Assets & Tax returns for AoS

[Jikarui 0]

Hi everyone,

I'm currently going through the visa process right now and my finances are looking pretty tight in terms of meeting that 125% poverty level. Right now with my current job I wouldn't be meeting it by $1053 annually. I've read that if you have assets equal to x5 what you're missing ($5265) that it can be used. However I don't have nearly anywhere near that money except for my trust fund. This trust fund was set up by my grandmother and is approximately $10,000. Half of it is currently invested and the rest is just sitting in the trust fund account, or so I assume.

My question is this, if my grandmother currently has ownership of the trust fund but it might also be in my name and will get full access at the age of 21, am I somehow able to provide this to the USCIS? Is a trust fund even considered a asset since it's not in a savings/checkings account? Would it have to be entirely in my name or is her name on it but saying it's entitled to me with her permission enough? I unfortunately don't have any family members that are willing to co-sponsor and my income isn't sufficient, so I'm looking at all the options right now. ):

Another note is the tax return-- I only started working late November 2010 and thus never was required to file a tax return because I made under $3,000. At least, this is what I've come up from research. Seeing as how I never filed and I didn't work in the past, I don't have any tax returns to provide. If I wrote out the reason to this is it enough even though I did technically work a very short duration in 2010? I don't have my W2 and they were both short-term part-time jobs.

[Jikarui 0]

Bump.

[JimVaPhuong 4,863]

Hi everyone,

I'm currently going through the visa process right now and my finances are looking pretty tight in terms of meeting that 125% poverty level. Right now with my current job I wouldn't be meeting it by $1053 annually. I've read that if you have assets equal to x5 what you're missing ($5265) that it can be used. However I don't have nearly anywhere near that money except for my trust fund. This trust fund was set up by my grandmother and is approximately $10,000. Half of it is currently invested and the rest is just sitting in the trust fund account, or so I assume.

My question is this, if my grandmother currently has ownership of the trust fund but it might also be in my name and will get full access at the age of 21, am I somehow able to provide this to the USCIS? Is a trust fund even considered a asset since it's not in a savings/checkings account? Would it have to be entirely in my name or is her name on it but saying it's entitled to me with her permission enough? I unfortunately don't have any family members that are willing to co-sponsor and my income isn't sufficient, so I'm looking at all the options right now. ):

Another note is the tax return-- I only started working late November 2010 and thus never was required to file a tax return because I made under $3,000. At least, this is what I've come up from research. Seeing as how I never filed and I didn't work in the past, I don't have any tax returns to provide. If I wrote out the reason to this is it enough even though I did technically work a very short duration in 2010? I don't have my W2 and they were both short-term part-time jobs.

You must prove ownership of the asset, you must prove the value of the asset, and you must be able to demonstrate that the asset can be converted to cash within 12 months without undue hardship or financial loss. Assets with combined ownership could only be used if you were submitting an I-864 and the co-owner were submitting an I-864A as a qualifying household member - fiancee visa petitioners usually submit an I-134, which doesn't allow for combining income/assets with other sponsors. Also, if not possible to convert the trust fund into cash, or if there's a penalty for converting it into cash, then it wouldn't be a qualifying asset.

Also, assets for the primary sponsor of a fiancee or spousal visa (you) must be at least 3X the income shortage - not 5X.

If you can't provide a tax return then you must provide a sworn affidavit explaining your income for the year, and citing the IRS rule that excused you from having to file a tax return. You could also wait until the end of January when you get your W2's for 2011, and then file your return right away.

[Nich-Nick 3,354]

Hi everyone,

I'm currently going through the visa process right now and my finances are looking pretty tight in terms of meeting that 125% poverty level.

I unfortunately don't have any family members that are willing to co-sponsor and my income isn't sufficient, so I'm looking at all the options right now. ):

Another note is the tax return-- I only started working late November 2010 and thus never was required to file a tax return because I made under $3,000. At least, this is what I've come up from research. Seeing as how I never filed and I didn't work in the past, I don't have any tax returns to provide. If I wrote out the reason to this is it enough even though I did technically work a very short duration in 2010? I don't have my W2 and they were both short-term part-time jobs.

London specific: The I-134 for a fiance requires 100% of the poverty guidelines. London does not require a tax return if you have other proofs of current income like letter from employer and pay stubs. If your fiance has cash savings, she can prove her own support (for the visa) without an I-134.

An applicant for K-1 or K-3 visa may generally satisfy the requirement of the law by the presentation of documentary evidence establishing that:

1.the applicant has, or will have in the U.S. personal funds sufficient to provide support for the applicant and dependent family members, if any, or sufficient to provide support until suitable employment is located;

2.the applicant has arranged employment in the U.S. that will provide an adequate income for the applicant and dependent family members;

3.relatives or friends in the U.S. will assure the applicant's support; or

4.a combination of the above circumstances

BUT your bigger issue is keeping your fiance here by providing another affidavit of support (I-864) when she adjusts status. That's when the questions you bring up kick in and Jim already answered those. Not to sound like an old lady here (can't help it, I am one), but you are very young and will have a difficult time making ends meet. The AOS will cost you $1070. She can't work until you get the AOS done. One unexpected trip to the Emergency Room could wipe out half of your trust fund if scans, etc are done. Do you have insurance at work? What will be the cost to add a spouse? Have a good talk with her about what she will expect once here and sitting around for months while you are at work...like car, cell phone, bigger apartment. Then figure out what those things will cost you. It's difficult to move away from the life you've always known so talk about your lives past the visa so nobody will be be disappointed.

Edited December 17, 2011 by Nich-Nick