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silkysmooth

i-134 AFFIDAVIT OF SUPPORT

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Yes, you can, but the VALUE of your 401k is only 60% of what you think it is.  There is a 10% early withdrawal penalty PLUS the money is taxed at your nominal tax rate (about 20-30% for most middle income earners).  I would think that a smart IO would NOT allow a 401k to be included because:

 

To qualify as “available,” the assets must be “readily converted into cash within one year without “undue harm to the sponsor or his or her family members.”

 

I would argue cashing out your lifetimes retirement for marriage is not smart and causes harm to the family.. but not immediately.  But this is MY view.

 

If you're income is 125% of poverty, you don't need to list assets.  If you use assets and not income, assets must be 5x poverty.

 

"You also must meet certain income requirements (whether you are a sponsor, a joint sponsor, or a substitute sponsor). You must show that your household income is equal to or higher than 125% of the U.S. poverty level for your household size. (Your household size includes you, your dependents, any relatives living with you, and the immigrants you are sponsoring.)"

 

"If you cannot meet the minimum income requirements using your earned income, you have various options:

You may add the cash value of your assets. This includes money in savings accounts, stocks, bonds, and property. To determine the amount of assets required to qualify, subtract your household income from the minimum income requirement (125% of the poverty level for your family size). You must prove the cash value of your assets is worth five times this difference (the amount left over)."

 

 

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my question was should I put my 401k balance in part 3 question 6. ( market value of my stocks and bonds)  or no? I easily meet the income requirements im not worried about that part . a 401 uses stocks and bonds to make money for the 401is why I was asking . I would never ever cash out my 401k that would be insane lol 

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4 minutes ago, silkysmooth said:

my question was should I put my 401k balance in part 3 question 6. ( market value of my stocks and bonds)  or no? I easily meet the income requirements im not worried about that part . a 401 uses stocks and bonds to make money for the 401is why I was asking . I would never ever cash out my 401k that would be insane lol 

No you don't need to include it .. as it is not "stocks and bonds"


Hank

"Chance Favors The Prepared Mind"

 

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