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Posted

Hi!

 

I'm helping my father with the whole K-1 process and a question has been brought up regarding financials. 

 

They're currently in the process of filing the AOS and on the i-864 there is a portion to file the principal sponsored immigrant's wealth. 

 

This section has them wondering where they need to report the sponsored's current wealth. Would the IRS see it as additional income once they file jointly and they see an influx of cash overseas?

 

Lastly, is there an immigration policy to allow transfer of wealth from China? They're saying they can only transfer $50,000 a year. 

 

This might not be the right forum but I couldn't find any information regarding this issue so please let me know if I need to delete the post.

 

 

Posted (edited)

Are they applying for the K-1 visa or are they doing AOS? AOS is a separate process after the K-1 visa is obtained, used to enter the US, and marry.

 

There are 3 major items asking about income:

1) The last 3 years of tax incomes. This is a copy and paste of the income as reported on the tax returns for those 3 years. it doesn't matter if it was earned solo or with a spouse, domestic or abroad, etc.

2) There is a question asking about the sponsor's current annual income. This is how much the sponsor individually makes annually. This number is not necessarily the same as what you made last year as reported on your taxes. Simplest calculation for a W-2 earner is: [typical paycheck earnings] * [number paychecks per year].

3) There is a question asking about the household's current annual income. This is a sum of the sponsor and any eligible household members' incomes (if any...presumably the spouse has no income yet).

 

Assets are optional if income is sufficient.

The I-864 and IRS are not linked.

 

There's no US policy - AFAIK - limiting the amount of funds that can be transferred from China to the US within one's own accounts. I don't know if China has any policy on the outgoing transfer of funds or taxes for doing so. There is no US tax penalty for transferring funds between your own accounts (including a jointly held account).

Keep in mind the filing of FBARs as needed alongside tax returns.

Edited by geowrian

Timelines:

ROC:

Spoiler

7/27/20: Sent forms to Dallas lockbox, 7/30/20: Received by USCIS, 8/10 NOA1 electronic notification received, 8/1/ NOA1 hard copy received

AOS:

Spoiler

AOS (I-485 + I-131 + I-765):

9/25/17: sent forms to Chicago, 9/27/17: received by USCIS, 10/4/17: NOA1 electronic notification received, 10/10/17: NOA1 hard copy received. Social Security card being issued in married name (3rd attempt!)

10/14/17: Biometrics appointment notice received, 10/25/17: Biometrics

1/2/18: EAD + AP approved (no website update), 1/5/18: EAD + AP mailed, 1/8/18: EAD + AP approval notice hardcopies received, 1/10/18: EAD + AP received

9/5/18: Interview scheduled notice, 10/17/18: Interview

10/24/18: Green card produced notice, 10/25/18: Formal approval, 10/31/18: Green card received

K-1:

Spoiler

I-129F

12/1/16: sent, 12/14/16: NOA1 hard copy received, 3/10/17: RFE (IMB verification), 3/22/17: RFE response received

3/24/17: Approved! , 3/30/17: NOA2 hard copy received

 

NVC

4/6/2017: Received, 4/12/2017: Sent to Riyadh embassy, 4/16/2017: Case received at Riyadh embassy, 4/21/2017: Request case transfer to Manila, approved 4/24/2017

 

K-1

5/1/2017: Case received by Manila (1 week embassy transfer??? Lucky~)

7/13/2017: Interview: APPROVED!!!

7/19/2017: Visa in hand

8/15/2017: POE

 

Posted
49 minutes ago, geowrian said:

I don't know if China has any policy on the outgoing transfer of funds or taxes for doing so.

Quote

According to the quota set by the regulator, Chinese citizens are allowed to exchange and withdraw up to US$50,000 per year in foreign currency, either in a lump sum or in instalments.

https://www.scmp.com/business/banking-finance/article/3008795/chinese-banks-quietly-lower-daily-limit-foreign-currency

 
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