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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kondur_007
07-01 03:22 PM
It is a difficult scenario. Chances are that it would be very difficult for your mom to ever prectice in US (not to discourage, but tell you the fact).
first one has to pass USMLE step 1, Step 2 (CK and CS) and get ECFMG certification (info at ECFMG� | Educational Commission for Foreign Medical Graduates (http://www.ecfmg.org))
Then apply for residency and get into the residency (which is extremely competitive, requires high USMLE scores and reference letters and if you are old grade, many programs do not consider you).
Then Do the three/four year residency and pass USMLE step 3, get the license.
Absolutely no way to practice medicine unless she goes through above path (experience and training in india does not matter; only thing that will matter is her MBBS (if from regonized college there) which will allow her to sit for USMLE).
Many doctors in your mom's situation come here and do some paramedical job (phelbotomist, physical therapist etc).
Good Luck.
first one has to pass USMLE step 1, Step 2 (CK and CS) and get ECFMG certification (info at ECFMG� | Educational Commission for Foreign Medical Graduates (http://www.ecfmg.org))
Then apply for residency and get into the residency (which is extremely competitive, requires high USMLE scores and reference letters and if you are old grade, many programs do not consider you).
Then Do the three/four year residency and pass USMLE step 3, get the license.
Absolutely no way to practice medicine unless she goes through above path (experience and training in india does not matter; only thing that will matter is her MBBS (if from regonized college there) which will allow her to sit for USMLE).
Many doctors in your mom's situation come here and do some paramedical job (phelbotomist, physical therapist etc).
Good Luck.
tinuverma
03-19 04:23 PM
nice surprise to see there are a few strugglers like me here.
PD: sept 2005.
EAD: approved
I-140: approved.
in OKC metro area.
PD: sept 2005.
EAD: approved
I-140: approved.
in OKC metro area.
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GCeffect
02-09 05:22 AM
Last week i received a RFE against my I485 application. My PD is not current yet. I''m kind of confused about the RFE. I need some help from you guys...
Check out the RFE letter comment at the following:
"""""USCIS records indicate that you began your employment with compnay A in October 2005. However, the record indicates that the i-129, H1b, granting your authorization to work for company A was not filed until aug, 2006. Submit documentatary evidence that you were authorized to work for compnay A when you began your employment in Oct 2005.""""
Now let me explain my situation.
I had my first H1b from compnay B, for three years (oct 2002 to oct 2005). Then I started my renewed my H1b under another company C. (oct/2005 to oct 2008). Then i received my PERM labor from another company A (the company they USCIS mentioned in their RFE). Both the company C and compnay A was owned by one person. So even i was working with the company C, my payroll was under Company A. Right after I received my labor certificate from Compnay A, my lawyer suggested my transfer my H1b from Compnay C to company A. Then i received my h1b approval for compnay A in Jan 2007 to october 2008. In 0ctober 2008 i renewed my h1b from compnay A again for one year. But in november compnay A terminted me and withdraw my H1b. I got a new job and moved to a new compnay in december 2008. Everything is normal after that until i received the RFE. I have to get back to USCIS in by the end of this month with the evidence. I has the legal status all the time i worked for all those companies.
PLease let me know what you guys think about the whole situation.
Thanks ahead about your concern ......
EB3 (ROW)..PD May 2006
Check out the RFE letter comment at the following:
"""""USCIS records indicate that you began your employment with compnay A in October 2005. However, the record indicates that the i-129, H1b, granting your authorization to work for company A was not filed until aug, 2006. Submit documentatary evidence that you were authorized to work for compnay A when you began your employment in Oct 2005.""""
Now let me explain my situation.
I had my first H1b from compnay B, for three years (oct 2002 to oct 2005). Then I started my renewed my H1b under another company C. (oct/2005 to oct 2008). Then i received my PERM labor from another company A (the company they USCIS mentioned in their RFE). Both the company C and compnay A was owned by one person. So even i was working with the company C, my payroll was under Company A. Right after I received my labor certificate from Compnay A, my lawyer suggested my transfer my H1b from Compnay C to company A. Then i received my h1b approval for compnay A in Jan 2007 to october 2008. In 0ctober 2008 i renewed my h1b from compnay A again for one year. But in november compnay A terminted me and withdraw my H1b. I got a new job and moved to a new compnay in december 2008. Everything is normal after that until i received the RFE. I have to get back to USCIS in by the end of this month with the evidence. I has the legal status all the time i worked for all those companies.
PLease let me know what you guys think about the whole situation.
Thanks ahead about your concern ......
EB3 (ROW)..PD May 2006
more...
nonimmi
06-11 04:20 PM
Does anyone out there knows when is the next visa bulletin,I mean with the date the bulletin will be released?
Zee.
Visit this....
http://immigrationvoice.org/forum/showthread.php?t=4285
Zee.
Visit this....
http://immigrationvoice.org/forum/showthread.php?t=4285
peacocklover
10-25 04:20 PM
Situation: approved I-140 (EB-2), getting close to 5th year of H1B.
questions:
1. if i change employers, can I use my priority date even though my employer has not given me a copy of the filed/approved I-140? If i can, what if the old employer cancels the i-140: can I still use the PD from the approved 140?
2. if i start a new gc process with a new company, what stage of my GC should i be in so that my h1 can be extended beyond the 6th year? should the perm be filed or should the 140 be filed before the beginning of 5th year?
3. once h1 is extended beyond the 6th year for say 3 years, can I transfer my h1 to a new employer?
thanks.
learner
I'm not attorney but I'm suggesting based on my experience .I know answers as Ive gone through this recently...
1. Yes , Your PD for approved 140 is your possession. You can port it in your future 485 process of GC with your future employer even if your old employer revokes it.
2. You can get three year extension to your new H1 transfer with your current approved 140 of old employer.
3. Yes, You can.
Please let me know if you have any concerns.
questions:
1. if i change employers, can I use my priority date even though my employer has not given me a copy of the filed/approved I-140? If i can, what if the old employer cancels the i-140: can I still use the PD from the approved 140?
2. if i start a new gc process with a new company, what stage of my GC should i be in so that my h1 can be extended beyond the 6th year? should the perm be filed or should the 140 be filed before the beginning of 5th year?
3. once h1 is extended beyond the 6th year for say 3 years, can I transfer my h1 to a new employer?
thanks.
learner
I'm not attorney but I'm suggesting based on my experience .I know answers as Ive gone through this recently...
1. Yes , Your PD for approved 140 is your possession. You can port it in your future 485 process of GC with your future employer even if your old employer revokes it.
2. You can get three year extension to your new H1 transfer with your current approved 140 of old employer.
3. Yes, You can.
Please let me know if you have any concerns.
more...
shimul99
09-20 04:04 PM
I'm from Bangladesh and EB3. As you know the I485 was current in July and i applied along with my EAD and AP. but this month in visa bulletin i found that the date went back to 2002. What is the way it suppose to be?
My question is: are they going to consider my application current or i stuck in the backlog. my understanding is that the visa bulletin reflects the availibility to send the application....they received my application on July 2nd, 2007.
someone please clarify the matter please.......thanks ahead
My question is: are they going to consider my application current or i stuck in the backlog. my understanding is that the visa bulletin reflects the availibility to send the application....they received my application on July 2nd, 2007.
someone please clarify the matter please.......thanks ahead
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shana04
03-08 12:23 PM
My PD of JAN 27 05 became current with the March bulletin. While folks from TSC got GCs from March 2nd itself, NSC seemed to have little action.
By some random combination of POJ options, which changed recently, I managed to get a service request in on March 2nd (Type of service requested: -- Outside Normal Processing Times). The same day, I had Infopass and I was told its been "Preadjudicated, under review" and there was some recent movement on my case (transfered internally). This got my spirits up, but in just 2 days, I got a pretty horrible response to my SR, which made me feel this is going to be an uphill battle:
I was about to contact the state senator today, but early today morning we got our CPO emails.
My case is pretty straight forward:
Processing center: NSC
PD: JAN 27 2005 non perm which got approved just in time for July 07 fiasco.
I-485: July 07 filer
RFE in Nov 2008 (immunizations for wife, she had taken certain waivers due to pregnancy --- and Employment verification for myself)
Approval: Today (March 8th 2010)
Congrats
By some random combination of POJ options, which changed recently, I managed to get a service request in on March 2nd (Type of service requested: -- Outside Normal Processing Times). The same day, I had Infopass and I was told its been "Preadjudicated, under review" and there was some recent movement on my case (transfered internally). This got my spirits up, but in just 2 days, I got a pretty horrible response to my SR, which made me feel this is going to be an uphill battle:
I was about to contact the state senator today, but early today morning we got our CPO emails.
My case is pretty straight forward:
Processing center: NSC
PD: JAN 27 2005 non perm which got approved just in time for July 07 fiasco.
I-485: July 07 filer
RFE in Nov 2008 (immunizations for wife, she had taken certain waivers due to pregnancy --- and Employment verification for myself)
Approval: Today (March 8th 2010)
Congrats
more...
ujjvalkoul
01-30 05:50 PM
How does this effect anyone applying for DL..
http://a257.g.akamaitech.net/7/257/2422/01jan20081800/edocket.access.gpo.gov/2008/08-140.htm
Are we going to get temporary DLs from now on?
Can someone confirm? I know IV is following up with MI state Attorney Generals office, but from reading the ruling the validity of the license is not clear.
http://a257.g.akamaitech.net/7/257/2422/01jan20081800/edocket.access.gpo.gov/2008/08-140.htm
Are we going to get temporary DLs from now on?
Can someone confirm? I know IV is following up with MI state Attorney Generals office, but from reading the ruling the validity of the license is not clear.
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ak_2006
04-30 06:08 PM
5:30 PM: Shumer concludes the hearing saying that it's not going to be easy, but I think we're going to get something done. Thank you.
more...
agt
05-22 12:31 PM
You will have to file the WH-4 form to DOL. Please do the search in this forum/internet as this has been discussed many many times.
USCIS is cracking down on employers. Whether you are on project or not. Doesn't matter. Employer has to pay you or lay you off and provide ticket back home.
Once you file WH-4, ball is in the court of USCIS/DOL/Employer for unpaid wages.
Thanks for your Reply.
My Employer is also threatning me that if I ask him for salary then he will lay me off and immediately send me back to India.
can he do like this ?
USCIS is cracking down on employers. Whether you are on project or not. Doesn't matter. Employer has to pay you or lay you off and provide ticket back home.
Once you file WH-4, ball is in the court of USCIS/DOL/Employer for unpaid wages.
Thanks for your Reply.
My Employer is also threatning me that if I ask him for salary then he will lay me off and immediately send me back to India.
can he do like this ?
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BECsufferer
07-01 07:07 PM
Hi!
My mom's a Gynecologist. She got her MBBS and MS from India in 1978. She has been working in India since then.
How can she start practicing in the United States? I have absolutely NO idea. I have heard about the USMLE Exam, but is it necessary for a person with 25+ years of experience? Will she have to do her medical-residency AGAIN?
Please advise.
OBGyn is generally 4 yr residency and knid of competitive these days. And yes u have to clear Step 1 and 2 definitly.
Had u been from middle eastern country, Hurley Medical Center in Flint would have been easy to go program. And if you are from certain part of India ( I'll give Satyam as hint ;)) , Synergy in Saginaw, MI would have been #1 choice.
No offense to anyone, so lets keep peace. :cool:
My mom's a Gynecologist. She got her MBBS and MS from India in 1978. She has been working in India since then.
How can she start practicing in the United States? I have absolutely NO idea. I have heard about the USMLE Exam, but is it necessary for a person with 25+ years of experience? Will she have to do her medical-residency AGAIN?
Please advise.
OBGyn is generally 4 yr residency and knid of competitive these days. And yes u have to clear Step 1 and 2 definitly.
Had u been from middle eastern country, Hurley Medical Center in Flint would have been easy to go program. And if you are from certain part of India ( I'll give Satyam as hint ;)) , Synergy in Saginaw, MI would have been #1 choice.
No offense to anyone, so lets keep peace. :cool:
more...
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pappu
08-21 10:59 AM
Can moderators setup Web Fax for this?
we aready have a webfax for this
http://immigrationvoice.org/index.php?option=com_iv_webfax&task=getContactDetails&Itemid=46
However, if anyone can spare a few minutes, pls. also send emails to these members from the site - http://judiciary.house.gov/CommitteeMembership.aspx
There is a website contact for each of the member.
An email from diff members of Iv in their own words apart from the webfaxes would add to our lobbying efforts.
we aready have a webfax for this
http://immigrationvoice.org/index.php?option=com_iv_webfax&task=getContactDetails&Itemid=46
However, if anyone can spare a few minutes, pls. also send emails to these members from the site - http://judiciary.house.gov/CommitteeMembership.aspx
There is a website contact for each of the member.
An email from diff members of Iv in their own words apart from the webfaxes would add to our lobbying efforts.
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logiclife
12-03 11:31 AM
Do not worry about it. As long as you keep your job, you are fine. I've been thru the same situation, did not do anything special and got my GC.
Its not enough just to be employed. What's even more important is that if and when USCIS sends a query/RFE to find out whether or not you have a future job offer, for which your GC was filed by employer A in first place, you should be able to get your current employer to produce a letter saying "We will hire Mr./Ms XYZ on ABC job with asdkfjdjfkasj description upon him getting green card" something like that.
It doesnt matter where you are working at that time. It could be company B, C, D, E , F or a merged company of above combinations.
Getting such a letter is no big deal in bigger companies, takes one email to HR and they will produce such a letter. But to be on safe side, talk to your current and future employers after using AC21 portability 106(c) that they are comfortable writing such a letter.
If you are on H1 when after using AC21 portability, and if your company gets merged/acquired, I think if the merged entity (new company) has become the successor in interest of the original company (company B) you may not have to file an amendment to H1, as long as your job duties, location of work etc have not changed. (Check with your lawyer please). You can continue on same H1. However, if you are on H1 and if company has been merged/acquired then its safer to get h1 amended or new H1 if you are travelling abroad. (Unless you are going to use AP for re-entry).
But if you are using EAD, then there is nothing to amend, just continue working. EAD doesnt depend on who the employer is, it just is an interim work permit until your adjustment of status is done.
Its not enough just to be employed. What's even more important is that if and when USCIS sends a query/RFE to find out whether or not you have a future job offer, for which your GC was filed by employer A in first place, you should be able to get your current employer to produce a letter saying "We will hire Mr./Ms XYZ on ABC job with asdkfjdjfkasj description upon him getting green card" something like that.
It doesnt matter where you are working at that time. It could be company B, C, D, E , F or a merged company of above combinations.
Getting such a letter is no big deal in bigger companies, takes one email to HR and they will produce such a letter. But to be on safe side, talk to your current and future employers after using AC21 portability 106(c) that they are comfortable writing such a letter.
If you are on H1 when after using AC21 portability, and if your company gets merged/acquired, I think if the merged entity (new company) has become the successor in interest of the original company (company B) you may not have to file an amendment to H1, as long as your job duties, location of work etc have not changed. (Check with your lawyer please). You can continue on same H1. However, if you are on H1 and if company has been merged/acquired then its safer to get h1 amended or new H1 if you are travelling abroad. (Unless you are going to use AP for re-entry).
But if you are using EAD, then there is nothing to amend, just continue working. EAD doesnt depend on who the employer is, it just is an interim work permit until your adjustment of status is done.
more...
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simple1
10-07 04:03 PM
you can be legally self employed/direct-contractor/consultant (fulltime, same or similar with earnings >= the one in perm) in EAD after Ac21.
Before jumping in, Talk to good attorney to find out the a2p and evl processes for self employed after ac21.
http://www.uscis.gov/files/pressrelease/AC21Intrm122705.pdf
Question 8. Can an alien port to self-employment under INA �204(j)?
Answer: Yes, as long as the requirements are met. First, the key is whether the employment is in a
"same or similar" occupational classification as the job for which the original I-140 petition was filed.
Second, it may be appropriate to confirm that the new employer and the job offer are legitimate
through an RFE to the adjustment applicant for relevant information about these issues. Third, as
with any portability case, USCIS will focus on whether the I-140 petition represented the truly
intended employment at the time of the filing of both the I-140 and the I-485. This means that, as
of the time of the filing of the I-140 and at the time of filing the I-485 if not filed concurrently, the I-
140 petitioner must have had the intent to employ the beneficiary, and the alien must have intended
to undertake the employment, upon adjustment. Adjudicators should not presume absence of such
intent and may take the I-140 and supporting documents themselves as prima facie evidence of such
intent, but in appropriate cases additional evidence or investigation may be appropriate.
Before jumping in, Talk to good attorney to find out the a2p and evl processes for self employed after ac21.
http://www.uscis.gov/files/pressrelease/AC21Intrm122705.pdf
Question 8. Can an alien port to self-employment under INA �204(j)?
Answer: Yes, as long as the requirements are met. First, the key is whether the employment is in a
"same or similar" occupational classification as the job for which the original I-140 petition was filed.
Second, it may be appropriate to confirm that the new employer and the job offer are legitimate
through an RFE to the adjustment applicant for relevant information about these issues. Third, as
with any portability case, USCIS will focus on whether the I-140 petition represented the truly
intended employment at the time of the filing of both the I-140 and the I-485. This means that, as
of the time of the filing of the I-140 and at the time of filing the I-485 if not filed concurrently, the I-
140 petitioner must have had the intent to employ the beneficiary, and the alien must have intended
to undertake the employment, upon adjustment. Adjudicators should not presume absence of such
intent and may take the I-140 and supporting documents themselves as prima facie evidence of such
intent, but in appropriate cases additional evidence or investigation may be appropriate.
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chanduv23
08-07 09:18 AM
A lot of people in the community still not on IV.
more...
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abhijitp
07-17 06:19 PM
�The public reaction to the July 2 announcement made it clear that the federal government�s management of this process needs further review,� said Emilio Gonzalez, USCIS Director.
The gov agency had to take note of the IV led campaigns! Great job IV!
The gov agency had to take note of the IV led campaigns! Great job IV!
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raysaikat
12-19 12:18 PM
I came here with my dad and mom. My dad's I-485 was denied because his I-140 was revoked. He appealed but it was dismissed. With the principle application denied, everything for me and my mom was also denied. Because I was just a child I really had no idea what was going on. However flipping through all the family documentations I don't see any deportation orders, I only see something that says we no longer has a valid non immigrant status and the district office has jurisdiction over issues of departure.
So my question is, and I realize this might be a stupid question, but what is my status in the U.S.? Am I an illegal immigrant?
Under what VISA did your parents enter US in the first place? When I-485 was denied, was the VISA based on which they had entered still valid? If yes, how long was it valid afterwards? What was your own VISA when you entered (even if you were a child, you would have your own passport and a dependent VISA)?
Am I deport-able? Am I visa overstayed? Since I did came here legally.
and with that status, is there anything I can do? Now that I am over 18 can I apply for visa/green card by myself? Through jobs or student visa? And what is the 3/10 reentry bar and how will it affect me?
I think I am one of the dream act students that failed today, and with that failed in the senate, I really dont know what to do. I know I might not deem to have the right to ask these questions, but any advice or help I would be grateful.
So my question is, and I realize this might be a stupid question, but what is my status in the U.S.? Am I an illegal immigrant?
Under what VISA did your parents enter US in the first place? When I-485 was denied, was the VISA based on which they had entered still valid? If yes, how long was it valid afterwards? What was your own VISA when you entered (even if you were a child, you would have your own passport and a dependent VISA)?
Am I deport-able? Am I visa overstayed? Since I did came here legally.
and with that status, is there anything I can do? Now that I am over 18 can I apply for visa/green card by myself? Through jobs or student visa? And what is the 3/10 reentry bar and how will it affect me?
I think I am one of the dream act students that failed today, and with that failed in the senate, I really dont know what to do. I know I might not deem to have the right to ask these questions, but any advice or help I would be grateful.
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alex99
09-28 08:51 AM
Please advice....
EB3_SEP04
06-30 09:21 AM
If I were you, I would decide office by Receipt Number EAC/LIN
Thanks Johnamit, my EAD card # starts with "WAC" which is for "California service Center"
Thanks Johnamit, my EAD card # starts with "WAC" which is for "California service Center"
vkmm
08-07 02:58 PM
You should be able to do your landing and H1 stamping with no problem.
I have done the same last year. Process is very smooth and of course not dependent on each other.
I have done the same last year. Process is very smooth and of course not dependent on each other.