Is a 401-K considered an asset?

[GJen 9]

I don't currently meet the financial requirements by yearly income alone. I do, however, have enough to cover the difference in a savings acount. Would a 401-K be considered an asset as well?

Thanks.

[christeen 966]

Yes... as long as it can be liquidated then it is an asset... You need 3x the difference between what you earn and 125% poverty level

[Anh map 2,098]

Hi Jen & G,

Still can't get Dad to sign on?

The potential problem with the 401K is that if there is a penalty for withdrawing money the CO may not consider the total amount. If the amount you need from the 401K is close to the amount you need to meet the 3x deficit number they may factor in the penalty to arrive at a net value.

Considering your age they may not judge it as a hardship as you have a long working life ahead of you.

The asset guidelines from the I-864 (pg 8) are what you ought to keep in mind.

Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included. The owner of the asset must include a description of the asset, proof of ownership, and the basis for the owner's claim of its net cash value.

[GJen 9]

Hi Jen & G,

Still can't get Dad to sign on?

The potential problem with the 401K is that if there is a penalty for withdrawing money the CO may not consider the total amount. If the amount you need from the 401K is close to the amount you need to meet the 3x deficit number they may factor in the penalty to arrive at a net value.

Considering your age they may not judge it as a hardship as you have a long working life ahead of you.

The asset guidelines from the I-864 (pg 8) are what you ought to keep in mind.

Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included. The owner of the asset must include a description of the asset, proof of ownership, and the basis for the owner's claim of its net cash value.

I finally got up the nerve to ask and he said no. But we're planning on filing in January. Thanks for the info.