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Immigrant Visa Process / Green Card For Entering The USA

DERREN JOSEPH:

Next question someone's saying, okay. I have a few questions about a green card. I might get the immigration visa stamp in my passport in September, and we'll visit the US or enter the US in October. Will my green card become active when I land in the US?

MIKE DYE:

Yeah, that's a great question. So, if you're going to your immigrant visa interview in September, once you finish that interview, you're going to have a visa stamped in your passport, and that visa is your immigrant visa. And so, when you take that to the United States on that first trip to the US you're going to be stamped into the US as a resident. So, the visa itself acts as the actual green card once you present it to the officer and they stamp you in. The actual card comes in the mail about a month later. But once you enter that first time, your first footprint into the U S you are considered a permanent resident.

DERREN JOSEPH:

Okay. That's great. Thank you very much. She he or she has some follow-up questions. The next one is, it's tax related. Do I have to pay US taxes for the entire 2021 or only the period in 2021 after I get a green card? Do I have to disclose my entire earnings for the year anyways? So to answer your question in 2022, when you're doing a 2021 return, it will be something called a dual status return, where as you kind of intermediate, you're correct in that for the part of the year, in which you have entered the US and you are a US person for tax purposes, you would be doing something called a form 1040, which is for a US tax resident. But for the period, it'd be for you enter the US you'll be doing combined will be your first year's return. And for the period of time where you were non-resident, you'd only be claiming your US source income. If you have any like investment income for the period of time after you've entered the US and therefore you become a US person for a tax perspective, you’re correct, you disclose worldwide financial assets, and you declare your worldwide income. It's all subject to tax. So, I hope that helped. They are asking what tax rate I need to pay. It really depends, the US like many jurisdictions has a graduated tax rate. So, the more you earn the higher the bracket that you will fall into. So, for federal taxes, it tops off at this point, it could change, at this talk at 37%. For state taxes depend on the stage you are in. And the highest state will be California. Where Mike is based.

VOICEOVER:

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