I-134 Question About Having An IRA

[TheZilla 0]

Just a quick question about the I-134 affidavit form.

I've got an IRA of signifigant value, but I do not know whether to include it's value under the "Stocks & Bonds" section, or the "Other Personal Property" section. I didn't think it would be regarded as a stock or bond since I can't touch the thing or do anything with it until retirement age. I wasn't sure though. Info would be very appreciated from anyone who knows Thanks loads.

[jlivings99 0]

My lawyer is planning to put my retirement accounts, including an IRA, under stocks & bonds ... my accounts are in mutual funds. (Note: The form is not yet filed only a draft.) You can liquidate an IRA if you want (or need) to but in can incur a 10% penalty in addition to tax on any income.

[garya505 2]

I think if your income is high enough, any other assets are irrelevant, no?

[Yodrak 7]

TheZilla,

Generally this is not true - you can get your hands on at least some of the money in and IRA prior to retirement age, although it may be costly to do so.

If it is true in your case, however, then you cannot use the IRA as an asset for sponsorship. That should be obvious, yes? You can't support someone with money that you can't spend.

Yodrak

Just a quick question about the I-134 affidavit form.

I've got an IRA of signifigant value, but I do not know whether to include it's value under the "Stocks & Bonds" section, or the "Other Personal Property" section. I didn't think it would be regarded as a stock or bond since I can't touch the thing or do anything with it until retirement age. .....

[lostinblue 1,989]

I have a CPA and I asked this question if I could use my IRA as an asset to meet the requirements. His reply was that it IS an asset that can be used ,You can close it out anytime you desire. You will take a hit as you will close it out before the required time. That is your decision . You may never need to close it out as far as needing it for this process.