Under poverty guidelines...do IRAs count as assets?

[lucky & candy 0]

I am self-employed and my tax returns indicate I am under poverty guidelines by $12,600 for a family of 4 (2 children plus my fiance)...I understand you can use assets to qualify and I have IRAs...do retirement accounts qualify as assets? I also own a home and have about $70,000 in equity...Does anyone have advice? I have not filed yet as I just started the process but I am afraid this income portion will be a major problem.

[LoriT 16]

I am also self employed. I'm sure like you, last year I wrote off as many business expenses as possible. Luckily, I won't need my I-134 until after the first of the year. This year I plan on taking a hit in the taxes to show a higher income. I also have 2 children, work a 2nd job plus get child support. I know you can count assets such as homes and IRA's. But I do believe that their worth needs to be 5x the poverty level. I'm not 100% on that though. I do plan on showing that I own my home and it's worth. I believe every little bit helps. Good luck to you!!!

[lucky & candy 0]

I am also self employed. I'm sure like you, last year I wrote off as many business expenses as possible. Luckily, I won't need my I-134 until after the first of the year. This year I plan on taking a hit in the taxes to show a higher income. I also have 2 children, work a 2nd job plus get child support. I know you can count assets such as homes and IRA's. But I do believe that their worth needs to be 5x the poverty level. I'm not 100% on that though. I do plan on showing that I own my home and it's worth. I believe every little bit helps. Good luck to you!!!

Thank you for your reply...the IRAs and home equity together are over 5x the difference between my 2009 income and the poverty level...I am just nervous...I foresee my 2010 tax return being higher which might help. Unfortunately I did not receive a penny in child support in 2009, so that has hurt my income level. Good luck to you as well!

[Anh map 2,098]

Assets of the petitioner sponsor are factored at 3:1.

The big consideration with regard to primary home equity and retirement accounts is this: The consular officer must find that the financial value of the asset can be converted to cash within one year to support the sponsored immigrant without undue harm to the sponsor or his/her family.

See Part 7 of the I-864 instructions (even when preparing the I-134) for asset valuation guidelines. Also this I-864 FAQ may be helpful -->> http://travel.state.gov/visa/immigrants/info/info_3183.html

[Used to be broken 147]

Assets of the petitioner sponsor are factored at 3:1.

The big consideration with regard to primary home equity and retirement accounts is this: The consular officer must find that the financial value of the asset can be converted to cash within one year to support the sponsored immigrant without undue harm to the sponsor or his/her family.

See Part 7 of the I-864 instructions (even when preparing the I-134) for asset valuation guidelines. Also this I-864 FAQ may be helpful -->> http://travel.state.gov/visa/immigrants/info/info_3183.html

I think this is an interesting topic. My question is who makes the call the consular or USCIS on the assets issue? Is it the consular on Fiance Visa and the USCIS on Spouse ?

With regard to the asset liquidity, my assumption is home equity dissolution would not cause undue harm to the sponsor or his family as home ownership is not a given or a requirement for immigration purposes. If one sold a home cashed out and rented for a couple years to avoid not being able to sponsor it would be a lifestyle adjustment but not a "harm" renting vs ownership accomplishes the same purpose, shelter.

As for liquidating retirement accounts, similar situation lifestyle adjustment depending on the age of the petitioner.

[payxibka 10,047]

moving thread to:

US Embassy and Consulate Discussion

This is the place to post your experiences or questions related to this last step before moving to the US. Topics relating to I-134's, packets sent from consulate and medical & police certificates should be posted here.

[Anh map 2,098]

I think this is an interesting topic. My question is who makes the call the consular or USCIS on the assets issue? Is it the consular on Fiance Visa and the USCIS on Spouse ?

With regard to the asset liquidity, my assumption is home equity dissolution would not cause undue harm to the sponsor or his family as home ownership is not a given or a requirement for immigration purposes. If one sold a home cashed out and rented for a couple years to avoid not being able to sponsor it would be a lifestyle adjustment but not a "harm" renting vs ownership accomplishes the same purpose, shelter.

As for liquidating retirement accounts, similar situation lifestyle adjustment depending on the age of the petitioner.

The interviewing CO makes the decision.

[lucky & candy 0]

The interviewing CO makes the decision.

Thank you for your thoughts on this issue. So it seems it really could go either way...depending on the interviewer I suppose ):

[lucky & candy 0]

moving thread to:

US Embassy and Consulate Discussion

This is the place to post your experiences or questions related to this last step before moving to the US. Topics relating to I-134's, packets sent from consulate and medical & police certificates should be posted here.

I appreciate you trying to place my question in the appropriate forum...but I am afraid the issue will be lost here...I feel my question pertains to the K1 process and the I-864 form. I was hoping to hear from others that have had similar situations when trying to satisfy the income guidelines.