Transferring money to K1 fiance

[Scandi 4,166]

Go get your SSN 1-4 days after arrival. Some offices won't issue an SSN after you got married, then you have to wait for months until your EAD shows up. It's especially important to get your SSN prior to marriage if you plan on having a name change and all your IDs are still in your maiden name.

 

Depending on if they have to verify your info with the immigrations it can take weeks to get your card (took 4 weeks for me to receive my card) or sometimes even a couple of months.

 

Most offices will allow you to have your name changed on the SSC after marriage in case of name change. If they refuse then at least you still have our SSN and can still use it just fine. Better that then them refusing you a SSN completely until you get your EAD.

 

Bank of America is great, they added me to my husband's account with no issues, they didn't even require a SSN. They will open an account for you without issues if you you want your own account. 

[Scandi 4,166]

13 hours ago, Andrew&Elizabeth said:

Oh well. That would have been too good to be true anyway... Thanks!

On the SSN application you cross the box where it says "legal alien allowed to work", because that's what you are. You are a legal alien, and you are allowed to work - with a work permit. It will says that on your SSC too - "valid for work with dhs authorization". The dhs authorization is your EAD.

[f f 725]

you always have the itin to carry the cash with you on the plane just make sure to declare It on entry and that it is legal to remove that much cash from your home country. then when you get to the us you can deposit it in the bank and will have to fill out some forms to state where it came from.

[Ischnura 285]

I definitely recommend applying for your SSN sooner than later. You'd be surprised how many things you need it for. Kinda makes you feel like a real person again soon as you have one. 

 

We're with USAA and they gave us the run around when we tried adding me to my husband's account without a SSN. They insisted I apply for an ITIN which I couldn't due to SSN eligibility, same thing with the W8BEN - I was a resident so couldn't file it. They are, however, great for vehicle insurance purposes if that crops up. 

 

Good luck with everything ^.^

[USAMorocco 143]

Do not wait until you are married.  The lady at the social security office told me flat out I should have went and applied for my fiancé as soon as he got off the plane. Now his visa was too close to the expiration date and we have no SS number.  

[Joanne82 1]

Thank you so much everyone for all your helpful advice (too many to reply to individually!).

 

I honestly didn't think I would be allowed my SSN until I was married and that by applying for it sooner (although many places said I could), would actually be fraudulent or would make it harder for me to get my EAD once I was married. So glad I posted here now. I will get my butt down to the office as soon as I arrive and print off the pages saying I am entitled to it thanks as I was advised to do on this thread.

 

I'll keep you posted on how it works out. If anyone has any questions, we've been through so so many problems so I hope I can return the favour and answer any queries.

 

As for the money, I bought the dollars yesterday and that are holding the funds until I can open a bank account there or have it as dollars in my HSBC account. 

[JessieABC 159]

On 3/31/2017 at 7:10 AM, Joanne82 said:

Thank you so much everyone for all your helpful advice (too many to reply to individually!).

 

I honestly didn't think I would be allowed my SSN until I was married and that by applying for it sooner (although many places said I could), would actually be fraudulent or would make it harder for me to get my EAD once I was married. So glad I posted here now. I will get my butt down to the office as soon as I arrive and print off the pages saying I am entitled to it thanks as I was advised to do on this thread.

 

I'll keep you posted on how it works out. If anyone has any questions, we've been through so so many problems so I hope I can return the favour and answer any queries.

 

As for the money, I bought the dollars yesterday and that are holding the funds until I can open a bank account there or have it as dollars in my HSBC account. 

Just a note:

 

Gifts in excess of $14,000 will be taxed if you are not legally married yet.

I would suggest waiting until after you officially tie the knot or get a joint account.

 

• https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes#2
• http://onlinefx.westernunion.com/Learning-Center/Personal/tax-considerations-when-sending-money-overseas-to-family

Edited April 2, 2017 by JessieABC

[Roy&Chanel 109]

1 hour ago, JessieABC said:

Just a note:

 

Gifts in excess of $14,000 will be taxed if you are not legally married yet.

I would suggest waiting until after you officially tie the knot or get a joint account.

 

• https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes#2
• http://onlinefx.westernunion.com/Learning-Center/Personal/tax-considerations-when-sending-money-overseas-to-family

NOW THIS CLEARS UP EVERYTHING ON MY CASE! I asked around alot of people everywhere why a sum of money (under federal withheld) was deducted from my savings. This explains nowwwwwww. They didn't get an update on my marital status, I've updated them only when I've gotten a green card. I didn't know that we have to actually inform banks that we are joint husband and wife accounts. I added my name into my husband's account after getting SSN and before marriage. Thanks for sharing this info!

Edited April 2, 2017 by Roy&Chanel

[JessieABC 159]

1 hour ago, Roy&Chanel said:

NOW THIS CLEARS UP EVERYTHING ON MY CASE! I asked around alot of people everywhere why a sum of money (under federal withheld) was deducted from my savings. This explains nowwwwwww. They didn't get an update on my marital status, I've updated them only when I've gotten a green card. I didn't know that we have to actually inform banks that we are joint husband and wife accounts. I added my name into my husband's account after getting SSN and before marriage. Thanks for sharing this info!

That's an interesting situation because we had looked into joint accounts as well and were thinking about the least expensive way to move his money over. They can't do it without an Ssn or a w-8ben. How did you get your Ssn before marriage, if you don't mind me asking?

[Roy&Chanel 109]

44 minutes ago, JessieABC said:

That's an interesting situation because we had looked into joint accounts as well and were thinking about the least expensive way to move his money over. They can't do it without an Ssn or a w-8ben. How did you get your Ssn before marriage, if you don't mind me asking?

I did not do a name change since its complicated to do so as I need to make changes in my country too. So when I arrived after a week, I went to get my SSN with my I-94(before it expires) and passport on K1. I just followed exactly what some Vjers did from K1 timeline lol.

However, it has a work authorization DHS Only on it, I removed it once I've received my green card and they issued a new SSN card a week later.

The banks did ask me to fill up a W8-ben too.

Edited April 2, 2017 by Roy&Chanel

[Joanne82 1]

11 hours ago, JessieABC said:

Just a note:

 

Gifts in excess of $14,000 will be taxed if you are not legally married yet.

I would suggest waiting until after you officially tie the knot or get a joint account.

 

• https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes#2
• http://onlinefx.westernunion.com/Learning-Center/Personal/tax-considerations-when-sending-money-overseas-to-family

See this im has now caused further confusion as I was advised that I could give a gift to anyone as a foreign citizen and that over $14000 required declaration but would not be taxed if they were under $100,000. That's what it said on the IRS website too. I read that gifts to a spouse are taxable, so I wanted to make sure it was done before I became a spouse.

 

so now with the info on this post I'm really stressed out again.

 

 

[JessieABC 159]

22 minutes ago, Joanne82 said:

See this im has now caused further confusion as I was advised that I could give a gift to anyone as a foreign citizen and that over $14000 required declaration but would not be taxed if they were under $100,000. That's what it said on the IRS website too. I read that gifts to a spouse are taxable, so I wanted to make sure it was done before I became a spouse.

 

so now with the info on this post I'm really stressed out again.

 

 

I believe it's $148,000 limit for gifts TO a non-citizen spouse.  For gifts TO a US citizen domiciled in the US, taxes will apply to gifts in excess of 14,000 if you are not married or if you are not a US Citizen.  US also has estate & gift tax treaties with 16 other countries which may also minimize your taxes depending on your country.

 

https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-us-estate-and-gift-tax-rules-for-resident-and-nonresident-aliens.pdf

https://www.thebalance.com/are-gifts-to-your-spouse-taxable-it-depends-3505681

 

You might be thinking of Form 3520 for that 100K limit - this simply means if the amount was in excess of 100,000, you 'd have to file additional forms.It does not mean this would be your tax limit.

 

Honestly, all this stuff is super confusing to me too since he's got ISAs and other accounts. you should definitely consult a financial advisor who specializes in international accountancy since this stuff is pretty complex.  My husband and I plan on sitting down with one once he's here to clear up all this confusion. 

 

Let me know once you find out more!

[Wuozopo 4,293]

On March 29, 2017 at 11:02 PM, Joanne82 said:

£30,000 to my fiance before the exchange rate gets any worse and soon enough for us to do the work on the house. Does anyone know if there would be any tax implications for this cash if it was just being sent to someone who wasn't my husband yet and whether I would do better to wait until we were married and just take the hit of the reduced exchange rate predicted over the next month? Has anyone else had any experience with sending money to their fiance over there?

There will be no tax implications to the American receiving the money. He can receive a gift from a foreign person in any amount. If he receives over $100,000 then there is a report (information return) to fill out. It is not part of the tax return but is due by the same date. That's form 3520. Your transfer would not trigger a report requirement by your fiancé because it is below the threshold.

 

The $14,000 you are tossing about applies to Americans who want to give money to individuals. Since you are not a citizen yet or a permanent resident, it doesn't apply to you right now. There is a limit on how much American's can give away to individuals each year, right now it is $14,000. They can give up to that much to any number of people. But if the American tax payer wanted to give $15,000 to one person, he  (the giver) would pay a gift tax. The exception would be if he gave to his spouse. Then there is no limit or gift tax.  There is also a form the American taxpayer who is giving away excess money fills out. It keeps a record of his lifetime cumulative gifts. That is simply to thwart that person from giving away millions to avoid an inheritance tax to his heirs. if he kept all his money until his death, there could be a tax if his estate was over something like 5 million. Rich people problems. 

Edited April 3, 2017 by Wuozopo

[Joanne82 1]

On 03/04/2017 at 6:06 AM, Wuozopo said:

There will be no tax implications to the American receiving the money. He can receive a gift from a foreign person in any amount. If he receives over $100,000 then there is a report (information return) to fill out. It is not part of the tax return but is due by the same date. That's form 3520. Your transfer would not trigger a report requirement by your fiancé because it is below the threshold.

 

The $14,000 you are tossing about applies to Americans who want to give money to individuals. Since you are not a citizen yet or a permanent resident, it doesn't apply to you right now. There is a limit on how much American's can give away to individuals each year, right now it is $14,000. They can give up to that much to any number of people. But if the American tax payer wanted to give $15,000 to one person, he  (the giver) would pay a gift tax. The exception would be if he gave to his spouse. Then there is no limit or gift tax.  There is also a form the American taxpayer who is giving away excess money fills out. It keeps a record of his lifetime cumulative gifts. That is simply to thwart that person from giving away millions to avoid an inheritance tax to his heirs. if he kept all his money until his death, there could be a tax if his estate was over something like 5 million. Rich people problems. 

 

Thanks. I contacted a tax specialist in the end to clear up confusion (like that in the previous post from JessieABC) and they told me the same thing you did. The inheritance tax thing is something my parent's had to take into consideration on this side with regards to tax but hopefully they've got at least 7 more years left in them.

 

Edited April 6, 2017 by Joanne82

[JessieABC 159]

On 4/3/2017 at 6:06 AM, Wuozopo said:

There will be no tax implications to the American receiving the money. He can receive a gift from a foreign person in any amount. If he receives over $100,000 then there is a report (information return) to fill out. It is not part of the tax return but is due by the same date. That's form 3520. Your transfer would not trigger a report requirement by your fiancé because it is below the threshold.

 

The $14,000 you are tossing about applies to Americans who want to give money to individuals. Since you are not a citizen yet or a permanent resident, it doesn't apply to you right now. There is a limit on how much American's can give away to individuals each year, right now it is $14,000. They can give up to that much to any number of people. But if the American tax payer wanted to give $15,000 to one person, he  (the giver) would pay a gift tax. The exception would be if he gave to his spouse. Then there is no limit or gift tax.  There is also a form the American taxpayer who is giving away excess money fills out. It keeps a record of his lifetime cumulative gifts. That is simply to thwart that person from giving away millions to avoid an inheritance tax to his heirs. if he kept all his money until his death, there could be a tax if his estate was over something like 5 million. Rich people problems. 

Does spousal status affect this or does only residency/citizenship matter in cases such as this?