I-864 Assest question

[Bakemma 4]

I've been looking everywhere for the information. My fiancé is coming over on a K-1 visa and we are getting married in May. ( fingers crossed) I'm a student, and I currently do not have a job, but I do have an inherited IRA that I can withdraw money from at leisure ( meaning it is very liquid). Can I use that to make up for the lack on income? Also, I read the directions for the I-864 and it says that if I'm sponsoring my spouse or minor child I need to only have assets 3 times the difference between income and poverty line. Is that also true?

Edited October 27, 2014 by Bakemma

[Nich-Nick 3,354]

Three times the difference is correct. I don't understand how you can freely withdraw money from your IRA. You look younger than 59 1/2 in your photo. There is a penalty if you don't meet one of the exceptions.

[Bakemma 4]

Three times the difference is correct. I don't understand how you can freely withdraw money from your IRA. You look younger than 59 1/2 in your photo. There is a penalty if you don't meet one of the exceptions.

You are right I am much younger. I inherited it from a family member who was over the age of 70 when they passed away, so money has to be withdrawn each year regardless of the age of the inheritee. And awesome! Thanks

[Nich-Nick 3,354]

You are right I am much younger. I inherited it from a family member who was over the age of 70 when they passed away, so money has to be withdrawn each year regardless of the age of the inheritee. And awesome! Thanks

Ahh yes. I get it now. The required mandatory distribution applies and is calculated over your life expectancy because the person had reached that RMD age. And you have no 10% withdrawal penalty. So yes that counts as an asset for sure.

Would it be a tax strategy to draw a lump sum out for a nest egg or house in 2014 while you are unemployed and thus in a low tax bracket. Next year when you and the spouse are on double incomes, a big withdrawal could move you into a higher bracket when put on top of two incomes.

[Bakemma 4]

Ahh yes. I get it now. The required mandatory distribution applies and is calculated over your life expectancy because the person had reached that RMD age. And you have no 10% withdrawal penalty. So yes that counts as an asset for sure.

Would it be a tax strategy to draw a lump sum out for a nest egg or house in 2014 while you are unemployed and thus in a low tax bracket. Next year when you and the spouse are on double incomes, a big withdrawal could move you into a higher bracket when put on top of two incomes.

Wow, hmmmm, I hadn't thought of that. I could do that! Thats awesome! Thanks For everything