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drewchilders

IRA in lieu of salary?

By drewchilders in IR-1 / CR-1 Spouse Visa Process & Procedures

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drewchilders Newbie

drewchilders   0

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Country: Philippines
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Hi to all, a question about support. Is it possible to use an IRA (Individual Retirement Account), which has quite a bit more than 3x the federal poverty level, to satisfy the I-864?

I'm not retired, but have been back in the US taking care of my mom after many years abroad, and my wife of 7+ years, remained in the Philippines attending nursing school. She's now finished school and I would like to bring her to the US, but my income the last three years doesn't meet the federal threshold.

Thanks,

Drew

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Sirliner Enthusiast

Sirliner   26

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Filed: K-1 Visa Country: Philippines
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Yes, an IRA can be listed as an asset. For it to count, an asset has to be liquid or easily converted to cash within one year. You'll pay a 10% tax penalty for cashing in an IRA early or before retirement, BTW.

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