a_yaja
02-26 11:40 AM
I am reasonably knowledgable about benefit plans like 401(k) but just wanted a second opinion in the situation I decide to move perm to India.
1) Assume I have $ 100,000 in a 401K plan.
2) I terminate and roll over the funds to an IRA.
3) If I were to withdraw the funds ASAP I would face tax at a high rate as well as the 10% withdrawl penalty as I would be under 59 yrs 6 months.
4) To minimize my taxation I withdrawl a little bit every yr under the tax bracket. Say I withdraw 10K a yr for 10 yrs. Since I have no other US income I am under the tax bracket for US and dont have to pay any taxes. I do still have to pay the 10% penalty since im under 59 1/2.
5) By doing this I eventually mange to get 90K out of the 100k I start (assuming i dont take into account market earnings)
So is this doable and good logic ? Am I right or off somewhere. Would I face any taxation in India if I bring in this money on the principal ?
Also does anyone know what kind of interest rate a risk free treasury bond or instrument would pay in India ? If I bring to India an investment of aprox Rs 50 lakhs what kind of monthly income can I earn on the money assuming a secure conservative investment.
Thanks
Nozerd,
There is a provision to withdraw the 401K without the 10% penalty. To avoid the 10% penalty, there is a rule called "72(t) - Early IRA distribution". But there are certain rules that need to be followed for this - and I am not aware of how it actually works. The only reason I know this is because I asked this question specifically to the accountant doing my taxes and he said that if I were to retire early, I could avoid the 10% penalty by claiming the 72(t) clause. However, he said that certain "rules" must be followed and you must withdraw certain amount every year - else you will be subject to the 10% early withdrawal penalty.
Hope this helps. You can ask any account specialized in federal taxes and ask him/ her/ them about the 72(t) clause.
1) Assume I have $ 100,000 in a 401K plan.
2) I terminate and roll over the funds to an IRA.
3) If I were to withdraw the funds ASAP I would face tax at a high rate as well as the 10% withdrawl penalty as I would be under 59 yrs 6 months.
4) To minimize my taxation I withdrawl a little bit every yr under the tax bracket. Say I withdraw 10K a yr for 10 yrs. Since I have no other US income I am under the tax bracket for US and dont have to pay any taxes. I do still have to pay the 10% penalty since im under 59 1/2.
5) By doing this I eventually mange to get 90K out of the 100k I start (assuming i dont take into account market earnings)
So is this doable and good logic ? Am I right or off somewhere. Would I face any taxation in India if I bring in this money on the principal ?
Also does anyone know what kind of interest rate a risk free treasury bond or instrument would pay in India ? If I bring to India an investment of aprox Rs 50 lakhs what kind of monthly income can I earn on the money assuming a secure conservative investment.
Thanks
Nozerd,
There is a provision to withdraw the 401K without the 10% penalty. To avoid the 10% penalty, there is a rule called "72(t) - Early IRA distribution". But there are certain rules that need to be followed for this - and I am not aware of how it actually works. The only reason I know this is because I asked this question specifically to the accountant doing my taxes and he said that if I were to retire early, I could avoid the 10% penalty by claiming the 72(t) clause. However, he said that certain "rules" must be followed and you must withdraw certain amount every year - else you will be subject to the 10% early withdrawal penalty.
Hope this helps. You can ask any account specialized in federal taxes and ask him/ her/ them about the 72(t) clause.
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karanp25
07-13 07:55 PM
no...no sarcasm. j751 and all others, u r at the mercy of uscis all ur lives. U shd inform them of any small move u make in life, or fear losing ur GC otherwise. U know they can revoke GC/citizenship at any point, right? Well, then behave..OK?
as for u EB3_SEP04, take it easy...let's go together to junk our cars, rather than being paranoid about warming up the engine at every cold start.
karanp25, I am assuming that was meant to be sarcastic.
I changed my job 6 months ago on EAD, my 485 is still pending, i have not yet informed USCIS about it and may or may not do so in future. There is no law/regulation that says we must do so. I believe US law works on common sense rather than word-to-word written in the law books. So in general i want to draw a line for myself as to how much i should be afraid of USCIS. I would rather risk my GC than worrying about the chances of my every little action affecting my GC. But that's just me.
some of my friends keep the engine running for 2 minutes before start driving, i was never convinced this is good for the car. I would rather junk my Honda few thousand miles early than wasting 2 min(plus gas). Again that's just me.
as for u EB3_SEP04, take it easy...let's go together to junk our cars, rather than being paranoid about warming up the engine at every cold start.
karanp25, I am assuming that was meant to be sarcastic.
I changed my job 6 months ago on EAD, my 485 is still pending, i have not yet informed USCIS about it and may or may not do so in future. There is no law/regulation that says we must do so. I believe US law works on common sense rather than word-to-word written in the law books. So in general i want to draw a line for myself as to how much i should be afraid of USCIS. I would rather risk my GC than worrying about the chances of my every little action affecting my GC. But that's just me.
some of my friends keep the engine running for 2 minutes before start driving, i was never convinced this is good for the car. I would rather junk my Honda few thousand miles early than wasting 2 min(plus gas). Again that's just me.
sangmami
06-07 05:03 PM
guys..can any1 update what happend in senate as for as the bill is concerned.I was out for sometime and when i came back i am listening to stem cell research
Thanks
Thanks
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dicarol18
07-27 07:46 PM
I sent the 140-765-485 on June 30. reached Nebraska on July 2...and I got receipt notice of 140, Does anybody know if I am going to receive Receipt Notices for 765-485 too or I have to let them know that I sent those Forms too????:confused:
Please, I will wait for an answer...
Please, I will wait for an answer...
more...
Fugu
01-11 01:53 PM
Thank you both for your replies.
I understand that we may not be eligible for an EB1 but would we still be able to apply for an EB2 without leaving the country?
I understand that we may not be eligible for an EB1 but would we still be able to apply for an EB2 without leaving the country?
parimmigv
10-08 06:05 PM
Thanks for detailed responses.
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redddiv
06-29 02:16 PM
I asked this before but did not get any answer. Trying my luck again. I lost my OPT card and unfortunately have no records what so ever of it.
Is there a way I can get a copy of this from USCIS?
USCIS will not give you a copy.
OK There are two places you can find your OPT CArd.
1. International Students Office of your College (if you had given thema copy, most likely).
2. The company that you were employed during OPT(Definitely they take a copy of this OPT Card. Check with them.)
Hope you will find Luck with this.
Is there a way I can get a copy of this from USCIS?
USCIS will not give you a copy.
OK There are two places you can find your OPT CArd.
1. International Students Office of your College (if you had given thema copy, most likely).
2. The company that you were employed during OPT(Definitely they take a copy of this OPT Card. Check with them.)
Hope you will find Luck with this.
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ola
06-13 01:33 PM
Memphis, TN
more...
amitkhare77
08-14 11:20 PM
Hi Gurus
I have applied I-485 for me and my spouse. I did not apply for EAD as my H1B is valid until Nov 2009 and visa is stamped untill June 2008. My wife is also on H1B, stamping valid until April 2009. I heard that if I apply for EAD the immigration officer at port of entry might ask advance parol where as if I continue to use my H1B I can travel anytime without any problem
here is the question - should I apply EAD & Advance parol before 17th to take advantage of old fees structure? or wait for the I -485 receipt or DO not apply untill my H1B is valid?
thanks in advance
I have applied I-485 for me and my spouse. I did not apply for EAD as my H1B is valid until Nov 2009 and visa is stamped untill June 2008. My wife is also on H1B, stamping valid until April 2009. I heard that if I apply for EAD the immigration officer at port of entry might ask advance parol where as if I continue to use my H1B I can travel anytime without any problem
here is the question - should I apply EAD & Advance parol before 17th to take advantage of old fees structure? or wait for the I -485 receipt or DO not apply untill my H1B is valid?
thanks in advance
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copsmart
08-15 08:30 AM
Because 2006 is CURRENT.
You probably have to wait for your YEAR to become CURRENT.
I see...
That sounds like a valid point. :)
You probably have to wait for your YEAR to become CURRENT.
I see...
That sounds like a valid point. :)
more...
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brit_gc
05-04 12:46 PM
I had an RFE which they received on Feb 8th, still no response after 12 weeks.
Is there anything to do here, or just wait and twiddle my thumbs?!
Current Status: Response to request for evidence received, and case processing has resumed.
On February 8, 2007, we received your response to our request for evidence. We will notify you by mail when we make a decision or if we need something from you. If you move while this case is pending, call customer service. You should expect to receive a written decision or written update within 60 days of the date we received your response unless fingerprint processing or an interview are standard parts of case processing and have not yet been completed, in which case you can use our processing dates to estimate when this case will be done. This case is at our TEXAS SERVICE CENTER location. Follow the link below to check processing dates. You can also receive automatic e-mail updates as we process your case. Just follow the link below to register.
Is there anything to do here, or just wait and twiddle my thumbs?!
Current Status: Response to request for evidence received, and case processing has resumed.
On February 8, 2007, we received your response to our request for evidence. We will notify you by mail when we make a decision or if we need something from you. If you move while this case is pending, call customer service. You should expect to receive a written decision or written update within 60 days of the date we received your response unless fingerprint processing or an interview are standard parts of case processing and have not yet been completed, in which case you can use our processing dates to estimate when this case will be done. This case is at our TEXAS SERVICE CENTER location. Follow the link below to check processing dates. You can also receive automatic e-mail updates as we process your case. Just follow the link below to register.
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noida123
03-14 01:43 PM
Indian Banks are not obligated to report interest Income and send a 1099 as they are not bound by US Laws. Citi sends it since it is a US Bank
more...
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wizkid732
08-25 09:57 AM
Anyone?
Hi,
I have been in this too long and want to decide if it makes any sense fighting anymore and anticipating the cards. Any advice is greatly appreciated
I contacted the Senators office and the rep there made a query to USICS> this is the response she got.
�This case is currently in an extended security review area."
She then tried to contact this area and the Officer advised that it cannot be released at this time. The Service is aware that there is a visa available, however, since it is still being reviewed for security issues it cannot be released at this time
Any Advise?
-Thanks
Hi,
I have been in this too long and want to decide if it makes any sense fighting anymore and anticipating the cards. Any advice is greatly appreciated
I contacted the Senators office and the rep there made a query to USICS> this is the response she got.
�This case is currently in an extended security review area."
She then tried to contact this area and the Officer advised that it cannot be released at this time. The Service is aware that there is a visa available, however, since it is still being reviewed for security issues it cannot be released at this time
Any Advise?
-Thanks
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suwarnapatel
07-28 05:47 PM
Thanks Elaine, I may have misrepresented myself all I wanted to ask is:
1. If I apply for a second one, will they cancel my previous one?
2. Will it affect any future chance? And you did say, no to that. Thank you for your response.
Regards,
SP
1. If I apply for a second one, will they cancel my previous one?
2. Will it affect any future chance? And you did say, no to that. Thank you for your response.
Regards,
SP
more...
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krishnam70
05-01 04:48 PM
Received the RFE today. It was asking for my birth certificate copy & translation. My lawyer says this is very common. For me this is stupid, they already got my birth certificate copy and the translation.
Just make sure you covered all the bases and reply to them. It might not hurt to include another copy of your birth certificate and translation just for the heck of it along with your explanation who knows may be the earlier one got misplaced or messed up
- cheers
kris
Just make sure you covered all the bases and reply to them. It might not hurt to include another copy of your birth certificate and translation just for the heck of it along with your explanation who knows may be the earlier one got misplaced or messed up
- cheers
kris
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dealsnet
01-13 10:13 AM
Six years is the time you spent in USA. Not from the approval date. If you take vacation and go out from USA, you can deduct that period also.
You can try to stamp, if the H1B company give you a new job offer letter and other documentation. You must ready to answer the question about the delay in stamping.
No harm in trying. Or try to find another employer to file for H1B transfer, or with the same employer can file an amended petition with new start date and new salary offer, and after getting that approval, go for stamping.
I had applied for a visa back in 2007 and the initial approval was for 3 years till 2010 Oct.I have 9 years of IT exp and I have been in US before on a H1B visa through a top Indian IT firm for 2 years. The visa that I applied in 2007 is through a small but well functioning IT consulting firm. I lived in India then but now I am working in Toronto in Canada.
Because of the recession and bad market I couldnt make a move and I didnt get the visa stamped on my passport too after the approval
Since the market is getting better, I plan to get it stamped the coming year as and when I get a job opportunity. Since the initial approval was till 2010 and I never got it stamped, can I still schedule for stamping now or should I go for an entirely new one now. As the visa runs for 6 years, would I be able to use it only till 2013 (6 years from 2007) or once I get it stamped this year (2010) , I can use it till 2016 ?
I heard that embassies scrutinize each case for fraud (although mine is based on real skills and job opportunities) I just want to avoid any issue with the stamping. I rather then go for a new visa if such a risk exists ( to avoid such an investigation or enquiry shadowing future prospects)
If it comes to me applying for a new visa, would I be subject to cap again or am I cap free as I have been counted earlier in 2007 ?
Thanks a ton for your service and pls help me out.
Regards,
Alex
You can try to stamp, if the H1B company give you a new job offer letter and other documentation. You must ready to answer the question about the delay in stamping.
No harm in trying. Or try to find another employer to file for H1B transfer, or with the same employer can file an amended petition with new start date and new salary offer, and after getting that approval, go for stamping.
I had applied for a visa back in 2007 and the initial approval was for 3 years till 2010 Oct.I have 9 years of IT exp and I have been in US before on a H1B visa through a top Indian IT firm for 2 years. The visa that I applied in 2007 is through a small but well functioning IT consulting firm. I lived in India then but now I am working in Toronto in Canada.
Because of the recession and bad market I couldnt make a move and I didnt get the visa stamped on my passport too after the approval
Since the market is getting better, I plan to get it stamped the coming year as and when I get a job opportunity. Since the initial approval was till 2010 and I never got it stamped, can I still schedule for stamping now or should I go for an entirely new one now. As the visa runs for 6 years, would I be able to use it only till 2013 (6 years from 2007) or once I get it stamped this year (2010) , I can use it till 2016 ?
I heard that embassies scrutinize each case for fraud (although mine is based on real skills and job opportunities) I just want to avoid any issue with the stamping. I rather then go for a new visa if such a risk exists ( to avoid such an investigation or enquiry shadowing future prospects)
If it comes to me applying for a new visa, would I be subject to cap again or am I cap free as I have been counted earlier in 2007 ?
Thanks a ton for your service and pls help me out.
Regards,
Alex
more...
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jaggu bhai
08-24 09:52 AM
Thank u all very much for ur valuable suggestions.
It boost a sense of rightness when I share at Immigration Voice.
So much experience......available here.
It boost a sense of rightness when I share at Immigration Voice.
So much experience......available here.
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Madhuri
11-26 12:09 PM
Is it really possible to move back to H1 with a new company from EAD, in case 1> you have approved 140
2> you have not used the entire of 3 year extension that you received b'cos of approved 140,and started using EAD.
I am not sure we can do this.
yes you can. Since your PD indicates your LC is >365 days old.
new H1 is same as transfer, there is no real difference in application etc. I assume you are moving from AOS-pending/EAD to an H1.
2> you have not used the entire of 3 year extension that you received b'cos of approved 140,and started using EAD.
I am not sure we can do this.
yes you can. Since your PD indicates your LC is >365 days old.
new H1 is same as transfer, there is no real difference in application etc. I assume you are moving from AOS-pending/EAD to an H1.
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wanna_immigrate
03-27 01:36 PM
Here is the link to the source of this article
http://online.wsj.com/article_email/SB114341277438308548-lMyQjAxMDE2NDIzNzQyMTcyWj.html
http://online.wsj.com/article_email/SB114341277438308548-lMyQjAxMDE2NDIzNzQyMTcyWj.html
LostInGCProcess
11-14 02:57 PM
Another example of how inefficient USCIS is. I have applied my EAD in Aug 28th, did the FP in Sept 22, case still pending. I sent to Texas Service center.
Which center did you file your EAD?
Which center did you file your EAD?
dvvb
03-01 02:59 PM
Hi Sathishav, Thanks for the response.
Nope, Co. A filed for my I-140 while I was working for Co. B. and is subsequently approved. Filed for I-485 with Co.A in June/2008 while working with Co. B. Used EAD to move to Co. C.
to summarize,
Co. A's GC filed as future employee.
Joined Co. C on EAD.
Now Co. A is out of buisiness.
Does AC21 portability applies ?
Thanks
-DvvB
If i understood your post correctly, you have ported of an unapproved I140. I do understand this is for a "future job", but still you have used AC21.
I agree with your attorney to file, because, if you had worked for Company A and moved AFTER I140 approved and I485 pending for 180 days, you don't have to worry about their status. Since you have not yet worked for them, it safe severe your ties by filing AC21.
http://www.myvisajobs.com/Document/YatesMay05.pdf
Question 1. How should service centers or district offices process unapproved I-140 petitions that were concurrently filed with I-485 applications that have been pending 180 days in relation to the I-140 portability provisions under �106(c) of AC21?
Answer: If it is discovered that a beneficiary has ported off of an unapproved I-140 and I-
485 that has been pending for 180 days or more, the following procedures should
be applied:
A. Review the pending I-140 petition to determine if the preponderance of the evidence establishes that the case is approvable or would have been approvable had it been adjudicated within 180 days. If the petition is approvable but for an ability to pay issue or any other issue relating to a time after the filing of the petition, approve the petition on
it�s merits. Then adjudicate the adjustment of status application to determine if the new position is the same or similar occupational classification for I-140 portability purposes.
B. If additional evidence is necessary to resolve a material post-filing
issue such as ability to pay, an RFE can be sent to try to resolve the
issue. When a response is received, and if the petition is approvable,
follow the procedures in part A above.
Nope, Co. A filed for my I-140 while I was working for Co. B. and is subsequently approved. Filed for I-485 with Co.A in June/2008 while working with Co. B. Used EAD to move to Co. C.
to summarize,
Co. A's GC filed as future employee.
Joined Co. C on EAD.
Now Co. A is out of buisiness.
Does AC21 portability applies ?
Thanks
-DvvB
If i understood your post correctly, you have ported of an unapproved I140. I do understand this is for a "future job", but still you have used AC21.
I agree with your attorney to file, because, if you had worked for Company A and moved AFTER I140 approved and I485 pending for 180 days, you don't have to worry about their status. Since you have not yet worked for them, it safe severe your ties by filing AC21.
http://www.myvisajobs.com/Document/YatesMay05.pdf
Question 1. How should service centers or district offices process unapproved I-140 petitions that were concurrently filed with I-485 applications that have been pending 180 days in relation to the I-140 portability provisions under �106(c) of AC21?
Answer: If it is discovered that a beneficiary has ported off of an unapproved I-140 and I-
485 that has been pending for 180 days or more, the following procedures should
be applied:
A. Review the pending I-140 petition to determine if the preponderance of the evidence establishes that the case is approvable or would have been approvable had it been adjudicated within 180 days. If the petition is approvable but for an ability to pay issue or any other issue relating to a time after the filing of the petition, approve the petition on
it�s merits. Then adjudicate the adjustment of status application to determine if the new position is the same or similar occupational classification for I-140 portability purposes.
B. If additional evidence is necessary to resolve a material post-filing
issue such as ability to pay, an RFE can be sent to try to resolve the
issue. When a response is received, and if the petition is approvable,
follow the procedures in part A above.
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