Can a 401K cash out be use as income for K1-Visa?

[PV&PL 0]

Hi, 

Earlier this year (2022) I cashed out my 401K which I earned from work, it was $7, 385.08.  I estimated that I will earned $24,900 something from work by the end of this year. For my K1 visa I will need to make enough income for myself and my fiancé. Adding the amount of my 401k to my earned income from work will be around $32K something. Will USCIS approved my 401K to be income with my earned income for both the 134 Form and the i-864 Form if he gets interview next year?

 

I don't know the the number for 100% and 125% of the poverty guideline for 2023 yet but the income for 2 people for 2022 poverty level is:

100%-$18,310

125%-$22,887

[Mike E 11,741]

Depends how savvy the CO is.  
 

Cashing out 401ks isn’t sustainable income.   Nor is it something someone with earned income under $30K can afford to do. Especially with another mouth to feed and health insure who won’t be able to earn income for at least a year.  
 

Lots of reasons to not try this. 

[SalishSea 17,931]

56 minutes ago, PV&PL said:

Hi, 

Earlier this year (2022) I cashed out my 401K which I earned from work, it was $7, 385.08.  I estimated that I will earned $24,900 something from work by the end of this year. For my K1 visa I will need to make enough income for myself and my fiancé. Adding the amount of my 401k to my earned income from work will be around $32K something. Will USCIS approved my 401K to be income with my earned income for both the 134 Form and the i-864 Form if he gets interview next year?

 

I don't know the the number for 100% and 125% of the poverty guideline for 2023 yet but the income for 2 people for 2022 poverty level is:

100%-$18,310

125%-$22,887

With your income being so low, why don’t consider CR-1?   You can’t afford to have an adult in your household without work for ~8 months.

[Family 4,026]

1 hour ago, PV&PL said:

125%-$22,887

I looked at your postings and it seems you are at the USCIS stage ..having just filed your I-129 F 09/2022 (?)…so you have a bit of time to the I-134 , good work preparing ahead. 

Although the poverty guidelines won’t be published til April of 2024, I doubt the 125% will go over $24K , so you should be ok and within limits. 

Your “ current income” will be counted from the paystubs at that time, so you will be fine. The 401K you cashed out won’t count towards qualifying income, but if you have not spent it by then, just show the balance as a savings/asset. 

 

Good Luck and God Speed..