IMPORTANT ...poverty guidlines?

[Yodrak 7]

hath,

What is current income? More than $17,112?

Yodrak

HI EVERYONE

Want to know if the annual income of 15.162.00(2006)

15.029.00(2005)

13.953.00(2004) of 2 household besides having around 8,000.00 as STOCK is enough and thus we need no cosponsor? ? IT 'd be better if i hear from ones who already got their visas.

THANKS TO ALL

[Yodrak 7]

hath,

Good thing that you now mention that the $8,000 is in a 401k account, because an $8,000 401k account is worth significantly less than $8,000 in stock as you first wrote.

Yodrak

.....

i meant that 8.000.00 is my wife 's 401k account so will this ammont overcome the income deficiency we have ?

.....

[pushbrk 12,569]

HI MargotDarko and everyone

i meant that 8.000.00 is my wife 's 401k account so will this ammont overcome the income deficiency we have ?

WHAT does it mean her assests have to be 3 times or more the difference between her income and the required income.??

thanks for any clarification

If your income is 13,000 and the poverty level is 17,500 then subtract 13,000 from 17,500 which gives you $4,500. You have to have three times that in assets, which is $13,500. This is just an example.

In your case you need almost $6,000 in assets. I don't know if a 401(k) can be used or not. Probably it can.

I believe I've heard of 401(k)s being used before. As long as she doesn't have restrictions on when and how she can cash it and as long as she wouldn't lose a lot of it by cashing it, it should be fine.

Hath - you haven't said whether or not the amounts you're giving are definitely before taxes. Ask your wife if the $15,000 is before or after taxes. The amount that counts is how much she earns before tax is taken out.

$8000 in a 401k is worth about $5600 liquidated. It is reduced by a 10% tax penalty and then a 20% tax withholding.