i 864 and income requirements

[EAbbas 213]

As of today I make a total $32,145(gross income) for me, my three girls and my spouse I am applying for that is just a $92 dollars off of the income requirements I also have a 401k for almost $100k...of course if i took it out it would only be about $60k...

Can we still apply on our own or do we still need a co sponsor to help us?

Any replies would be helpful.

Thanks,

Ameena & Adil

[YuAndDan 153]

That should be fine, add the 401K as an asset. If NVC wants more or a joint sponsor they will tell you.

Moving this to NVC forum..

[ADAMandKAREN 15]

From what i've read, the value of an asset such as your 401(k) will be divided in to 5 and a fifth will be applied to your income. So if it's worth $100k then $20k will be added to your income. So according to immigration you have $52k

[YuAndDan 153]

From what i've read, the value of an asset such as your 401(k) will be divided in to 5 and a fifth will be applied to your income. So if it's worth $100k then $20k will be added to your income. So according to immigration you have $52k

Actually the ratio is 1/3 not 1/5 this has to do with the fact a greencard holder can apply for citizenship at 3 years when married to a us citizen.

Read I-864 instructions.

[ADAMandKAREN 15]

Yeah, Dan's right, so your 401(K) effectively doubles the amount you can report(your income of 32k is added to 1/3 of your assets which is 33K). You should be fine.

[EAbbas 213]

Yeah, Dan's right, so your 401(K) effectively doubles the amount you can report(your income of 32k is added to 1/3 of your assets which is 33K). You should be fine.

I'm terrified now ( my sisters and her husband just broke up ( she doesn't work right now and he ws going to co sponsor so it's very imortant I can possibly do this on my own im terrified that i don't have the 100 dollars to cover what I need now to get the visa for him idk what to do I have nobody else that can help us co sponsor him...why now when we are getting closer? I don't know what to do I hope your right and they won't see it as an issue i mean omg 100 dollars ;((((((((

32145k a year for fam of 4 with 1 more waiting for visa.....100k in 401k ;((

Edited January 1, 2011 by EAbbas

[pushbrk 12,884]

Yeah, Dan's right, so your 401(K) effectively doubles the amount you can report(your income of 32k is added to 1/3 of your assets which is 33K). You should be fine.

Sorry to throw cold water on this but a 401k will first be discounted by a large factor reflecting the cost of liquidating it including tax and tax penalties. 100k is likely to be discounted to more like 60k before applying the 1/3 factor.

[EAbbas 213]

Sorry to throw cold water on this but a 401k will first be discounted by a large factor reflecting the cost of liquidating it including tax and tax penalties. 100k is likely to be discounted to more like 60k before applying the 1/3 factor.

yeah I know and that's ok because I need to come up with basically 500 dollars somewhere because of my lack of 100 for income so 100x 5 would be 500...so my 60k or even 50k would more than make that up but do we still need a cosponsor for that?