401k or money market checking?

[EAbbas 213]

we just filed for our i 130 and it is going to the california center for processing hopefully approved within the next couple of months. In the meantime my 401k is sitting with my old job and it is significant amount of money I will need this to show for assets but my question is this:

I can leave it in place for 5 years and then it has to be moved (my current employer doesnt offer a 401K to roll this over into) should i leave it in place or take it out and put it in money market checking for immediate cash needs. The current money market is 2.75 and it can gain money but i would definitely lose 30k doing this. Just wondering what the NVC looks for at the i 864 and if this is better than the 401k or just leave the other in place.

Any comments would be appreciated and soon hopefully by next summer my husband will be with me safely and we can re begin our lives together!

Ameena

[jkelly07 120]

hello if you have a job you have to meet 125 percent of the poverty line for the approprite number of your household..you don't have to touch any of your 401-k. just use your job for the 1-864 you'ii be fine good luck

[LotofPatience 65]

hello if you have a job you have to meet 125 percent of the poverty line for the approprite number of your household..you don't have to touch any of your 401-k. just use your job for the 1-864 you'ii be fine good luck

[EAbbas 213]

no i miss it by 3k so i have to show this...

[LotofPatience 65]

no i miss it by 3k so i have to show this...

How about another sponsor? How about another asset? How about beneficiary's asset?

Loto

[Wayne and Claudia 40]

no i miss it by 3k so i have to show this...

If you only miss it by 3k showing the asset in it's current 401k account should be fine. If you contemplate moving it I would speak with a financial advisor because some Roth IRAs I believe offer more liquidity than others. I would definitely go a co-sponsor route, as loto suggested, before losing 30k moving the 401k monies.

[EAbbas 213]

no asset for beneficiary

this asset is all I have

we are trying to get a family friend from ohio (i live in north carolina) to help sponsor but I also thought it wouldnt hurt to show this as well. I don't want to take any chances in him not coming asap.

[LotofPatience 65]

If you only miss it by 3k showing the asset in it's current 401k account should be fine. If you contemplate moving it I would speak with a financial advisor because some Roth IRAs I believe offer more liquidity than others. I would definitely go a co-sponsor route, as loto suggested, before losing 30k moving the 401k monies.

[EAbbas 213]

Also I can leave this 401k where it is for 5 years this is the 1st year so I will be able to leave it in place without moving it or losing 30k (30 % of it in penealties and taxes) so if they accept 401k I'm fine from what I'm reading but just wondered what your thoughts were. Thanks..

[jkelly07 120]

try not to touch any of your 401-k if your under 59 and a helf you will pay the irs a lot of taxes. fine a sponser.

[LotofPatience 65]

Also I can leave this 401k where it is for 5 years this is the 1st year so I will be able to leave it in place without moving it or losing 30k (30 % of it in penealties and taxes) so if they accept 401k I'm fine from what I'm reading but just wondered what your thoughts were. Thanks..

Technically 401(k) is asset, but I haven't heard anybody used 401(k) as asset in I-864.

Others will answer.

Loto

[pushbrk 12,878]

Technically 401(k) is asset, but I haven't heard anybody used 401(k) as asset in I-864.

Others will answer.

Loto

The safe bet is find a joint sponsor. I doubt many consular officers will consider liquidation of a 401k as NOT causing significant harm to the sponsor.

From the I-864 instructions.

Assets may supplement income if the consular or immigrationofficer is convinced that the monetary value of the asset couldreasonably be made available to support the sponsoredimmigrant and converted to cash within one year without undue harm to the sponsor or his or her family members. Youmay not include an automobile unless you show that you ownat least one working automobile that you have not included.

[hotzone 1]

If you don't need the money then put it into Traditional IRA account since you will have lot more control. You can only do limited stuff if the money is in your old employer 401k. I just transferred my old 401k to IRA.

[LotofPatience 65]

The safe bet is find a joint sponsor. I doubt many consular officers will consider liquidation of a 401k as NOT causing significant harm to the sponsor.

From the I-864 instructions.

Assets may supplement income if the consular or immigrationofficer is convinced that the monetary value of the asset couldreasonably be made available to support the sponsoredimmigrant and converted to cash within one year without undue harm to the sponsor or his or her family members. Youmay not include an automobile unless you show that you ownat least one working automobile that you have not included.

This is what I am also thinking. Manual doesn't say about 401(k) as asset inclusion section.

Loto

[CarlosAndSveta 808]

If you don't need the money then put it into Traditional IRA account since you will have lot more control. You can only do limited stuff if the money is in your old employer 401k. I just transferred my old 401k to IRA.

This is the thing to do. If done correctly the rollover of your 401(k) into an IRA is tax-free.