Assets no longer accepted?

[Verrou 1,962]

3 hours ago, Redro said:

We did done that move from korea to us so needed to change that name 😉

thanks for pointing out @Mike E i was thinking there's no way there's another couple from Korea LOL

now i know ur handle @Redro LOL

[M+K IL 102]

13 hours ago, Patrick_M said:

Since we're both living abroad I'm aware that our income does not count

I wonder if this is definitely true. You still have to file with the IRS right, even if the income is based in Germany?

 

Hope it works out!

Edited June 6, 2023 by M+K IL
adding encouragement

[Boiler 45,486]

1 minute ago, M+K IL said:

I wonder if this is definitely true. You still have to file with the IRS right, even if the income is based in Germany?

 

Hope it works out!

I think we are assuming it will not continue.

[Redro 4,611]

17 minutes ago, M+K IL said:

I wonder if this is definitely true. You still have to file with the IRS right, even if the income is based in Germany?

 

Hope it works out!

Foreign income only counts if it will continue in the US. And you need to show proof it will (letter from company). One can also use beneficiary’s income if it will continue in the US. 

[pushbrk 12,882]

6 hours ago, Patrick_M said:

Thanks very much for taking the time to reply. I've pushed back on my lawyer to give us more of an explanation for what he's telling us.

 

Regarding the use of assets: Would it raise any red flags if my wife were to transfer money into my US account? Just so it's all in one place and easy to verify.

Are there any problems with claiming a tax deferred 401k account as part of liquid assets? There would be a penalty to theoretically liquidate.

Transferring the money is not a problem, and the earlier the better, so you can show it's been there a while.  The 401k can certainly be used and you would show the full balance.  However, expect that portion to be considered at something like 50% of value, at best.  Liquidating not only has penalties but can be construed as "harmful" to the sponsor.

Whether you will need a joint sponsor depends on the actual details of the assets, but they are definitely considered and people qualify on assets alone, when they are clearly sufficient.  If your lawyer knows all the details, he may be correct in saying YOU will not qualify based on assets, but it is NOT true that people cannot qualify based on assets NOW.  Nothing "changed".

[SalishSea 17,828]

3 hours ago, M+K IL said:

I wonder if this is definitely true. You still have to file with the IRS right, even if the income is based in Germany?

 

Hope it works out!

Apples and oranges.   Income that doesn’t  ‘count’ for immigration purposes is still taxable.

[pushbrk 12,882]

44 minutes ago, SalishSea said:

Apples and oranges.   Income that doesn’t  ‘count’ for immigration purposes is still taxable.

Takes a six figure foreign income to cause any US income tax, but you must file the tax return to get the exclusion.

[M+K IL 102]

1 hour ago, pushbrk said:

Takes a six figure foreign income to cause any US income tax, but you must file the tax return to get the exclusion.

Right. The one thing I forgot is this is for immigration, so as Redro noted earlier, while there are US records of how much the person earns in Germany, it won't count as evidence of means of support post immigration (unless the employer states they support an international relocation)

 

Whereas I take it it would be acceptable for, say, a tourist or business visitor visa

[pushbrk 12,882]

3 hours ago, M+K IL said:

Right. The one thing I forgot is this is for immigration, so as Redro noted earlier, while there are US records of how much the person earns in Germany, it won't count as evidence of means of support post immigration (unless the employer states they support an international relocation)

 

Whereas I take it it would be acceptable for, say, a tourist or business visitor visa

Correct.  Context is King here.