sanserif

Could we include my DH's IRA under assets for the I-864 form? There's a 10% penalty for early withdrawal, I think, but you can still do it.

Noorah101

I think so, as long as the amount you receive after the 10% penalty is still enough.

Rene

Michael

There is also federal and state taxes due on the withdrawal.

lansbury

The main criteria for use of assets, other than they meet the required amount, is that the cash value can be realized within 12 months.

Michael

I suspect they won't accept an IRA as an asset unless the IRA has already been distributed. An IRA has protection under bankruptcy laws that other assets don't.

https://www.tiaa-cref.org/public/adv...ankruptcy_iras

maggster

We included my husbands IRA as part of his assets when we filed the I-864. Not sure how much it counted as he did have other assets.

ian-mstm

Well... so what? They're not declaring bankruptcy in order to make the funds available... they'd be cashing out. Am I missing something important?

Ian

Michael

I was responding to Lansbury who stated that the cash value can be realized in 12 months as if he was inferring they could use the IRA without redeeming it. That might or might not be possible.

I brought up the bankruptcy bit since the government can't seize or place a lien on a IRA to pay back the government if the immigrant uses government services. However once it is redeemed, it is treated like any other liquid asset.

lansbury

I was saying no such thing. What I said was one of the main criteria for using an asset was that is cash value can be realized within 12 months. I made no comment at all specifically about the use of an IRA as an asset.

Can - as in able to do so if required.

Michael

Excuse me. I assumed that you were referring to being able to use an IRA as an asset without redemption since it fits the primary requirement. I was just pointing out that it may or may not be possible.

ian-mstm

http://www.youtube.com/watch?v=V2f-MZ2HRHQ

Ian