What can I use on my 864?

[Julie B. 2]

I was wondering if I can use the balance in my 401k as an asset when I fill out the 864? I'd like to not have to ask my mom to co-sponser, and my new job is above the limit (40k a year). The last 2 years however, I've only made about 22k and I'm afraid even if I use a letter from my current employer, they won't approve due to my last 2 years w2s. I have about 100k in my 401k and it says something about stocks and bonds, which my 401k is in, so I'm not sure what to do. Any advice?

[Penguin_ie 5,993]

***** Moving from ROC to CR-1 forum as it looks like OP is filing for a spousal visa *****

[pushbrk 12,886]

I was wondering if I can use the balance in my 401k as an asset when I fill out the 864? I'd like to not have to ask my mom to co-sponser, and my new job is above the limit (40k a year). The last 2 years however, I've only made about 22k and I'm afraid even if I use a letter from my current employer, they won't approve due to my last 2 years w2s. I have about 100k in my 401k and it says something about stocks and bonds, which my 401k is in, so I'm not sure what to do. Any advice?

Past income is informational and somewhat considered but current income is King. Sure, you can supplement your I-864 with the 401K balance and document it with an account statement.

[Darnell 8,478]

401K is retirement fund.

Check the 401K contract/agreement,

study the math around 'emergency cash out' process.

Then, apply the math, and show the math in an attachment on the I-864.

Though you have 100K in a 401K, NVC and the IV unit in Canada will not value it at 100 percent - they will WANT to see the contract/agreement, so that THEY can study the 'emergency cash out' formulas, and APPLY the math.

and don't forget taxes on the cashed out amount. This varies, by fund type. It's messy, as well.

[Done--Really 331]

As to the 401(k), you will first of all have to pay a 10% penalty on whatever is withdrawn before you are 59 1/2, and then pay ordinary income taxes as well, so if you were to withdraw the entire amount, roughly 45% would go to taxes and penalties (maybe more depending on your state taxes), leaving you with just $55,000, and this is the amount that the embassy folks will include as an asset.

[pushbrk 12,886]

As to the 401(k), you will first of all have to pay a 10% penalty on whatever is withdrawn before you are 59 1/2, and then pay ordinary income taxes as well, so if you were to withdraw the entire amount, roughly 45% would go to taxes and penalties (maybe more depending on your state taxes), leaving you with just $55,000, and this is the amount that the embassy folks will include as an asset.

About right, but since their isn't an actual income shortfall in this case, it really isn't going to matter much. Including it is a good thing.