I-864--Using Assets Instead of Income

[bluesgorilla 2]

I'm preparing to file my I-864. I'm currently unemployed while I attend school so will use all assets with zero income on the I-864. I have a question about which assets are acceptable. The form says that assets must be convertible to cash without "undue harm" to the sponsor or family members.

I have an IRA and other retirement accounts that are roughly 15 times the asset requirements for my family size. However, since there are penalties associated with converting these accounts to cash, I'm not sure if I can use them on the I-864.

Does anyone have any personal experience with using their retirement accounts to satisfy the asset requirements of the I-864?

[Otto 83]

If you do use them (IRA's etc) you'll need to record their liquid value - after taxes/penalties..

[Bobby+Umit 161]

You can't get a co-sponsor?

[bluesgorilla 2]

You can't get a co-sponsor?

Yes, I can get a co-sponsor, but that wasn't my question.

[GueraKristina 1]

I'm preparing to file my I-864. I'm currently unemployed while I attend school so will use all assets with zero income on the I-864. I have a question about which assets are acceptable. The form says that assets must be convertible to cash without "undue harm" to the sponsor or family members.

I have an IRA and other retirement accounts that are roughly 15 times the asset requirements for my family size. However, since there are penalties associated with converting these accounts to cash, I'm not sure if I can use them on the I-864.

Does anyone have any personal experience with using their retirement accounts to satisfy the asset requirements of the I-864?

I would record the IRA after the taxes and appropriate charges are taken if you have to use it, like karin and otto said, but i would also get a co-sponsor. just in case.

[R and F 34]

I would suggest you get yourself a co-sponsor. I too was unemployed but had a large amount of assets yet I got a co-sponsor and they did to look at my assets and instead accepted my co-sponsor.

[Bobby+Umit 161]

You can't get a co-sponsor?

Yes, I can get a co-sponsor, but that wasn't my question.

*Shrug*

Your answer was given for your question.

I gave you another answer that would solve your question in another way, without resorting to liquidating your assets and suffering penalties.

You will find, the simplest thing is usually the best thing to do.

Co-sponsor = simple

Converting assets = not so simple.

[Chica Yeyé 41]

You can't get a co-sponsor?

Yes, I can get a co-sponsor, but that wasn't my question.

Nice... v. nice. NOT. noob.

[bluesgorilla 2]

You can't get a co-sponsor?

Yes, I can get a co-sponsor, but that wasn't my question.

*Shrug*

Your answer was given for your question.

I gave you another answer that would solve your question in another way, without resorting to liquidating your assets and suffering penalties.

You will find, the simplest thing is usually the best thing to do.

Co-sponsor = simple

Converting assets = not so simple.

Thank you for the advice. I looked at a co-sponsor but for a variety of reasons, I'd rather not go that route if I don't have to. Sorry for my earlier reply, I think the stress was getting to me. The entire visa application process is unknown and a bit scary. If my wife doesn't get her visa, I don't know what we'll do.

I think I'll just convert enough to raise 5x the poverty guidelines in cash.

[hk68 0]

I dont understand what you mean by use all assets with zero income on the I-864 ?? assets can be any thing convertible to cash within one year ..... and only can be used to fill the deficit in the petitioner year tax income AND assets MUST be

7 times at least the margin between the petitioner actual income and the poverty guideline . so if the I-864 it at zero what kind of assets can you use to meet the minimum requirements

[trailmix 77]

Quite a bit of misinformation here.

You will find, the simplest thing is usually the best thing to do.

Co-sponsor = simple

Converting assets = not so simple.

I assume you mean converting as in cashing out assets - this is not a requirement of the I-864.

I dont understand what you mean by use all assets with zero income on the I-864 ?? assets can be any thing convertible to cash within one year ..... and only can be used to fill the deficit in the petitioner year tax income AND assets MUST be 7 times at least the margin between the petitioner actual income and the poverty guideline . so if the I-864 it at zero what kind of assets can you use to meet the minimum requirements

I'm not even sure I understand what you are saying or asking here hk68. There is no 7 x anything for the I-864.

Thank you for the advice. I looked at a co-sponsor but for a variety of reasons, I'd rather not go that route if I don't have to. Sorry for my earlier reply, I think the stress was getting to me. The entire visa application process is unknown and a bit scary. If my wife doesn't get her visa, I don't know what we'll do.

I think I'll just convert enough to raise 5x the poverty guidelines in cash.

Well I hope you didn't really 'convert' anything yet. To use 'assets only' for the affidavit of support you simply have to prove that the assets are available and can easy be converted to cash to support the immigrant. Penalties for cashing out an investment must be included. So for instance:

Retirement fund: $100,000.00 - less penalty for early withdrawal: $25,000.00 = a value of $75,000.00 for the affidavit of support.

If you are only sponsoring your wife - this would be 3 times the 125% of the poverty guidelines - if you are sponsoring anyone else you will need 5 x the 125%.

So if you are only sponsoring your wife you must show assets of: 18212.00 x 3 or $54636.00.

You may well need a cosponsor. They do not only look at your assets. No one can say that they will look at your assets and go - yes, he has lots of cash available so we don't care that he is unemployed.

They look at the overall picture - now the fact that you are a student may work in your favour. If I were you I would think seriously about getting a cosponsor. If not I hope that your previous years earnings are very strong - to show that you will be able to support the immigrant in the future.

[pushbrk 13,131]

Quite a bit of misinformation here.

You will find, the simplest thing is usually the best thing to do.

Co-sponsor = simple

Converting assets = not so simple.

I assume you mean converting as in cashing out assets - this is not a requirement of the I-864.

I dont understand what you mean by use all assets with zero income on the I-864 ?? assets can be any thing convertible to cash within one year ..... and only can be used to fill the deficit in the petitioner year tax income AND assets MUST be 7 times at least the margin between the petitioner actual income and the poverty guideline . so if the I-864 it at zero what kind of assets can you use to meet the minimum requirements

I'm not even sure I understand what you are saying or asking here hk68. There is no 7 x anything for the I-864.

Thank you for the advice. I looked at a co-sponsor but for a variety of reasons, I'd rather not go that route if I don't have to. Sorry for my earlier reply, I think the stress was getting to me. The entire visa application process is unknown and a bit scary. If my wife doesn't get her visa, I don't know what we'll do.

I think I'll just convert enough to raise 5x the poverty guidelines in cash.

Well I hope you didn't really 'convert' anything yet. To use 'assets only' for the affidavit of support you simply have to prove that the assets are available and can easy be converted to cash to support the immigrant. Penalties for cashing out an investment must be included. So for instance:

Retirement fund: $100,000.00 - less penalty for early withdrawal: $25,000.00 = a value of $75,000.00 for the affidavit of support.

If you are only sponsoring your wife - this would be 3 times the 125% of the poverty guidelines - if you are sponsoring anyone else you will need 5 x the 125%.

So if you are only sponsoring your wife you must show assets of: 18212.00 x 3 or $54636.00.

You may well need a cosponsor. They do not only look at your assets. No one can say that they will look at your assets and go - yes, he has lots of cash available so we don't care that he is unemployed.

They look at the overall picture - now the fact that you are a student may work in your favour. If I were you I would think seriously about getting a cosponsor. If not I hope that your previous years earnings are very strong - to show that you will be able to support the immigrant in the future.

Good synopsis to clear up a lot of misinformation. I'd state the full value of the IRA and let the adjudicator do the math on the penalties. 15 times the income requirement is going to be more that a quarter million in cash before penalties. With any kind of substance in your income history and carreer path, I'd try it without a joint sponsor and see what happens.

[hk68 0]

I mean if you are the beneficiary and trying to use your assets to meet 100% of the poverty guideline not 125% .

125% is for co-sponsors. in this case the assets will have to cover the deficit in the affidavit of support .

for example if the affidavit of support is not sufficient and is $3000 below the poverty guideline, the assets here must equal $21000, 7x

[Bobby+Umit 161]

You can't get a co-sponsor?

Yes, I can get a co-sponsor, but that wasn't my question.

*Shrug*

Your answer was given for your question.

I gave you another answer that would solve your question in another way, without resorting to liquidating your assets and suffering penalties.

You will find, the simplest thing is usually the best thing to do.

Co-sponsor = simple

Converting assets = not so simple.

Thank you for the advice. I looked at a co-sponsor but for a variety of reasons, I'd rather not go that route if I don't have to. Sorry for my earlier reply, I think the stress was getting to me. The entire visa application process is unknown and a bit scary. If my wife doesn't get her visa, I don't know what we'll do.

I think I'll just convert enough to raise 5x the poverty guidelines in cash.

3x for immediate relative (wife would be that)

864 FAQ

[Bobby+Umit 161]

Quite a bit of misinformation here.

You will find, the simplest thing is usually the best thing to do.

Co-sponsor = simple

Converting assets = not so simple.

I assume you mean converting as in cashing out assets - this is not a requirement of the I-864.

You assume wrong.

This is what the I-864 FAQ says:

May the petitioner/sponsor count assets to meet the 125 percent minimum income requirement?

Yes. If a sponsor uses assets to prove the ability to support the sponsored immigrant, he or she may not use the I-864EZ.

The sponsor counts his/her income first. Next he/she counts the personal assets and/or the income and assets of household members who have signed an I-864A. In most cases, the sponsor must present evidence establishing location, ownership and value of each asset listed, including liens and liabilities for each asset listed. The consular officer will need to determine that the monetary value of the asset could reasonably be made available to support the sponsored immigrant and readily converted to cash within one year, without undue harm to the sponsor or his or her family member.

Which was what I was pointing to. Never said anything about "cashing out assets"

Edited April 17, 2009 by Bobby_Umit