401 k

[Om&Abo Malik 12]

Hi everyone on vj. i was wondering about 401 k if it is considered an asset or as income? i am trying to find out if the amount in the 401 k account can be included in the total income or is it considered an asset whereby it will have to be 3 times or 5 times the amount needed.

Has anyone ever used this to prove for sponsorship?

Thanks for any replies

[NigeriaorBust 4,087]

It is an asset.

[Anh map 2,098]

It is an asset.

Asset

[Brad and Vika 129]

The net amount you can get out of it is what counts. If a USC with a 401(k) withdraws the balance before 59 1/2 (in most cases), there are income taxes due at the regular marginal rate, plus a 10% penalty.

[Crossed_fingers 128]

Does a 401k count at all? I remember reading in other threads that it won't be considered at all because of the hardship to petitioner if it were liquidated. I don't have any personal experience with this, though.

[Om&Abo Malik 12]

Does a 401k count at all? I remember reading in other threads that it won't be considered at all because of the hardship to petitioner if it were liquidated. I don't have any personal experience with this, though.

thanks very much everyone!