsor too. i really dunno what to do! to make things worst, just because we have to save up for this application, we did not file 2009 tax income. anyone can give me any advise how to move on from this point onwards! we are in a big mess

[LotofPatience 65]

so did u put in 401k in it? i am too short of 2k and we have no savings since my husband lost all his investment during 2008 economy crisis. we also cant get co sponsor too. i really dunno what to do! to make things worst, just because we have to save up for this application, we did not file 2009 tax income. anyone can give me any advise how to move on from this point onwards! we are in a big mess

If you have not filed the taxes, you will have to explain it in a letter why you didn't do.

IMO, 401(k) has cash value and considered as asset. So, it must be fine.

But, I would pull the people in this thread, who have done this in the past without any issues.

Loto

[EAbbas 213]

well my job may be changing but I can include information as to why it changed but we will use the 401k as well as a co sponsor...We are just now getting ready to send the i 130 off we have all the info ready to go so wish us luck!! Good luck to all of u!!